{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-168.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-168.3","heading":"Acquisition of land for erection of building for","body":"operation of Oklahoma School of Science and Mathematics - Issuance\n\nof bonds.\n\nA. The Oklahoma Capitol Improvement Authority may acquire land\n\nowned by the Board of Trustees of the Oklahoma School of Science and\n\nMathematics. The Oklahoma Capitol Improvement Authority may provide\n\nfor the funding, construction and maintenance of a building or\n\nbuildings for use by the Board of Trustees of the Oklahoma School of\n\nScience and Mathematics for the operation of the Oklahoma School of\n\nScience and Mathematics, and shall hold title to the facilities\n\nuntil such time as the indebtedness created pursuant to this section\n\nshall be retired or defeased. Upon the retirement of the\n\nindebtedness created pursuant to this section, the title to the land\n\nand improvements thereon shall be transferred from the Oklahoma\n\nCapitol Improvement Authority to the Board of Trustees of the\n\nOklahoma School of Science and Mathematics.\n\nB. For the purpose of paying the costs of the project\n\nauthorized in subsection A of this section, the Authority is\n\nauthorized to borrow monies on the credit of the income and revenues\n\nto be derived from such project and, in anticipation of the\n\ncollection of such income and revenues, to issue negotiable or\n\ncompetitive bonds not to exceed the sum of Eight Million Five\n\nHundred Thousand Dollars ($8,500,000.00) as may be necessary for\n\nsuch purpose as determined by the Authority. The Oklahoma School of\n\nScience and Mathematics may not be moved from the building or\n\nbuildings constructed pursuant to subsection A of this section until\n\nall such indebtedness is retired, and shall be required to lease the\n\nbuilding or buildings so constructed subject to receiving an annual\n\nappropriation for that purpose. It is the intent of the Legislature\n\nto appropriate to the Oklahoma School of Science and Mathematics\n\nsufficient monies to make lease payments to the Authority for\n\npurposes of retiring the debt created pursuant to this section.\n\nC. The bonds provided for in subsection B of this section shall\n\nnot be issued until such time as the Board of Trustees of the\n\nOklahoma School of Science and Mathematics has met the matching\n\nrequirement as provided for in subsection G of this section or until\n\na bank that is chartered in this state notifies the Authority, the\n\nGovernor, the Speaker of the House of Representatives and the\n\nPresident Pro Tempore of the Senate that there exists an irrevocable\n\nrestricted letter of credit for outstanding pledges or cash on\n\ndeposit or a combination of both in the amount of Eight Million Five\n\nHundred Thousand Dollars ($8,500,000.00) for the purpose specified\n\nin subsection A of this section. Such notification must occur no\n\nlater than July 1, 2000. In the alternative, the Authority may\n\nissue such bonds in series of no less than One Million Dollars\n\n($1,000,000.00) each. In order to issue the first series of bonds,\n\na bank, as described above, shall certify to the Authority and the\n\nabove-referenced officers that there exist irrevocable letters of\n\ncredit for outstanding pledges or cash on deposit or a combination\n\nof both in an amount equal to the amount of the first series. In\n\norder to issue any subsequent series of bonds, a bank, as described\n\nabove, shall certify to the Authority and the above-referenced\n\nofficers that there exist irrevocable letters of credit for\n\noutstanding pledges or cash on deposit or a combination of both in\n\namounts equal to the amount of each subsequent series. Any\n\nirrevocable letter of credit required by this subsection shall be\n\nissued by a bank chartered in this state and insured by the Federal\n\nDeposit Insurance Corporation to the maximum limit available.\n\nD. The proceeds of any bonds issued pursuant to this section\n\nand any other monies expended by the Board of Trustees for\n\nconstruction or improvements shall be expended for facilities, which\nries. Any\n\nirrevocable letter of credit required by this subsection shall be\n\nissued by a bank chartered in this state and insured by the Federal\n\nDeposit Insurance Corporation to the maximum limit available.\n\nD. The proceeds of any bonds issued pursuant to this section\n\nand any other monies expended by the Board of Trustees for\n\nconstruction or improvements shall be expended for facilities, which\n\nshall include design fees for each such project. The first phase of\n\nany campus construction or improvements shall be limited to student\n\nhousing, a dining facility, library, physical education and student\n\nactivity facilities, and security needs including but not limited to\n\nfencing.\n\nE. All interest earned on any reserve funds created by such\n\nbonds held by the State Treasurer, as collected, shall be paid into\n\nthe General Revenue Fund.\n\nF. Insofar as they are not in conflict with the provisions of\n\nthis section, the provisions of Section 151 et seq. of Title 73 of\n\nthe Oklahoma Statutes shall apply to this section.\n\nG. Except as otherwise provided in this subsection, any\n\nprivate, public or nonstate monies pledged or deposited in\n\naccordance with this section for the purpose of construction of the\n\ncampus of the Oklahoma School of Science and Mathematics shall be\n\nmatched not to exceed Eight Million Five Hundred Thousand Dollars\n\n($8,500,000.00) by the state as follows:\n\nState Nonstate Year of Contribution\n\n60% 40% July 1, 1993 - June 30, 1995\n\n50% 50% July 1, 1995 - June 30, 1998\n\n50% 50% July 1, 1998 – June 30, 2000\n\nNo federal funds shall be used for matching purposes pursuant to\n\nthis subsection.","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":"c6512689aa3e364576c69be7aa9108d8136888cd5b3d7dce49b19a2a91c0c888","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-168.2","next":"us-ok/okla.-stat.-tit.-73-73-168.5"},"notice":"GroundRules: Original legal text. Not legal advice."}