{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-153","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-153","heading":"Acquisition of land and erection of buildings - Negotiable","body":"bonds.\n\n(a) The Authority is hereby authorized to acquire land for and\n\nto erect, equip, operate and maintain a building or buildings for\n\nthe use of state and/or federal agencies and departments at any\n\nplace or location within the State of Oklahoma, the place of\n\nerection to be selected by the Authority. Provided, however, that\n\nthe place of erection to be selected by the Authority within the\n\nCapitol Improvement and Zoning District as defined by law and\n\napproved by the Capitol Improvement and Zoning Commission shall be\n\nin compliance with statutory designations as may be provided in this\n\narticle. Provided further that in fulfilling the purpose of this\n\nact in acquiring land for the erection, equipping, operation and\n\nmaintenance of any facilities, building or buildings at a location\n\nother than within the Capitol Improvement and Zoning District the\n\nAuthority is hereby specifically empowered to:\n\n(1) For the purpose of paying the costs thereof the Authority is\n\nhereby authorized to borrow money on the credit of the income and\n\nrevenues to be derived from the operation of said building and, in\n\nanticipation of the collection of such income and revenues, to issue\n\nnegotiable bonds as may, in the opinion of the Authority, be\n\nnecessary for such purposes, and to provide for the payment of such\n\nbonds and the rights of the holders thereof, as hereinafter\n\nprovided. Said bonds may be issued in one or more series, may be\n\nsold in such manner and at such price or prices, may bear such date\n\nor dates, may mature at such time or times, not to exceed thirty\n\n(30) years from their date, may be in such denomination or\n\ndenominations, may be in such form either coupon or registered, may\n\ncarry such registration or conversion privileges, may be executed in\n\nsuch manner, may be payable in such medium of payments, at such\n\nplace or places, may be subject to such terms of redemption, with or\n\nwithout premium, and may bear such rate or rates of interest not in\n\nexcess of seven and one-half percent (7 1/2%) per annum, and shall\n\nbe subject to such call for redemption as may be provided by\n\nresolution or resolutions to be adopted by the Authority. Such\n\nbonds shall have all of the qualities and incidents of negotiable\n\npaper; and the bonds and the interest earned on said bonds shall not\n\nbe subject to taxation by the State of Oklahoma, or by any county,\n\nmunicipality or political subdivision therein.\n\n(2) The Authority may issue bonds hereunder for the purpose of\n\nrefunding any obligation of the Authority payable from the revenues\n\nof said building, or may authorize and deliver a single issue of\n\nbonds hereunder for the purpose in part of refunding obligations of\n\nthe Authority payable from the revenues derived from said building\n\nand in part for the making, equipping and furnishing of additions,\n\nimprovements and extensions thereto or for an additional building or\n\nbuildings. Where bonds are issued under this paragraph solely for\n\nrefunding purposes, such bonds may either be sold as above provided\n\nor delivered in exchange for the outstanding obligations. If sold,\n\nthe proceeds may be either applied to the payment of the obligations\n\nrefunded or deposited in escrow for the retirement thereof. Nothing\n\nherein contained shall be construed to authorize the refunding of\n\nany outstanding obligations which are not either maturing, callable\n\nfor redemption under their terms, or voluntarily surrendered by\n\ntheir holders for cancellation, unless the Authority covenants that\n\nsufficient funds to pay all remaining interest and principal\n\npayments of the outstanding obligations when due will be placed in\n\nescrow for such purpose at the place or places where said bonds are\n\npayable. All bonds issued under this paragraph shall in all\n\nrespects be authorized, issued and secured in the manner provided\n\nfor other bonds issued under this act, and shall have all the\nnants that\n\nsufficient funds to pay all remaining interest and principal\n\npayments of the outstanding obligations when due will be placed in\n\nescrow for such purpose at the place or places where said bonds are\n\npayable. All bonds issued under this paragraph shall in all\n\nrespects be authorized, issued and secured in the manner provided\n\nfor other bonds issued under this act, and shall have all the\n\nattributes of such bonds. The Authority may provide any such\n\nrefunding bonds shall have the same priority of lien on the revenues\n\npledged for their payment as was enjoyed by the obligations refunded\n\nthereby.\n\n(3) The bonds issued hereunder shall not be an indebtedness of\n\nthe State of Oklahoma or of the Authority herein, but shall be\n\nspecial obligations payable solely from the rents and revenues to be\n\nderived from the operation of the building, and the Authority is\n\nauthorized and directed to pledge all or any part of such revenues\n\nto the payment of principal and interest on the bonds, the operation\n\nand maintenance of the building, and to create a reserve for such\n\npurposes.