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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 90. Council of Bond Oversight |
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Chapter 1. Administrative Operations |
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Subchapter 1. General Provisions |
SECTION 90:1-1-3. Clarification of certain definitions
Latest version.
- (a) "Authorized and Proper Public Functions or Purposes". The Council is directed to make determinations regarding the public purpose for which obligations are to be issued by State Governmental Entities in accordance with Title 60 of the Oklahoma Statutes, Sections 176, et seq, the Oklahoma Public Trust Act (the "Public Trust Act"). The Public Trust Act authorizes obligations to be issued for authorized and proper public functions or purposes. Limitations imposed in regard to public purpose as set out in the Public Trust Act and imposed as a result of statutory language therein may be specified by indenture documents that are the charter documents for a particular entity and/or in statutory language pertaining to a particular Issuer or bond issue in other federal or state laws. Specific prohibitions in Title 60 in regard to the definition of a "proper public purpose" can be found at Section 177.2 and Section 178.4 of that title. In order to provide systematic oversight, in determining "public purpose", the Council shall review the end sought to be reached and the means to be used in reaching that end in order to promote the public health, safety, morals, security, prosperity and general welfare and contentment of all citizens.(b) "Authorized Public Functions or Purposes" include functions or purposes which are authorized by law. State governmental entities will be limited to the authority given them by the State Constitution or state statutes. State beneficiary trusts will be limited to the authority stated in their charter or trust indenture if the function and purpose is one which the State could be authorized to perform.(c) "Proper Public Function or Purpose" are those functions and purposes which are authorized public functions or purposes. Such public functions or purposes are proper if they benefit a large class of the public, lessen the burdens of government or are deemed proper by the State Constitution.