{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-3980.12","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-3980.12","heading":"Oklahoma Capitol Improvement Authority - Loans and","body":"issuance of obligations - Authorized projects.\n\nA. For the purpose of paying the costs for acquisition,\n\nreimbursement and construction of real and personal property and\n\nmaking repairs, refurbishments and improvements to real and personal\n\nproperty, and providing funding for the herein enumerated capital\n\nprojects at institutions of higher education which are part of The\n\nOklahoma State System of Higher Education and for the purpose\n\nauthorized in subsection B of this section, the Oklahoma Capitol\n\nImprovement Authority is hereby authorized to borrow monies on the\n\ncredit of the income and revenues to be derived from the leasing of\n\nsuch real and personal property and improvements and, in\n\nanticipation of the collection of such income and revenues, to issue\n\nnegotiable obligations in a total amount sufficient, after deduction\n\nof costs of issuance, reserves and cost of any credit enhancement,\n\nto generate Four Hundred Seventy-five Million Dollars\n\n($475,000,000.00) in net proceeds to be expended on the projects\n\nenumerated herein whether issued in one or more series. Insofar as\n\nnot in conflict with the provisions of this section, the provisions\n\nof Section 151 et seq. of Title 73 of the Oklahoma Statutes shall\n\napply to the obligations issued under this section by the Oklahoma\n\nCapitol Improvement Authority. It is the intent of the Legislature\n\nto appropriate to the Oklahoma State Regents for Higher Education\n\nfor allocation to the various institutions enumerated herein from\n\nthe Oklahoma Education Lottery Trust Fund and from such other\n\nsources as may be necessary sufficient monies to make rental\n\npayments for the purposes of retiring the obligations created\n\npursuant to this section. Bonds issued pursuant to this section\n\nshall be used for financing for the following projects in the\n\nindicated amounts:\n\n1. Projects at the University of Oklahoma of approximately One\n\nHundred Eight Million One Hundred Eighty Thousand Nine Hundred\n\nFifty-six Dollars ($108,180,956.00) to include:\n\na. construction of a chemistry and biochemistry teaching\n\nand research-laboratory complex,\n\nb. installation of fire detection and suppression systems\n\nin library areas,\n\nc. classroom renovation and improvements,\n\nd. construction of library and learning center facilities\n\nand parking structure at the OU-Tulsa campus,\n\ne. construction of a College of Allied Health Phase II\n\nBuilding and parking structure,\n\nf. infrastructure improvements for the University\n\nResearch Campus,\n\ng. construction of new engineering and technology\n\nfacilities,\n\nh. construction of a student learning center for\n\nUniversity College,\n\ni. renovation and expansion of Gould Hall,\n\nj. renovation of Hester Hall,\n\nk. renovation of Rhyne Hall,\n\nl. renovation of Science Hall,\n\nm. completion of construction of weather center,\n\nn. renovation of Ellison Hall,\n\no. construction of a cancer center,\n\np. construction of a speech and hearing facility, and\n\nq. renovation of Schusterman Center at OU-Tulsa;\n\n2. Projects at the Oklahoma State University of approximately\n\nSeventy-six Million One Hundred Sixty-eight Thousand Two Hundred\n\nSixty-two Dollars ($76,168,262.00) to include:\n\na. construction of a new science and technology research\n\ncenter and renovation of existing research laboratory\n\nand office space,\n\nb. restoration and renovation of South Murray Hall, and\n\nc. construction of a new classroom building;\n\n3. Projects at Oklahoma State University Institute of\n\nTechnology-Okmulgee of approximately Six Million Four Hundred Sixty-\n\ntwo Thousand Three Hundred Seventy Dollars ($6,462,370.00) to\n\ninclude:\n\na. creation of a rural health science and technology\n\ncenter,\n\nb. renovation and expansion of culinary facility, and\n\nc. resurfacing of campus streets and parking lots;\n\n4. Projects at the OSU College of Veterinary Medicine of\n\napproximately One Million One Hundred