Oklahoma Reserve Fund Amendment, State Question 764 (2012)

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State Question 764
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Type:Constitutional amendment
Constitution:Oklahoma Constitution
Referred by:Oklahoma State Legislature
Topic:Bond issues
Status:Approveda
The Oklahoma Reserve Fund Amendment, also known as State Question 764, was on the November 6, 2012 ballot in the state of Oklahoma as a legislatively-referred constitutional amendment, where it was approved. The measure allowed the Oklahoma Water Resources Board to issue bonds to provide a reserve fund for that board. According to reports, the fund would be reserved for water resource and sewage treatment programs.

Election results

See also: 2012 ballot measure election results

The following are official election results

Oklahoma State Question 764
ResultVotesPercentage
Approveda Yes 706,322 56.7%
No539,49243.3%

These results are from the Oklahoma State Elections Board.

Text of the measures

Ballot language

The following is the ballot language appeared on the ballot as:[1]

This measure amends the Oklahoma Constitution. It adds a new Section 39A to Article 10. It would allow the Oklahoma Water Resources Board to issue bonds. Any bonds issued would be used to provide a reserve fund for the Board. The fund would be a reserve fund for certain water resource and sewage treatment funding programs. The fund could only be used to pay other bonds and obligations for the funding programs. The bonds could only be issued after other monies and sources are used for repayment. The bonds would be general obligation bonds. Not more than Three Hundred Million Dollars worth of bonds could be issued. The Legislature would provide the monies to pay for the bonds. The Legislature would provide for methods for issuing the bonds. The Legislature would provide for how the fund is administered.

Shall the proposal be approved?

For the proposal - Yes

Against the proposal - No[2]

Support

  • The main campaign in favor of the measure was Yes on 764.
  • According to the Yes on 764 campaign's website, "A YES vote on State Question 764 helps protect one of our state's most precious natural resources - water. This November, Oklahomans will have an opportunity to enhance financial assistance programs that provide affordable loans to communities for drinking water and wastewater infrastructure projects."[3]

Opposition

  • According to the blog of State Representative Jason Murphey, "State Question 764 issues up to 300 million dollars of new debt. I opposed this proposal. The state already has billions of dollars of debt on the books and regardless of the merits of the projects, the insanity has to stop at some point."[4]

Path to the ballot

The Oklahoma State Legislature can approve a proposed amendment by a majority vote. However, if the state legislature wants the proposed amendment to go on a special election ballot, it has to approve the amendment by a 2/3rds vote.

See also

References