\n\n(4) The State Treasurer of the State of Oklahoma is hereby\n\nauthorized to purchase from the Authority at private sale all or any\n\npart of said bonds, or interim bonds, as an investment of the public\n\nmonies in his possession. It shall be the responsibility of the\n\nState Treasurer to invest only that portion of such public monies as\n\nit deems to be more than sufficient to meet current expenditures\n\npayable from public monies. The State Treasurer is authorized to\n\nbuy and the Authority is authorized and required to sell to the\n\nState Treasurer at private sale, as provided in this section, so\n\nmany of the bonds authorized by this act as may be safely purchased\n\nfor investment of public monies by the State Treasurer without\n\nhandicapping the State of Oklahoma in promptly meeting its\n\nobligations. In the event of such sale or sales, the Authority\n\nshall determine and fix the rate of interest the bonds so sold shall\n\nbear.\n\n(5) In the event any or all of the bonds are sold to the State\n\nTreasurer under the provisions of subparagraph (4) hereof and\n\nthereafter the uninvested cash on hand and in solvent banks falls\n\nshort of demand orders on the State Treasury, it shall be the duty\n\nof the State Treasurer to sell such part or all of the bonds as are\n\nnecessary to be converted into cash to meet such demands.\n\n(b) For the purpose of paying the costs thereof the Authority is\n\nhereby authorized to borrow money on the credit of the income and\n\nrevenues to be derived from the operation of said building and, in\n\nanticipation of the collection of such income and revenues, to issue\n\nnegotiable bonds not to exceed the sum of Ten Million Dollars\n\n($10,000,000.00) as may, in the opinion of the Authority, be\n\nnecessary for such purposes, and is authorized to provide for the\n\npayment of such bonds and the rights of the holders thereof, as\n\nhereinafter provided. Said bonds may be issued in one or more\n\nseries, may be sold in such manner and at such price or prices, may\n\nbear such date or dates, may mature at such time or times, not to\n\nexceed thirty (30) years from their date, may be in such\n\ndenomination or denominations, may be in such form either coupon or\n\nregistered, may carry such registration or conversion privileges,\n\nmay be executed in such manner, may be payable in such medium of\n\npayments, at such place or places, may be subject to such terms of\n\nredemption, with or without premium, and may bear such rate or rates\n\nof interest, not exceeding four percent (4%) per annum, as may be\n\nprovided by resolution or resolutions to be adopted by the\n\nAuthority. Such bonds shall have all of the qualities and incidents\n\nof negotiable paper, and shall not be subject to taxation by the\n\nState of Oklahoma, or by any county, municipality or political\ns of\n\nredemption, with or without premium, and may bear such rate or rates\n\nof interest, not exceeding four percent (4%) per annum, as may be\n\nprovided by resolution or resolutions to be adopted by the\n\nAuthority. Such bonds shall have all of the qualities and incidents\n\nof negotiable paper, and shall not be subject to taxation by the\n\nState of Oklahoma, or by any county, municipality or political\n\nsubdivision therein. All bonds maturing after ten (10) years from\n\ntheir dates shall be subject to call and redemption, in inverse\n\norder of maturity and bond numbers, at par and accrued interest, the\n\ndetailed provisions for such call and redemption to be fixed by the\n\nAuthority in the resolution or resolutions authorizing the issuance\n\nof said bonds.\n\n(c) The Authority may issue bonds hereunder for the purpose of\n\nrefunding any obligation of the Authority payable from the revenues\n\nof said building, or may authorize and deliver a single issue of\n\nbonds hereunder for the purpose in part of refunding obligations of\n\nthe Authority payable from the revenues derived from said building\n\nand in part for the making, equipping and furnishing of additions,\n\nimprovements and extensions thereto or for an additional building or\n\nbuildings. Where bonds are issued under this paragraph solely for\n\nrefunding purposes, such bonds may either be sold as above provided\n\nor delivered in exchange for the outstanding obligations. If sold,\n\nthe proceeds may be either applied to the payment of the obligations\n\nrefunded or deposited in escrow for the retirement thereof. Nothing\n\nherein contained shall be construed to authorize the refunding of\n\nany outstanding obligations which are not either maturing, callable\n\nfor redemption under their terms, or voluntarily surrendered by\n\ntheir holders for cancellation, unless the Authority covenants that\n\nsufficient funds to pay all remaining interest and principal\n\npayments of the outstanding obligations when due will be placed in\n\nescrow for such purpose at the place or places where said bonds are\n\npayable. All bonds issued under this paragraph shall in all\n\nrespects be authorized, issued and secured in the manner provided\n\nfor other bonds issued under this act, and shall have all the\n\nattributes of such bonds. The Authority may provide any such\n\nrefunding bonds shall have the same priority of lien on the revenues\n\npledged for their payment as was enjoyed by the obligations refunded\n\nthereby.\n\n(d) The bonds issued hereunder shall not be an indebtedness of\n\nthe State of Oklahoma or of the Authority herein, but shall be\n\nspecial obligations payable solely from the rents and revenues to be\n\nderived from the operation of the building, and the Authority is\n\nauthorized and directed to pledge all or any part of such revenues\n\nto the payment of principal and interest on the bonds, the operation\n\nand maintenance of the building, and to create a reserve for such\n\npurposes.","path":["OK Code","Title 73"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os73.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"7d97fb0ebc8ac9b24cc7f0a1d81aed4837e9650e2d419ceb4ed2caa7563206d3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-152","next":"us-ok/okla.-stat.-tit.-73-73-153-a"},"notice":"GroundRules: Original legal text. Not legal advice."}