Seven Thousand Eight Hundred\nSix Million Four Hundred Sixty-\n\ntwo Thousand Three Hundred Seventy Dollars ($6,462,370.00) to\n\ninclude:\n\na. creation of a rural health science and technology\n\ncenter,\n\nb. renovation and expansion of culinary facility, and\n\nc. resurfacing of campus streets and parking lots;\n\n4. Projects at the OSU College of Veterinary Medicine of\n\napproximately One Million One Hundred Seven Thousand Eight Hundred\n\nThirty-five Dollars ($1,107,835.00) to include:\n\na. renovation of McElroy Hall, and\n\nb. renovation of Boren Veterinary Teaching Hospital;\n\n5. Projects at OSU-Oklahoma City of approximately Seven Million\n\nThree Hundred Eighty-five Thousand Five Hundred Sixty-six Dollars\n\n($7,385,566.00) to include:\n\na. construction of an addition to the agriculture\n\nresource center,\n\nb. construction of a physical plant building,\n\nc. acquisition of real property within existing campus\n\narea, and\n\nd. construction of a public safety training facility;\n\n6. Projects at the OSU-Center for Health Science of\n\napproximately Four Million Sixty-two Thousand Sixty-one Dollars\n\n($4,062,061.00) to include renovation of existing facilities;\n\n7. Projects at OSU-Tulsa of approximately Twelve Million Nine\n\nHundred Ninety-four Thousand Eight Hundred Sixty-two Dollars\n\n($12,994,862.00) to include construction of an advanced technology\n\nresearch center;\n\n8. Projects at the University of Central Oklahoma of\n\napproximately Nineteen Million Six Hundred Ninety-five Thousand\n\nThree Hundred Twenty-nine Dollars ($19,695,329.00) to include:\n\na. renovation of Old North Building,\n\nb. construction of a new classroom building, and\n\nc. construction of a forensic science building;\n\n9. Projects at East Central University of approximately Ten\n\nMillion Eight Hundred Ten Thousand One Hundred Eighty-two Dollars\n\n($10,810,182.00) to include:\n\na. construction of a fine arts center, and\n\nb. construction of a criminal justice skills training\n\ncenter;\n\n10. Projects at Northeastern State University of approximately\n\nTwenty-two Million Nine Hundred Seventy-two Thousand Seven Hundred\n\nSixty Dollars ($22,972,760.00) to include:\n\na. renovation of the Science Building,\n\nb. renovation and repair of classroom buildings,\n\nc. renovation of the Industrial Arts Building, and\n\nd. completion of construction on classrooms, other\n\nbuildings and parking lots at the Broken Arrow campus;\n\n11. Projects at Northwestern Oklahoma State University of\n\napproximately Six Million Eight Hundred Thirteen Thousand Four\n\nHundred Thirty-two Dollars ($6,813,432.00) to include:\n\na. construction of Education Building,\n\nb. renovation of Science Building and upgrading of\n\nscience equipment, and\n\nc. renovation of the Health and Physical Education\n\nBuilding;\n\n12. Projects at Rogers State University of approximately\n\nThirteen Million Nine Hundred Twenty-two Thousand Seven Hundred Two\n\nDollars ($13,922,702.00) to include:\n\na. construction and renovation of classrooms and other\n\nbuildings at the Bartlesville campus,\n\nb. construction and furnishing of a classroom building\n\nand parking lot,\n\nc. general infrastructure upgrades and improvements,\n\nd. expansion and renovation of Thunderbird and Post Hall,\n\nincluding furnishings and parking lot improvements,\n\ne. construction of a building and parking lot at the\n\nPryor Campus, and\n\nf. renovation and repairs to other buildings on campus;\n\n13. Projects at Southeastern Oklahoma State University of\n\napproximately Ten Million Sixty-two Thousand Seven Hundred Fifty-\n\neight Dollars ($10,062,758.00) to include:\n\na. renovation of the Aviation Science Building,\n\nb. installation of an ADA elevator within the athletic\n\nfacility,\n\nc. construction and renovation of classrooms,\n\nd. renovation and construction of Academic Support\n\nServices Building,\n\ne. improvements to the Administration Building,\n\nf. renovation of the Theatre Building,\n\ng. renovation of the Science Building, and\nf the Aviation Science Building,\n\nb. installation of an ADA elevator within the athletic\n\nfacility,\n\nc. construction and renovation of