{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-177","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-177","heading":"Renovation of certain facilities","body":"A. The Oklahoma Capitol Improvement Authority may make repairs\n\nto Department of Corrections facilities; renovate and refurbish\n\nfacilities at Eastern State Hospital located at Vinita, Oklahoma for\n\nuse by the Department of Corrections to house state inmates;\n\nrenovate and refurbish facilities at Eastern State Hospital located\n\nat Vinita, Oklahoma for use by the Department of Mental Health to\n\nhouse mentally ill patients; and construct and renovate facilities\n\nfor juvenile detention and treatment. 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 Oklahoma Department of\n\nCorrections, Department of Mental Health, and Department of Human\n\nServices or the Department of Juvenile Justice, whichever is\n\nappropriate. Project costs are allocated in the following amounts:\n\nInfrastructure repairs -\n\nDepartment of Corrections $11,000,000.00\n\nFacility renovation -\n\nDepartment of Corrections $2,420,000.00\n\nFacility renovation -\n\nDepartment of Mental Health $580,000.00\n\nJuvenile detention facilities -\n\nDepartment of Human Services $4,500,000.00\n\nTotal $18,500,000.00\n\nB. For the purpose of paying the costs of the projects\n\nauthorized in subsection A of this section, the Authority is hereby\n\nauthorized to borrow monies on the credit of the income and revenues\n\nto be derived from such projects and, in anticipation of the\n\ncollection of such income and revenues, to issue negotiable bonds\n\nnot to exceed the sum of Seventeen Million Five Hundred Thousand\n\nDollars ($17,500,000.00) as may be determined by the Authority. The\n\nAuthority may retain such legal counsel as it deems necessary for\n\nthis purpose. It is the intent of the Legislature to appropriate to\n\nthe Oklahoma Department of Corrections, Department of Mental Health,\n\nand Department of Human Services sufficient monies to make payments\n\nto the Authority for purposes of retiring the debt created pursuant\n\nto this section.\n\nC. The interest rate on the bonds issued pursuant to this\n\nsection shall not exceed seven and three-quarters percent (7.75%)\n\nper annum.\n\nD. The Authority may issue the bonds in one or more series.\n\nE. The State Treasurer shall buy, and the Authority shall sell\n\nto the State Treasurer at private sale, the bonds authorized by this\n\nsection. The Authority shall fix the rate of interest the bonds\n\nshall bear, such rate of interest not to exceed the maximum\n\nspecified in this section. All interest earned on the bonds held by\n\nthe State Treasurer, as collected, shall be paid into the General\n\nRevenue 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 this title\n\nshall apply to this section.\n\nG. The Department of Corrections is hereby authorized to expend\n\nup to One Million Dollars ($1,000,000.00) of the interest earned\n\nfrom investment of the proceeds of the bonds authorized by\n\nsubsection B of this section for the purpose of paying the costs of\n\nthe infrastructure repairs of the Department of Corrections\n\nauthorized in subsection A of this section less any amount necessary\n\nto meet any rebate requirements of the federal government.","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":"3af3a60196c08b783427448141c096088efaf065b982d857b8cae4f7d15f6119","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-175","next":"us-ok/okla.-stat.-tit.-73-73-177.1"},"notice":"GroundRules: Original legal text. Not legal advice."}