Okla. Stat. tit. 73, § 73-335: Repair and restoration of flood-damaged areas - Acquistion

of property - Funding.

A. The Oklahoma Capitol Improvement Authority (OCIA) is

authorized to acquire real property or interests therein, together

with improvements located thereon, and personal property for

purposes of construction, repair and rehabilitation of flood-control

dams, repair of roadside water erosion, riparian restoration and

purchase of necessary equipment in various counties through and with

the assistance of local conservation districts, including

restoration of flood-damaged areas, all pursuant to the Conservation

District Act, with debt retirement payments to be made by the

Oklahoma Conservation Commission, which is hereby authorized to

borrow money from the OCIA for the purposes in this section.

The OCIA may hold title to the real property and improvements

until such time as any obligations issued for this purpose are

retired or defeased and may lease the real property and improvements

to the Oklahoma Conservation Commission. Upon final redemption or

defeasance of the obligations created pursuant to this section,

title to the real property and improvements shall be transferred

from the Oklahoma Capitol Improvement Authority to the Oklahoma

Conservation Commission.

B. For the purpose of paying the costs for acquisition of the

real property and improvements and personal property authorized in

subsection A of this section, and for the purpose authorized in

subsection C of this section, the OCIA is hereby authorized to

borrow monies on the credit of the income and revenues to be derived

from the leasing of such real property and improvements and, in

anticipation of the collection of such income and revenues, to issue

negotiable obligations in an amount sufficient to generate net

proceeds of Twenty-five Million Dollars ($25,000,000.00) after

providing for costs of issuance, credit enhancement, reserves, and

other associated expenses related to the financing. It is the

intent of the Legislature to appropriate to the Oklahoma

Conservation Commission sufficient monies to make rental payments

for the purposes of retiring the obligations created pursuant to

this section.

C. To the extent funds are available from the proceeds of the

borrowing authorized by subsection B of this section, the OCIA shall

provide for the payment of professional fees and associated costs

approved by the OCIA.

D. The OCIA may issue obligations in one or more series and in

conjunction with other issues of the OCIA. The OCIA is authorized

to hire bond counsel, financial consultants, and such other

professionals as it may deem necessary to provide for the efficient

sale of the obligations and may utilize a portion of the proceeds of

any borrowing to create such reserves as may be deemed necessary and

to pay costs associated with the issuance and administration of such

obligations.

E. The obligations authorized under this section may be sold at

either competitive or negotiated sale, as determined by the OCIA,

and in such form and at such prices as may be authorized by the

OCIA. The OCIA may enter into agreements with such credit enhancers

and liquidity providers as may be determined necessary to

efficiently market the obligations. The obligations may mature and

have such provisions for redemption as shall be determined by the

OCIA, but in no event shall the final maturity of such obligations

occur later than fifteen (15) years from the first principal

maturity date.

F. Any interest earnings on funds or accounts created for the

purposes of this section may be utilized as partial payment of the

annual debt service or for the purposes directed by the OCIA.

G. The obligations issued under this section, the transfer

thereof and the interest earned on such obligations, including any

profit derived from the sale thereof, shall not be subject to

taxation of any kind by the State of Oklahoma, or by any county,

ated for the

purposes of this section may be utilized as partial payment of the

annual debt service or for the purposes directed by the OCIA.

G. The obligations issued under this section, the transfer

thereof and the interest earned on such obligations, including any

profit derived from the sale thereof, shall not be subject to

taxation of any kind by the State of Oklahoma, or by any county,

municipality or political subdivision therein.

H. The OCIA may direct the investment of all monies in any

funds or accounts created in connection with the offering of the

obligations authorized under this section. Such investments shall

be made in a manner consistent with the investment guidelines of the

State Treasurer. The OCIA may place additional restrictions on the

investment of such monies if necessary to enhance the marketability

of the obligations.