classrooms,\n\nd. renovation and construction of Academic Support\n\nServices Building,\n\ne. improvements to the Administration Building,\n\nf. renovation of the Theatre Building,\n\ng. renovation of the Science Building, and\n\nh. renovation of the Morrison Building;\n\n14. Projects at Southwestern Oklahoma State University of\n\napproximately Twelve Million Three Thousand Sixty-five Dollars\n\n($12,003,065.00) to include:\n\na. renovation of the Chemistry, Pharmacy and Physics\n\nBuilding,\n\nb. renovation of existing theatre and construction of new\n\ntheatre,\n\nc. upgrade of instructional equipment and elevators,\n\nd. energy efficiency improvements for various buildings,\n\ne. renovation and improvements to buildings on the Sayre\n\ncampus,\n\nf. construction of outdoor classroom area, relocation of\n\nuniversity observatory and other improvements,\n\ng. renovation of the Art Building, and\n\nh. renovation and addition to the Industrial Technology\n\nand Engineering Building;\n\n15. Projects at Cameron University of approximately Twelve\n\nMillion Fifty-nine Thousand Two Hundred Forty-seven Dollars\n\n($12,059,247.00) to include:\n\na. either construction or renovation and expansion of\n\nBusiness Building,\n\nb. improvements to the Shepler Center and the Fitness\n\nCenter,\n\nc. improvements on campus-wide scale needed to achieve\n\nADA compliance,\n\nd. improvements to parking areas and access roads,\n\ne. improvements to campus buildings, and\n\nf. improvements to gymnasium;\n\n16. Projects at Langston University of approximately Eighteen\n\nMillion Three Hundred Seventy Thousand One Hundred Eighty-seven\n\nDollars ($18,370,187.00) to include:\n\na. construction of a Student Success Center,\n\nb. renovation and construction of the Allied Health\n\nComplex,\n\nc. construction of a Performing Arts Center, and\n\nd. construction of an Oklahoma African-American Museum;\n\n17. Projects at Oklahoma Panhandle State University of\n\napproximately Seven Million Two Hundred Eighty Thousand Dollars\n\n($7,280,000.00) to include:\n\na. construction of a science and agriculture building,\n\nand\n\nb. construction of the Noble Activity and Cultural\n\nCenter;\n\n18. Projects at the University of Science and Arts of Oklahoma\n\nof approximately Six Million Sixty-eight Thousand Eight Hundred\n\nThirty-two Dollars ($6,068,832.00) to include:\n\na. renovation of Canning Hall,\n\nb. improvements to parking areas and roofing of various\n\nbuildings,\n\nc. renovation of performing arts and academic lecture\n\nvenues,\n\nd. renovation of art annex, and\n\ne. acquisition of classroom, laboratory and library\n\nequipment;\n\n19. Projects at Carl Albert State College of approximately\n\nEight Million Six Hundred Forty-seven Thousand Six Hundred One\n\nDollars ($8,647,601.00) to include:\n\na. construction of a new classroom building and parking\n\nlot,\n\nb. construction of CASC Sallisaw Classroom and Library,\n\nc. renovation and expansion of Joe E. White Library, and\n\nd. renovation and expansion of the Mick Thompson\n\nConvocational Center;\n\n20. Projects at Connors State College of approximately Seven\n\nMillion Twenty-five Thousand Dollars ($7,025,000.00) to include:\n\na. renovation of the Classroom Building, Library and\n\nEducation Buildings,\n\nb. renovation of the Fine Arts Building,\n\nc. renovation of a building to become one-stop enrollment\n\ncenter,\n\nd. renovation and addition to Haskell Building on\n\nMuskogee campus, and\n\ne. renovation and expansion of existing buildings for the\n\nexpansion of Allied Health and Technical programs;\n\n21. Projects at Eastern Oklahoma State College of approximately\n\nSeven Million Nine Hundred Ten Thousand One Hundred One Dollars\n\n($7,910,101.00) to include:\n\na. construction of a student life and learning center,\n\nb. repair and improvements to various campus facilities,\n\nand\n\nc. campus-wide software replacement;\non of existing buildings for the\n\nexpansion of Allied Health and Technical programs;\n\n21. Projects at Eastern Oklahoma State College of approximately\n\nSeven Million Nine Hundred Ten Thousand One Hundred One Dollars\n\n($7,910,101.00) to include:\n\na. construction of a