Okla. Stat. tit. 73, § 73-168.10a: Defeasance of obligations – Escrow account

A. Within one hundred eighty (180) days of the effective date

of this act, the Oklahoma Capitol Improvement Authority shall fund

an escrow account in an amount sufficient to provide for payment of

principal and interest on obligations, as they become due, issued

pursuant to Section 168.10 of Title 73 of the Oklahoma Statutes,

Oklahoma Capitol Improvement Authority State Facilities Lease

Revenue Bonds Series 2018A, for purposes of providing office space

to the Oklahoma Tourism and Recreation Department. The escrow

account shall be funded as provided in subsection C of this section

and shall be in an amount sufficient to defease the obligations.

B. The Authority is authorized to employ agents as may be

necessary to carry out the defeasance of the obligations issued

pursuant to Section 168.10 of Title 73 of the Oklahoma Statutes

including, but not limited to, legal counsel, escrow bidding agent,

escrow verification agent, and a trustee or paying agent.

C. The Authority shall utilize all unspent proceeds of

obligations issued pursuant to Section 168.10 of Title 73 of the

Oklahoma Statutes and any investment earnings thereon to fund the

escrow account. It is the intent of the Legislature to appropriate

the remainder of monies necessary to defease the obligations.

D. As of the effective date of this act, the Authority is

prohibited from disbursing the proceeds of obligations issued

pursuant to Section 168.10 of Title 73 of the Oklahoma Statutes or

any investment earnings thereon for any purpose other than the

purpose authorized in subsection C of this section. Nor shall the

Authority issue any additional obligations under the provisions of

Section 168.10 of Title 73 of the Oklahoma Statutes.