{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-168.10","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-168.10","heading":"Acquisition of property for Oklahoma Tourism and","body":"Recreation Department office space - Issuance of obligations.\n\nA. The Oklahoma Capitol Improvement Authority is authorized to\n\nacquire real property, together with improvements located thereon,\n\nand personal property for purposes of providing office space to the\n\nOklahoma Tourism and Recreation Department. The Authority may hold\n\ntitle to the real property and improvements until such time as any\n\nobligations issued for this purpose are retired or defeased and may\n\nlease the real property and improvements to the Oklahoma Tourism and\n\nRecreation Commission. Upon final redemption or defeasance of the\n\nobligations created pursuant to this section, title to the real\n\nproperty and improvements shall be transferred from the Oklahoma\n\nCapitol Improvement Authority to the Oklahoma Tourism and Recreation\n\nCommission.\n\nB. For the purpose of paying the costs for acquisition of the\n\nreal property and improvements and personal property authorized in\n\nsubsection A of this section, and for the purpose authorized in\n\nsubsection C of this section, the Authority is hereby authorized to\n\nborrow monies on the credit of the income and revenues to be derived\n\nfrom the leasing of such real property and improvements and, in\n\nanticipation of the collection of such income and revenues, to issue\n\nnegotiable obligations in an amount not to exceed Nine Million\n\nDollars ($9,000,000.00). The Authority is authorized to capitalize\n\ninterest on the obligations issued pursuant to the authority granted\n\nby this section for a period of not to exceed two (2) years from the\n\ndate of issuance. For the fiscal year ending June 30, 2009, and\n\nsubsequent fiscal years, it is the intent of the Legislature to\n\nappropriate to the Oklahoma Tourism and Recreation Department\n\nsufficient monies to make rental payments for the purposes of\n\nretiring the obligations created pursuant to this section. The\n\ncosts for acquisition of the real property and improvements and\n\npersonal property authorized in subsection A of this section shall\n\nnot exceed Nine Million Dollars ($9,000,000.00).\n\nC. To the extent funds are available from the proceeds of the\n\nborrowing authorized by subsection B of this section, the Oklahoma\n\nCapitol Improvement Authority shall provide for the payment of\n\nprofessional fees and associated costs approved by the Oklahoma\n\nTourism and Recreation Commission.\n\nD. The Authority may issue obligations in one or more series\n\nand in conjunction with other issues of the Authority. The\n\nAuthority is authorized to hire bond counsel, financial consultants,\n\nand such other professionals as it may deem necessary to provide for\n\nthe efficient sale of the obligations and may utilize a portion of\n\nthe proceeds of any borrowing to create such reserves as may be\n\ndeemed necessary and to pay costs associated with the issuance and\n\nadministration of such obligations.\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 thirty (30) years from\n\nthe first principal maturity date.\n\nF. 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 Authority.\n\nG. 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\nrity date.\n\nF. 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 Authority.\n\nG. 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\nH. 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.","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":"0454336adf520b432b4a2eb59097b393a83b021e65a8690420803b2015fb58c6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-168.1","next":"us-ok/okla.-stat.-tit.-73-73-168.10a"},"notice":"GroundRules: Original legal text. Not legal advice."}