student life and learning center,\n\nb. repair and improvements to various campus facilities,\n\nand\n\nc. campus-wide software replacement;\n\n22. Projects at Murray State College of approximately Seven\n\nMillion Twenty-five Thousand Dollars ($7,025,000.00) to include:\n\na. renovation and improvements to various campus\n\nfacilities,\n\nb. construction of a building for customer service and\n\nlaboratory facilities,\n\nc. construction of a maintenance building,\n\nd. landscaping and parking and street improvements,\n\ne. acquisition of technology equipment, and\n\nf. acquisition of equipment to address instructional\n\nneeds and campus security and safety issues;\n\n23. Projects at Northern Oklahoma College of approximately\n\nFourteen Million Two Hundred Ninety-three Thousand Two Hundred\n\nThirty-five Dollars ($14,293,235.00) to include:\n\na. renovation and repair of buildings, parking areas and\n\ninfrastructure on Enid campus,\n\nb. renovation of and furnishing and equipment for Wilkin\n\nHall,\n\nc. construction of Allied Health and Educational\n\nCommunication Center,\n\nd. renovation and expansion of the Vineyard Library\n\nAdministration Building, and\n\ne. construction in conjunction with OSU of a new\n\nclassroom building in Stillwater;\n\n24. Projects at Northeastern Oklahoma A\u0026M College of\n\napproximately Six Million Dollars ($6,000,000.00) to include:\n\na. renovation, expansion and equipment for Health Science\n\nBuilding,\n\nb. renovation of Commons Hall, and\n\nc. renovation and restoration of Science Building;\n\n25. Projects at Oklahoma City Community College of\n\napproximately Fifteen Million Three Hundred Thirty-five Thousand One\n\nHundred One Dollars ($15,335,101.00) to include:\n\na. construction of the Arts Education Center, and\n\nb. expansion of the Health Professions Education Center;\n\n26. Projects at Redlands Community College of approximately Six\n\nMillion Seven Hundred Seventy Thousand Dollars ($6,770,000.00) to\n\ninclude:\n\na. construction of the Darlington Agricultural Center,\n\nb. construction of a health, math and science facility,\n\nc. renovation and automation of library,\n\nd. acquisition of real property for Darlington Production\n\nfacility,\n\ne. construction of facility to house International and\n\nEntrepreneurship Business Institute, and\n\nf. infrastructure improvements and upgrades;\n\n27. Projects at Rose State College of approximately Eleven\n\nMillion Seven Hundred Seventy-five Thousand Dollars ($11,775,000.00)\n\nto include construction of a Health Sciences Center;\n\n28. Projects at Seminole State College of approximately Six\n\nMillion Seven Hundred Fifty Thousand Dollars ($6,750,000.00) to\n\ninclude:\n\na. construction of a wellness and athletic training\n\nfacility,\n\nb. renovation and equipment acquisition necessary to\n\naccommodate persons with disabilities,\n\nc. acquisition and improvement of computer network\n\nequipment,\n\nd. renovation and expansion of facilities to develop a\n\nstudent success center,\n\ne. construction of maintenance building and affiliated\n\nroads and parking,\n\nf. acquisition of building for office space and storage,\n\nand\n\ng. construction and expansion of roads and parking\n\nfacilities;\n\n29. Projects at Tulsa Community College of approximately\n\nSixteen Million Twenty-five Thousand Dollars ($16,025,000.00) to\n\ninclude:\n\na. construction of a distance learning center, and\n\nb. construction of a math and science building;\n\n30. Projects at Western Oklahoma State College of approximately\n\nSix Million Dollars ($6,000,000.00) to include:\n\na. construction of a cooperative higher education and\n\ntraining center,\n\nb. construction and repair of parking lots, roads and\n\nwalkways, and\nsand Dollars ($16,025,000.00) to\n\ninclude:\n\na. construction of a distance learning center, and\n\nb. construction of a math and science building;\n\n30. Projects at Western Oklahoma State College of approximately\n\nSix Million Dollars ($6,000,000.00) to include:\n\na. construction of a cooperative higher education and\n\ntraining center,\n\nb. construction and repair of parking lots, roads and\n\nwalkways, and\n\nc. acquisition of