OK SJR40

Proposes amending the Oklahoma Constitution to cap state debt service payments at 4.5% of the average general fund revenue certified by the State Board of Equalization over the preceding five fiscal years

Legislature may override the debt limit by declaring an emergency with a two-thirds vote of both houses

State would not be in violation if revenue declines cause debt payments to temporarily exceed the cap, but no new debt could be incurred until payments fall back below 4.5%

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

Directs the Secretary of State to refer the proposed constitutional amendment to voters for approval or rejection