{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-168.10a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-168.10a","heading":"Defeasance of obligations – Escrow account","body":"\n\nA. Within one hundred eighty (180) days of the effective date\n\nof this act, the Oklahoma Capitol Improvement Authority shall fund\n\nan escrow account in an amount sufficient to provide for payment of\n\nprincipal and interest on obligations, as they become due, issued\n\npursuant to Section 168.10 of Title 73 of the Oklahoma Statutes,\n\nOklahoma Capitol Improvement Authority State Facilities Lease\n\nRevenue Bonds Series 2018A, for purposes of providing office space\n\nto the Oklahoma Tourism and Recreation Department. The escrow\n\naccount shall be funded as provided in subsection C of this section\n\nand shall be in an amount sufficient to defease the obligations.\n\nB. The Authority is authorized to employ agents as may be\n\nnecessary to carry out the defeasance of the obligations issued\n\npursuant to Section 168.10 of Title 73 of the Oklahoma Statutes\n\nincluding, but not limited to, legal counsel, escrow bidding agent,\n\nescrow verification agent, and a trustee or paying agent.\n\nC. The Authority shall utilize all unspent proceeds of\n\nobligations issued pursuant to Section 168.10 of Title 73 of the\n\nOklahoma Statutes and any investment earnings thereon to fund the\n\nescrow account. It is the intent of the Legislature to appropriate\n\nthe remainder of monies necessary to defease the obligations.\n\nD. As of the effective date of this act, the Authority is\n\nprohibited from disbursing the proceeds of obligations issued\n\npursuant to Section 168.10 of Title 73 of the Oklahoma Statutes or\n\nany investment earnings thereon for any purpose other than the\n\npurpose authorized in subsection C of this section. Nor shall the\n\nAuthority issue any additional obligations under the provisions of\n\nSection 168.10 of Title 73 of the Oklahoma Statutes.","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":"679f2e10a57da7de0c3387a3cf241925fcd87868233b024383bb1203991313e3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-168.10","next":"us-ok/okla.-stat.-tit.-73-73-168.10b"},"notice":"GroundRules: Original legal text. Not legal advice."}