SJR 62 Summary

• Proposes a new Section 44 to Article X of the Oklahoma Constitution limiting state debt service payments to 4.5% of average general fund revenue over the preceding five fiscal years.

• Allows the Legislature to exceed this debt limit only through an affirmative two-thirds vote in both houses declaring an emergency.

• Excludes from the debt calculation: master lease program obligations, debt authorized under emergency declarations, and general obligation bonds issued by the Oklahoma Water Resources Board.

• Protects the state from constitutional violation if declining revenue causes debt service payments to exceed the 4.5% limit, provided no additional debt is incurred while exceeding the threshold.

• Directs the Secretary of State to submit the proposed amendment to voters for approval, with specified ballot language describing the debt limitation and emergency exception provisions.