{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-161","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-161","heading":"Power of Authority","body":"In addition to all other powers expressly conferred, the\n\nAuthority is hereby authorized and empowered:\n\n1. To adopt bylaws for the regulation of its affairs and the\n\nconduct of its business;\n\n2. To adopt an official seal and alter the same at pleasure;\n\n3. To fix and revise from time to time rent for the use of any\n\nAuthority building; provided, that the rents when so fixed, plus\n\nrevenues derived from other sources, shall produce sufficient\n\nrevenue:\n\na. to pay the annual cost of the operation, maintenance,\n\nand repair of such building,\n\nb. to pay as and when due the principal and interest on\n\nthe bonds issued to pay for such building, and\n\nc. to accumulate and maintain reserves for such purposes;\n\n4. To acquire, hold, improve, and dispose of real and personal\n\nproperty in the exercise of its powers and the performance of its\n\nduties under this act, and on behalf of other agencies of the state\n\nas provided for in memoranda of understanding entered into between\n\nthe Authority and such agency or agencies of the state;\n\n5. To acquire by purchase or otherwise, on such terms and\n\nconditions and in such manner as it may deem proper, or by the\n\nexercise of the power of condemnation in the manner hereinafter\n\nprovided, such public or private property and interests therein as\n\nit may deem necessary for carrying out the provisions of this act.\n\nThe exercise of the power of condemnation shall be in accordance\n\nwith and subject to the provisions of any and all existing laws and\n\nstatutes applicable to the exercise of the power of condemnation of\n\nproperty for public use. In any condemnation proceedings the court\n\nhaving jurisdiction of the suit, action or proceeding may make such\n\norders as may be just to the Authority and to the owners of the\n\nproperty to be condemned and may require an undertaking or other\n\nsecurity to secure such owners against any loss or damage by reason\n\nof the failure of the Authority to accept and pay for the property,\n\nbut neither such undertaking or security nor any act or obligation\n\nof the Authority shall impose any liability upon the state or the\n\nAuthority except such as may be paid from the funds provided under\n\nthe provisions of the act;\n\n6. To make and enter into all contracts and agreements\n\nnecessary or incidental to the performance of its duties and the\n\nexecution of its powers under this act, and particularly to make and\n\nenter into contracts and agreements with the departments and\n\nagencies of the State of Oklahoma and/or federal government relating\n\nto the rent, amortization of cost, and use of the building by such\n\ndepartments and agencies, or relating to the construction,\n\nimprovement, repair, and maintenance of the highway infrastructure\n\nin this state;\n\n7. To employ employees and agents as may be necessary in its\n\njudgment, including, but not limited to, legal counsel and such\n\nother professionals as may be needed for the issuance and\n\nadministration of bonds issued under the provisions of this title\n\nand to fix their compensation; provided, that all such expenses\n\nshall be payable solely from the proceeds of bonds issued under this\n\nact or from revenues derived from the building;\n\n8. To receive and accept from any federal agency grants or\n\npayments for or in aid of the construction of any project, and to\n\nreceive and accept aid or contributions from any source of either\n\nmoney, property, labor, or other things of value to be held, used,\n\nand applied only for the purposes for which such grants and\n\ncontributions may be made;\n\n9. To do any and all things necessary to comply with rules,\n\nregulations, or requirements of any state or federal agency\n\nadministering any law enacted by the Congress of the United States\n\nto aid or encourage the construction or use of such building;\n\n10. To do all things necessary or convenient to carry out the\n\npowers expressly granted in this act; and\nch grants and\n\ncontributions may be made;\n\n9. To do any and all things necessary to comply with rules,\n\nregulations, or requirements of any state or federal agency\n\nadministering any law enacted by the Congress of the United States\n\nto aid or encourage the construction or use of such building;\n\n10. To do all things necessary or convenient to carry out the\n\npowers expressly granted in this act; and\n\n11. To administer the Legacy Capital Financing Act.","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":"75943c9e926bbacbe3e58a1832a69f83eb8d908b342bf369a60037b65edce0b6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-160","next":"us-ok/okla.-stat.-tit.-73-73-162"},"notice":"GroundRules: Original legal text. Not legal advice."}