Okla. Stat. tit. 73, § 73-187B: Legacy Capital Financing Fund — Authority authorizations

— Annual report.

A. There is hereby created in the State Treasury a revolving

fund for the Oklahoma Capitol Improvement Authority to be designated

the "Legacy Capital Financing Fund". The fund shall be a continuing

fund, not subject to fiscal year limitations, and shall consist of

all monies received by the Oklahoma Capitol Improvement Authority

eligible under law and directed for deposit. All monies accruing to

the credit of said fund are hereby appropriated and may be budgeted

and expended by the Oklahoma Capitol Improvement Authority for

capital projects specifically and exclusively as authorized by law.

Such budgeting and expenditure shall strictly adhere to the specific

terms, limitations, purposes, and requirements described in such

authorizations and in this act. Expenditures from said fund shall

be made upon warrants issued by the State Treasurer against claims

filed as prescribed by law with the Director of the Office of

Management and Enterprise Services for approval and payment.

B. 1. The Oklahoma Capitol Improvement Authority shall be

authorized to enter into memoranda of understanding with agencies,

departments, and subdivisions of the state as provided by law and as

deemed necessary by the Authority to administer expenditures from

and deposits to the Legacy Capital Financing Fund; provided that

such memoranda of understanding do not conflict with or impede the

administration of capital projects specifically authorized by law.

Such memoranda of understanding shall not constitute a legal

obligation of the State of Oklahoma.

2. a. Unless specified otherwise in the applicable

authorizing legislation, all distributions from the

Legacy Capital Financing Fund shall be returned to the

Fund over a twenty-year period. Such distributions

shall be returned in the form of LCF Recapitalization

Payments as provided in subparagraph b of this

paragraph.

b. The annual LCF Recapitalization Payment required of

entities in receipt of Legacy Capital Financing Fund

distributions shall be equal to one-twentieth (1/20)

of the amount distributed to the entity. Such payment

shall be collected by the Oklahoma Capitol Improvement

Authority in equal monthly installments and deposited

to the Legacy Capital Financing Fund; provided, that

in the year of initial distribution no monthly payment

shall be made until the second month after such

distribution. Upon such second month, all monthly

payments for such state fiscal year up to that point

shall become payable.

c. (1) By authorizing distributions from the Legacy

Capital Financing Fund and making recipients of

such funds responsible for LCF Recapitalization

Payments, the Legislature voluntarily subjects

itself to the moral obligation that the

Legislature shall appropriate to recipient state

agencies, otherwise receiving legislative

appropriations, the first annual required LCF

Recapitalization Payment for the state fiscal

year for which the distribution was authorized,

and that such appropriated amount shall remain in

the agency's appropriation base for the duration

of the LCF Recapitalization period for such

project.

that the

Legislature shall appropriate to recipient state

agencies, otherwise receiving legislative

appropriations, the first annual required LCF

Recapitalization Payment for the state fiscal

year for which the distribution was authorized,

and that such appropriated amount shall remain in

the agency's appropriation base for the duration

of the LCF Recapitalization period for such

project.

(2) The Legislature, as it deems necessary for the

best interests of the state, may suspend or

restructure for a period of time such LCF

Recapitalization Payments through the adoption of

a concurrent resolution.

C. Limited to the extent required for projects specifically

authorized through the Legacy Capital Financing Act, the Oklahoma

Capitol Improvement Authority shall be authorized to:

1. Acquire real property together with improvements located

thereon and personal property;

2. Provide for the construction of improvements to real

property and to provide funding for repairs, refurbishments, and

improvements to real and personal property;

3. Hold title to property and improvements as necessary to

comply with legal directives and authorizations; and

4. Lease, transfer, and otherwise legally dispose of property

and improvements as necessary to comply with legal directives and

authorizations.

D. No later than January 15 annually, the Oklahoma Capitol

Improvement Authority shall submit electronically to the Governor,

the Speaker of the Oklahoma House of Representatives, the President

Pro Tempore of the Oklahoma State Senate, the Appropriations and

Budget Chair of the Oklahoma House of Representatives, and the

Appropriations Chair of the Oklahoma State Senate a report detailing

impacts to the balance of the Legacy Capital Financing Fund

occurring in the prior calendar year, including, but not limited to,

all distributions, expenditures, collections, deposits and

investment returns of the Legacy Capital Financing Fund.

E. Notwithstanding any provision of law to the contrary, all

interest and income derived from deposits to the Legacy Capital

Financing Fund shall be credited to the Legacy Capital Financing

Fund.