{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-156.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-156.1","heading":"Refinancing and restructuring of outstanding","body":"obligations.\n\nA. The Oklahoma Capitol Improvement Authority is authorized to\n\nissue bonds, notes, or other obligations for the purpose of\n\nrefinancing or restructuring its outstanding obligations.\n\nB. The bonds or other obligations issued pursuant to this\n\nsection shall not at any time be deemed to constitute a debt of the\n\nstate or of any political subdivision thereof or a pledge of the\n\nfaith and credit of the state or any such political subdivision.\n\nC. Such bonds or other obligations shall contain on the face\n\nthereof a statement that neither the faith and credit nor the taxing\n\npower of the state or any political subdivision thereof is pledged,\n\nor may hereafter be pledged to the payment of the principal of or\n\nthe interest on such bonds.\n\nD. To the extent funds are available from the proceeds of the\n\nborrowing authorized by this section, the Oklahoma Capitol\n\nImprovement Authority shall provide for the payment of professional\n\nfees and other associated costs approved by the Deputy Treasurer for\n\nDebt Management. The Authority is authorized to hire bond counsel,\n\nfinancial consultants, and such other professionals as it may deem\n\nnecessary to provide for the efficient sale of the obligations and\n\nmay utilize a portion of the proceeds of any borrowing to create\n\nsuch reserves as may be deemed necessary and to pay costs associated\n\nwith the issuance and administration of such obligations.\n\nE. An issuance of bonds under this section may be undertaken to\n\nachieve an overall debt service savings, modify restrictive bond\n\ndocument covenants, or reduce payment requirements during periods of\n\nfiscal stress. To achieve these objectives, the Authority is\n\nauthorized to extend the final maturity of its outstanding\n\nobligations if necessary, but in no event shall the final maturity\n\nof an individual bond issue be extended more than ten (10) years\n\nwithout the approval of the Council of Bond Oversight.\n\nF. 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 issue obligations in one or\n\nmore series and may set such other terms and conditions as may be\n\nnecessary, in its judgment to achieve an efficient financing. The\n\nAuthority may enter into agreements with such credit enhancers and\n\nliquidity providers as may be determined necessary to efficiently\n\nmarket the obligations, including the purchase of surety policies or\n\nother financial instruments to be utilized in lieu of reserve funds.\n\nThe obligations may mature and have such provisions for redemption\n\nas shall be determined by the Authority, but in no event shall the\n\nfinal maturity of such obligations occur later than thirty (30)\n\nyears from the delivery date.\n\nG. Any interest on the 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 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. Such investments shall\n\nbe made in a manner consistent with the investment guidelines of the\n\nState Treasurer. The Authority may place additional restrictions on\n\nthe investment of such monies if necessary to enhance the\n\nmarketability of the obligations.\n\nJ. The obligations issued under this section shall be retired\n\nby payments made to the Oklahoma Capitol Improvement Authority from\nhis section. Such investments shall\n\nbe made in a manner consistent with the investment guidelines of the\n\nState Treasurer. The Authority may place additional restrictions on\n\nthe investment of such monies if necessary to enhance the\n\nmarketability of the obligations.\n\nJ. The obligations issued under this section shall be retired\n\nby payments made to the Oklahoma Capitol Improvement Authority from\n\nthe various agencies that entered into leases and other agreements\n\nin connection with the original financings. To the extent required\n\nby the Authority, such agencies are authorized and directed to enter\n\ninto new lease agreements with the Authority.\n\nK. The Authority is hereby specifically authorized to purchase\n\nsurety policies or other financial instruments to replace existing\n\ndebt service reserves. Any payment for such policies or other\n\ninstruments may be made from the cash reserves being replaced or any\n\nother legally available source.\n\nL. The Oklahoma Department of Transportation shall make\n\npayments from the State Transportation Fund to pay obligations\n\nincurred pursuant to agreements with the Oklahoma Capitol\n\nImprovement Authority. It is the intent of the Oklahoma Legislature\n\nto maintain the funding level of the State Transportation Fund as\n\nrequired in order for the Department of Transportation to fully pay\n\nany and all obligations incurred by the Department of Transportation\n\nwith respect to agreements entered into by the Department of\n\nTransportation and the Oklahoma Capitol Improvement Authority. With\n\nrespect to other state agencies that have entered into agreements\n\nwith the Oklahoma Capitol Improvement Authority, it is the intent of\n\nthe Oklahoma Legislature to appropriate sufficient monies to make\n\nrental payments for the purposes of retiring the obligations created\n\npursuant to this section.\n\nM. Insofar as they are not in conflict with the provisions of\n\nthis section, the provisions of Section 151 et seq. of this title\n\nshall apply to bonds issued pursuant to this section, including the\n\nprovision relating to the exclusive original jurisdiction of the\n\nSupreme Court of the State of Oklahoma.","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":"0c54a292f32d66f6a325e018eb8ab57229e64bef925a35688cde8c7e37294749","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-156","next":"us-ok/okla.-stat.-tit.-73-73-157"},"notice":"GroundRules: Original legal text. Not legal advice."}