software and information technology\n\nequipment;\n\n31. Projects at the University Center of Southern Oklahoma of\n\napproximately Six Hundred Thousand Dollars ($600,000.00) to include:\n\nconstruction of classrooms in a new facility;\n\n32. Projects at the McCurtain County Higher Education Center of\n\napproximately Six Hundred Thousand Dollars ($600,000.00) to include\n\nrenovation and expansion of chemistry laboratory and classroom and\n\nacquisition of equipment;\n\n33. Projects at the Quartz Mountain Arts and Conference Center\n\nof approximately Three Million One Hundred Seventy-three Thousand\n\nFive Hundred Fifty-six Dollars ($3,173,556.00) to include:\n\na. renovation and remediation of lodge, walkways, parking\n\nlots and sidewalks,\n\nb. construction of a student dormitory and family reunion\n\ncenter,\n\nc. repair and renovation of Performing Arts Hall and Arts\n\nPavilions,\n\nd. completion of construction of a comprehensive\n\npedestrian trail system,\n\ne. improvements and upgrades of infrastructure, and\n\nf. improvement and acquisition of land; and\n\n34. Projects for the Oklahoma Climatological Survey of\n\napproximately Six Hundred Fifty Thousand Dollars ($650,000.00) to\n\ninclude acquisition and installation of equipment for the Oklahoma\n\nMesonet to monitor atmospheric conditions in and around Oklahoma\n\nCity.\n\nB. To the extent funds are available from the proceeds of the\n\nborrowing authorized by subsection A of this section, the Oklahoma\n\nCapitol Improvement Authority shall provide for the payment of\n\nprofessional fees and associated costs related to the projects\n\nauthorized in subsection A of this section.\n\nC. The Oklahoma Capitol Improvement Authority may issue\n\nobligations in one or more series and in conjunction with other\n\nissues of the Oklahoma Capitol Improvement Authority. The Oklahoma\n\nCapitol Improvement Authority may issue short-term obligations in\n\nanticipation of the sale of the bonds authorized by this section and\n\nenter into such liquidity and other agreements as may be necessary\n\nto provide for the efficient financing of the projects. The\n\nOklahoma Capitol Improvement Authority is authorized to hire bond\n\ncounsel, financial consultants, and such other professionals as it\n\nmay deem necessary to provide for the efficient sale of the\n\nobligations and may utilize a portion of the proceeds of any\n\nborrowing to create such reserves as may be deemed necessary and to\n\npay costs associated with the issuance and administration of such\n\nobligations.\n\nD. The obligations authorized under this section may be sold at\n\neither competitive or negotiated sale, as determined by the Oklahoma\n\nCapitol Improvement Authority, and in such form and at such prices\n\nand bearing interest at a fixed or variable rate as may be\n\nauthorized by the Oklahoma Capitol Improvement Authority. The\n\nOklahoma Capitol Improvement Authority may enter into agreements\n\nwith such credit enhancers and liquidity providers as may be\n\ndetermined necessary to efficiently market the obligations. The\n\nobligations may mature and have such provisions for redemption as\n\nshall be determined by the Oklahoma Capitol Improvement Authority.\n\nE. Any interest earnings on funds or accounts created for the\n\npurposes of this section may be utilized as partial payment of the\n\nannual debt service or for the purposes directed by the Oklahoma\n\nCapitol Improvement Authority. The interest earnings in the\n\nconstruction funds created pursuant to this section shall be used by\n\nthe Oklahoma Capitol Improvement Authority for the projects\nAuthority.\n\nE. Any interest earnings on funds or accounts created for the\n\npurposes of this section may be utilized as partial payment of the\n\nannual debt service or for the purposes directed by the Oklahoma\n\nCapitol Improvement Authority. The interest earnings in the\n\nconstruction funds created pursuant to this section shall be used by\n\nthe Oklahoma Capitol Improvement Authority for the projects\n\nenumerated herein.