{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-168.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-168.6","heading":"Construction and improvement of state highway system -","body":"Issuance of obligations.\n\nA. The Oklahoma Capitol Improvement Authority is hereby\n\nauthorized to issue bonds or other negotiable instruments or\n\nevidences of indebtedness in the principal amount sufficient to\n\ngenerate Three Hundred Million Dollars ($300,000,000.00) in proceeds\n\navailable to fund the construction and improvement of the highway\n\nsystem in this state as set forth in this act.\n\nB. The proceeds from the sale of obligations authorized in\n\nsubsection A of this section shall only be used by the Authority to\n\nfund the construction, improvement, maintenance, and repair of\n\nroads, highways and bridges to be designed and constructed by the\n\nOklahoma Department of Transportation as designated in Section 3 of\n\nthis act or to fund other costs associated with the issuance of such\n\nobligations.\n\nC. The obligations issued pursuant to authority of subsection A\n\nof this section shall be repaid in full within ten (10) years from\n\nthe date of issuance.\n\nD. The obligations issued pursuant to authority of subsection A\n\nof this section shall be retired by payments made to the Oklahoma\n\nCapitol Improvement Authority from the Oklahoma Department of\n\nTransportation. The Oklahoma Capitol Improvement Authority and the\n\nOklahoma Department of Transportation shall be authorized to enter\n\ninto leases and agreements with respect to the use of roads,\n\nhighways and bridges, as applicable, the construction, improvement,\n\nmaintenance, or repair of which is financed with any proceeds from\n\nthe issuance of obligations authorized in subsection A of this\n\nsection.\n\nE. The Oklahoma Department of Transportation shall make\n\npayments to the Oklahoma Capitol Improvement Authority for the use\n\nof any roads, highways or bridges financed from any proceeds of the\n\nobligations authorized in subsection A of this section pursuant to\n\nthe agreement. The Oklahoma Department of Transportation shall make\n\nthe payments from the State Highway Construction and Maintenance\n\nFund in the manner specified by the agreement and subject to\n\nreceiving an annual appropriation for that purpose. It is the\n\nintent of the Legislature to appropriate to the Oklahoma Department\n\nof Transportation State Transportation Fund sufficient monies to\n\nmake payments to the Authority for purposes of retiring the debt\n\ncreated pursuant to this section.\n\nF. The bond indenture or other instrument pursuant to which the\n\nOklahoma Capitol Improvement Authority becomes obligated for the\n\nrepayment of principal and interest of the proceeds from the sale of\n\nobligations authorized in subsection A of this section shall provide\n\nthat all obligations are to be repaid from the source of revenue\n\nspecified in this section.\n\nG. 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 for the use of roads, highways and bridges the\n\nconstruction, improvement, maintenance, or repair of which is\n\nfinanced with any proceeds from the issuance of obligations\n\nauthorized pursuant to subsection A of this section. No payment\n\nfrom the State Transportation Fund using the monies appropriated\n\npursuant to this act shall be made for any other purpose.\n\nH. It is the intent of the Oklahoma Legislature to maintain the\n\nfunding level of the State Transportation Fund as required in order\n\nfor the Department of Transportation to fully pay any and all\n\nobligations incurred by the Department of Transportation with\n\nrespect to agreements entered into by the Department of\n\nTransportation and the Oklahoma Capitol Improvement Authority\n\npursuant to subsection D of this section.\n\nI. 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\ned by the Department of Transportation with\n\nrespect to agreements entered into by the Department of\n\nTransportation and the Oklahoma Capitol Improvement Authority\n\npursuant to subsection D of this section.\n\nI. 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 of any such political subdivision.\n\nJ. 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\nK. 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 associated costs approved by the Oklahoma Department of\n\nTransportation. The Authority may issue obligations in one or more\n\nseries and 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\nL. 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 ten (10) years from\n\nthe first principal maturity date.\n\nM. 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\nN. 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\nO. 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\nP. The Oklahoma Capitol Improvement Authority is hereby\n\nauthorized to issue bonds or other negotiable instruments or\n\nevidences of indebtedness in the principal amount sufficient to\n\ngenerate One Hundred Fifty Million Dollars ($150,000,000.00) in\n\nproceeds available to fund the construction and improvement to the\n\nhighway system in this state as set forth in this act and subject to\n\nthe approval and authorization as set forth in subsection F of\n\nSection 1 of this act. If such bonds or other negotiable\n\ninstruments or evidences of indebtedness are authorized for\n\nissuance, they shall be subject to the same terms and conditions as\n\nset forth in this section.","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":"62a0d4d98a29cbe9bd6bbaeb563e271a765a82a547e628e00301ca4237ae7b73","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-168.5","next":"us-ok/okla.-stat.-tit.-73-73-168.7"},"notice":"GroundRules: Original legal text. Not legal advice."}