SJR10 Summary

• Proposes a new Section 44 to Article X of the Oklahoma Constitution that limits total annual state debt service payments to no more than 4.5% of average general fund revenue for the preceding five fiscal years.

• Allows the Legislature to declare an emergency by a two-thirds vote in both houses to exceed the debt limit when necessary.

• Excludes from debt calculation any obligations incurred through the master lease program or general obligation bonds issued pursuant to Section 39A of Article X, as well as debt from legislatively declared emergencies.

• Provides that declining general fund revenues do not cause a constitutional violation if such decline results in debt service exceeding the 4.5% limit, though no new debt may be incurred while payments remain above the threshold.

• Requires the State Board of Equalization to certify the average general fund revenue each December for the calculation of debt service limits.