{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-168.7","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-168.7","heading":"Acquisition of property for Bureau of Investigation","body":"A. The Oklahoma Capitol Improvement Authority is authorized to\n\nacquire the real property located at 6600 North Harvey, Building No.\n\n6, Oklahoma City, Oklahoma County, Oklahoma, together with\n\nimprovements located thereon, or other suitable property in Oklahoma\n\nCity, Oklahoma, for purposes of providing office space to the\n\nOklahoma State Bureau of Investigation for headquarters and central\n\nOklahoma operations. The Authority may hold title to the real\n\nproperty and improvements until such time as any obligations issued\n\nfor this purpose are retired or defeased and may lease the real\n\nproperty and improvements to the Oklahoma State Bureau of\n\nInvestigation. 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 State Bureau of\n\nInvestigation.\n\nB. For the purpose of paying the costs for acquisition of the\n\nreal property and improvements authorized in subsection A of this\n\nsection, and for the purpose authorized in subsection C of this\n\nsection, the Authority is hereby authorized to borrow monies on the\n\ncredit of the income and revenues to be derived from the leasing of\n\nsuch real property and improvements and, in anticipation of the\n\ncollection of such income and revenues, to issue negotiable\n\nobligations in an amount not to exceed Five Million Dollars\n\n($5,000,000.00). It is the intent of the Legislature to appropriate\n\nto the Oklahoma State Bureau of Investigation sufficient monies to\n\nmake rental payments for the purposes of retiring the obligations\n\ncreated pursuant to this section. The costs for acquisition of the\n\nreal property and improvements authorized in subsection A of this\n\nsection shall not exceed Four Million Dollars ($4,000,000.00) if the\n\nproperty located at 6600 N. Harvey, Building No. 6 in Oklahoma City,\n\nOklahoma, is acquired or Five Million Dollars ($5,000,000.00) if\n\nother suitable property is acquired. The costs for acquisition of\n\nthe real property and improvements authorized in subsection A of\n\nthis section shall not exceed the fair market value of the property\n\nas determined by the Office of Management and Enterprise Services.\n\nIn determining the fair market value of such property the Office of\n\nManagement and Enterprise Services may consider factors such as\n\nrelocation costs. The Office of Management and Enterprise Services\n\nis authorized to conduct an appraisal of any property which may be\n\nacquired pursuant to this section or to contract with others for\n\nsuch appraisal or appraisals as may be necessary. In the event the\n\nAuthority leases any part of the real property acquired pursuant to\n\nsubsection A of this section to any entity other than the Bureau,\n\nthe Authority shall require such lease to comply with such security\n\nrestrictions as may be requested by the Bureau.\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\nState Bureau of Investigation. The Bureau shall reimburse the\n\nOffice of Management and Enterprise Services for all costs incurred\n\nby the Department in determining the fair market value of any\n\nproperty pursuant to this section.\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.\nof 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\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":"b92f86845cbe697c945db945d4d9debdb8d3f0a57240a2205f7c48360ae9f0f2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-168.6","next":"us-ok/okla.-stat.-tit.-73-73-168.8"},"notice":"GroundRules: Original legal text. Not legal advice."}