Purposes and limitation. The State of Oklahoma Building Bonds Commission, created by Section 1 of House Bill No. 4 of the Extraordinary Session of the Twenty-second (1949) Oklahoma Legislature (Chapter 4 of the Session Laws of said session), acting for and on behalf of the State of Oklahoma, shall be the agency by and through which the state of Oklahoma may incur indebtedness to the extent of, but not to exceed the sum of Fifteen Million Dollars ($15,000,000.00) as principal, for the purpose of constructing new buildings and other capital improvements, and for equipping, remodeling, modernizing, and repairing any and all existing buildings and capital improvements, at the constituent institutions of The Oklahoma State System of Higher Education and other state institutions, pursuant to, and under authority of, Section 33 of Article X of the Constitution of the State of Oklahoma, and this act.
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