\n\nF. The obligations issued under this section, the transfer\n\nthereof and the interest earned on such obligations, including any\n\nprofit derived from the sale thereof, shall not be subject to\n\ntaxation of any kind by the State of Oklahoma, or by any county,\n\nmunicipality or political subdivision therein.\n\nG. The Oklahoma Capitol Improvement Authority may direct the\n\ninvestment of all monies in any funds or accounts created in\n\nconnection with the offering of the obligations authorized under\n\nthis section. Such investments shall be made in a manner consistent\n\nwith the investment guidelines of the State Treasurer. The Oklahoma\n\nCapitol Improvement Authority may place additional restrictions on\n\nthe investment of such monies if necessary to enhance the\n\nmarketability of the obligations.\n\nH. The Oklahoma Capitol Improvement Authority is authorized to\n\nissue bonds, notes, or other obligations for the purpose of\n\nrefinancing or restructuring obligations issued pursuant to this\n\nsection. To the extent funds are available from the proceeds of the\n\nborrowing authorized by this subsection, the Oklahoma Capitol\n\nImprovement Authority shall provide for the payment of professional\n\nfees and associated costs approved by the Oklahoma State Bond\n\nAdvisor. The Oklahoma Capitol Improvement Authority is authorized\n\nto hire bond counsel, financial consultants, and such other\n\nprofessionals as may be deemed necessary to provide for the\n\nefficient sale of the obligations and may utilize a portion of the\n\nproceeds of any borrowing to create such reserves as may be deemed\n\nnecessary and to pay costs associated with the issuance and\n\nadministration of such obligations. An issuance of bonds under this\n\nsubsection may be undertaken to achieve an overall debt service\n\nsavings, modify restrictive bond document covenants, or reduce\n\npayment requirements during periods of fiscal stress. To achieve\n\nthese objectives, the Oklahoma Capitol Improvement Authority is\n\nauthorized to extend the final maturity of outstanding obligations\n\nif necessary, but in no event shall the final maturity of an\n\nindividual bond issue be extended more than ten (10) years without\n\nthe approval of the Council of Bond Oversight. The obligations\n\nauthorized under this subsection may be sold at either competitive\n\nor negotiated sale, as determined by the Oklahoma Capitol\n\nImprovement Authority, and in such form and at such prices as may be\n\nauthorized by the Oklahoma Capitol Improvement Authority. The\n\nOklahoma Capitol Improvement Authority may issue obligations in one\n\nor more series and may set such other terms and conditions as may be\n\nnecessary in its judgment to achieve an efficient refinancing. The\n\nOklahoma Capitol Improvement Authority may enter into agreements\n\nwith such credit enhancers and liquidity providers as may be\n\ndetermined necessary to efficiently market the obligations,\n\nincluding the purchase of surety policies or other financial\n\ninstruments to be utilized in lieu of reserve funds. The\n\nobligations may mature and have such provisions for redemption as\n\nshall be determined by the Oklahoma Capitol Improvement Authority.\n\nThe Oklahoma Capitol Improvement Authority is hereby specifically\n\nauthorized to purchase surety policies or other financial\n\ninstruments to replace existing debt service reserves. Any payment\n\nfor such policies or other instruments may be made from the cash\n\nreserves being replaced or any other legally available source.\nitol Improvement Authority.\n\nThe Oklahoma Capitol Improvement Authority is hereby specifically\n\nauthorized to purchase surety policies or other financial\n\ninstruments to replace existing debt service reserves. Any payment\n\nfor such policies or other instruments may be made from the cash\n\nreserves being replaced or any other legally available source.\n\nI. Bonds issued pursuant to this section shall not be subject\n\nto the provisions of Section 3980.4 of this title.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"c4d60380416a8c06b3a51de65f2d50ee881cc78230e241d21575a3b7f794bc47","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-3980.10","next":"us-ok/okla.-stat.-tit.-70-70-3980.2"},"notice":"GroundRules: Original legal text. Not legal advice."}