{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-4019","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-4019","heading":"Program for advance funding of state's contribution to","body":"endowed chairs and positions - Issuance of obligations.\n\nA. The Oklahoma Capitol Improvement Authority is hereby\n\nauthorized, consistent with the statutes pertaining to the Oklahoma\n\nState Regents' Endowment Trust Fund, to establish a program to\n\nprovide for the advance funding of the state's contribution to\n\nendowed chairs, professorships, lectureships and positions for\n\nartists in residence as provided in Section 3952 of this title at\n\nthe various institutions in The Oklahoma State System of Higher\n\nEducation. The Oklahoma State Regents for Higher Education are\n\nauthorized to enter into agreements with the Authority to provide\n\nsecurity for any obligations issued for such purpose.\n\nB. The Authority is hereby authorized to issue and sell\n\nobligations in such amounts as shall be needed from time to time for\n\nthe purposes of obtaining funds for the state's matching\n\ncontribution for endowed chairs, professorships, lectureships and\n\npositions for artists in residence; provided, however, that the\n\ntotal principal amount of such obligations shall not exceed in the\n\naggregate Three Hundred Fourteen Million Four Hundred Thousand\n\nDollars ($314,400,000.00) for the purpose of funding endowed chairs.\n\nAt least fifty percent (50%) of the endowed chair, professorship or\n\nlectureship positions funded as provided for in this subsection\n\nshall be for positions that involve research and development. No\n\nobligations shall be issued for any endowment account for which\n\nmatching monies specified in subsection E of Section 3952 of this\n\ntitle have not been received.\n\nC. It is the intent of the Legislature that payments for the\n\npurpose of retiring the obligations created pursuant to this section\n\nbe made by the State Regents from the lump-sum appropriation made\n\npursuant to Section 3 of Article XIII-A of the Oklahoma\n\nConstitution. Further, it is the intent of the Legislature to\n\nappropriate to the State Regents sufficient monies to allow the\n\nState Regents to make payments for the purpose of retiring the\n\nobligations created pursuant to this section.\n\nD. The Authority may issue obligations in one or more series\n\nand in conjunction with other issues of the Authority.\n\nE. The obligations authorized under this section may be sold at\n\neither competitive or negotiated sale, as determined by the\n\nAuthority, and in such form and at such prices as may be authorized\n\nby the Authority. The Authority may enter into agreements with such\n\ncredit enhancers and liquidity providers as may be determined\n\nnecessary to efficiently market the obligations. The obligations\n\nmay mature and have such provisions for redemption as shall be\n\ndetermined by the Authority, but in no event shall the final\n\nmaturity of such obligations occur later than twenty (20) years from\n\nthe first principal maturity date of any given series.\n\nF. The authority is authorized to issue bonds, notes, and other\n\nobligations for the purpose of refinancing or restructuring the\n\noutstanding obligations authorized under this section.\n\nG. Any interest earnings on funds or accounts created for\n\npurposes of this section may be utilized as partial payment of the\n\nannual debt service or for purposes directed by the Authority.\n\nH. 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\nI. The Authority may direct the investment of all monies in any\n\nfunds or accounts created in connection with the offering of the\n\nobligations authorized under this section. This shall not include\n\nmonies in the Oklahoma State Regents Endowment Trust Fund. The\n\nState Regents may place additional restrictions on the investment of\na, or by any county,\n\nmunicipality or political subdivision therein.\n\nI. The Authority may direct the investment of all monies in any\n\nfunds or accounts created in connection with the offering of the\n\nobligations authorized under this section. This shall not include\n\nmonies in the Oklahoma State Regents Endowment Trust Fund. The\n\nState Regents may place additional restrictions on the investment of\n\nsuch monies if necessary to enhance the marketability of the\n\nobligations.","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":"c4246eed9060f2d23dbacf0d0b54f37755fdddb35bd76bcdb9d81490aabbb6bc","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-4018","next":"us-ok/okla.-stat.-tit.-70-70-4101"},"notice":"GroundRules: Original legal text. Not legal advice."}