{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-168.8","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-168.8","heading":"Purchase of property for laboratory and investigative","body":"services buildings for State Bureau of Investigation.\n\nA. The Oklahoma Capitol Improvement Authority is authorized to\n\nacquire real property located in Durant, Bryan County, Oklahoma, in\n\nMcAlester, Pittsburg County, Oklahoma, in Lawton, Comanche County,\n\nOklahoma, and in Oklahoma County, Oklahoma, together with\n\nimprovements located thereon, for purposes of providing space to the\n\nOklahoma State Bureau of Investigation for laboratory or\n\ninvestigative office services or both laboratory and investigative\n\noffice services. The Authority may hold title to the real and\n\npersonal property, including equipment, furnishings, and\n\nimprovements until such time as any obligations issued for this\n\npurpose are retired or defeased and may lease the real and personal\n\nproperty, including equipment, furnishings, and improvements to the\n\nOklahoma State Bureau of Investigation. Upon final redemption or\n\ndefeasance of the obligations created pursuant to this section,\n\ntitle to the real and personal property, including equipment,\n\nfurnishings, 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 and personal property, including equipment, furnishings, and\n\nimprovements authorized in subsection A of this section and for the\n\npurpose authorized in subsection C of this section, the Authority is\n\nhereby authorized to borrow monies on the credit of the income and\n\nrevenues to be derived from the leasing of such real and personal\n\nproperty, including equipment, furnishings, and improvements and, in\n\nanticipation of the collection of such income and revenues, to issue\n\nnegotiable obligations in an amount necessary to generate net\n\nproceeds of Twenty-eight Million Three Hundred Thousand Dollars\n\n($28,300,000.00). It is the intent of the Legislature to\n\nappropriate to the Oklahoma State Bureau of Investigation sufficient\n\nmonies to make rental payments and to authorize the use of monies\n\naccruing to the credit of the Forensic Science Improvement Revolving\n\nFund established in Section 150.35 of Title 74 of the Oklahoma\n\nStatutes for the purposes of retiring the obligations created\n\npursuant to this section. The costs for acquisition of the real and\n\npersonal property, including equipment, furnishings, and\n\nimprovements authorized in subsection A of this section shall not\n\nexceed Five Hundred Thousand Dollars ($500,000.00) for property\n\nlocated in Durant, Oklahoma, Five Hundred Thousand Dollars\n\n($500,000.00) for property located in McAlester, Oklahoma, Five\n\nHundred Thousand Dollars ($500,000.00) for property located in\n\nLawton, Oklahoma, and Twenty-six Million Three Hundred Thousand\n\nDollars ($26,300,000.00) for property located in Oklahoma County.\n\nThe costs for acquisition of the real and personal property,\n\nincluding equipment, furnishings, and improvements authorized in\n\nsubsection A of this section shall not exceed the fair market value\n\nof the property as determined by the Office of Management and\n\nEnterprise Services. In determining the fair market value of such\n\nproperty, the Office of Management and Enterprise Services may\n\nconsider factors such as relocation costs. The Office of Management\n\nand Enterprise Services is authorized to conduct an appraisal of any\n\nproperty which may be acquired pursuant to this section or to\n\ncontract with others for such appraisal or appraisals as may be\n\nnecessary. In the event the Authority leases any part of the real\n\nand personal property acquired pursuant to subsection A of this\n\nsection to any entity other than the Bureau, the Authority shall\n\nrequire such lease to comply with such security restrictions as may\n\nbe requested by the Bureau.\n\nC. To the extent funds are available from the proceeds of the\nor such appraisal or appraisals as may be\n\nnecessary. In the event the Authority leases any part of the real\n\nand personal property acquired pursuant to subsection A of this\n\nsection to any entity other than the Bureau, the Authority shall\n\nrequire such lease to comply with such security restrictions as may\n\nbe 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.\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\nAny interest earnings on funds or accounts created for the purposes\n\nof this section may be utilized for the purchase of personal\n\nproperty, including equipment, furnishings and improvements to real\n\nproperty.\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.\n\nI. The construction of new facilities or the acquisition of\n\nexisting properties pursuant to this section shall be exempt from\n\nthe Office of Management and Enterprise Services procedures for\n\nleasing and space standards.","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":"e75a65be91653cd3498a5ae979966d99391fefc889289f65dbdf21426cb326e0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-168.7","next":"us-ok/okla.-stat.-tit.-73-73-169"},"notice":"GroundRules: Original legal text. Not legal advice."}