Oklahoma State Question 391, Industrial Finance Authority Amendment (July 1960)
| Oklahoma State Question 391 | |
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| Election date |
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| Topic Public economic investment policy and State and local government budgets, spending, and finance |
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| Status |
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| Type Legislatively referred constitutional amendment |
Origin |
Oklahoma State Question 391 was on the ballot as a legislatively referred constitutional amendment in Oklahoma on July 26, 1960. It was approved.
A "yes" vote supported establishing a State Industrial Finance Authority, authorizing up to $10 million in state-backed Industrial Finance Bonds (or up to $20 million with legislative approval), and creating a State Industrial Development Revolving Loan Fund to provide loans for local industrial development. |
A "no" vote opposed establishing a State Industrial Finance Authority, authorizing up to $10 million in state-backed Industrial Finance Bonds (or up to $20 million with legislative approval), and creating a State Industrial Development Revolving Loan Fund to provide loans for local industrial development. |
Election results
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Oklahoma State Question 391 |
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| Result | Votes | Percentage | ||
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128,850 | 55.85% | ||
| No | 101,875 | 44.15% | ||
Text of measure
Ballot title
The ballot title for State Question 391 was as follows:
| “ | Shall a Constitutional amendment, establishing a plan of state financial assistance to Oklahoma communities to facilitate Oklahoma's industrial development, by adding to Article X a new Section to be known as Section 34, providing for the creation of a State Industrial Finance Authority and authorizing said Authority to issue full faith and credit Industrial Finance Bonds of the State of Oklahoma, maturing within thirty (30) years from their date, in amounts not to exceed in the aggregate Ten Million Dollars ($10,000,000.00) outstanding at any one time, the proceeds thereof to be placed in a State Industrial Development Revolving Loan Fund, to be loaned by said Authority to incorporate local industrial development agencies in Oklahoma communities, in amounts not to exceed twenty-five percent (25%) of the total cost of value of such industrial properties, to be secured either by first or second mortgage thereon, pledging the net proceeds from repayment of such industrial loans and interest thereon, together with other state revenues, to the payment of principal and of enactment of this Act the Oklahoma Legislature, may raise the amount not to exceed Twenty Million Dollars ($20,000,000.00) as provided in this Act, and requiring the legislature to enact appropriate legislation vitalizing this Section and safeguarding the lending of such funds, be approved by the people? | ” |
Path to the ballot
- See also: Amending the Oklahoma Constitution
A simple majority vote is required during one legislative session for the Oklahoma State Legislature to place a constitutional amendment on the ballot. That amounts to a minimum of 51 votes in the Oklahoma House of Representatives and 24 votes in the Oklahoma State Senate, assuming no vacancies. Amendments do not require the governor's signature to be referred to the ballot.
See also
External links
Footnotes
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