{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-177.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-177.1","heading":"Buildings for the Oklahoma Department of Corrections","body":"A. The Oklahoma Capitol Improvement Authority is authorized to\n\nacquire real property, together with improvements located thereon,\n\nand personal property for the construction of:\n\n1. A two hundred (200) bed medium security housing unit at the\n\nLexington Assessment and Reception Center;\n\n2. A two hundred (200) bed medium security housing unit at the\n\nOklahoma State Reformatory; and\n\n3. A two hundred (200) bed medium security housing unit at the\n\nJoseph Harp Correctional Center.\n\nB. The Authority may hold title to the real property and\n\nimprovements until such time as any obligations issued for this\n\npurpose are retired or defeased and may lease the real property and\n\nimprovements to the Oklahoma Department of Corrections. Upon final\n\nredemption or defeasance of the obligations created pursuant to this\n\nsection, title to the real property and improvements shall be\n\ntransferred from the Oklahoma Capitol Improvement Authority to the\n\nOklahoma Department of Corrections.\n\nC. For the purpose of paying the costs for acquisition of the\n\nreal property and improvements and personal property authorized in\n\nsubsection A of this section, and for the purpose authorized in\n\nsubsection D of this section, the Authority is hereby authorized to\n\nborrow monies on the credit of the income and revenues to be derived\n\nfrom the leasing of such real property and improvements and, in\n\nanticipation of the collection of such income and revenues, to issue\n\nnegotiable obligations in an amount not to exceed Twenty-one Million\n\nDollars ($21,000,000.00). An amount not to exceed Eighteen Million\n\nDollars ($18,000,000.00) of the total proceeds from the sale of such\n\nobligations shall be expended for construction of the housing units\n\nspecified in subsection A of this section. The balance of the\n\nproceeds may be used for the payment of issuance costs and the\n\nestablishment of a fund for reserves. It is the intent of the\n\nLegislature to appropriate to the Oklahoma Department of Corrections\n\nsufficient monies to make rental payments for the purposes of\n\nretiring the obligations created pursuant to this section. The\n\nOklahoma Capitol Improvement Authority shall, as soon as practical\n\nafter issuance of the obligations authorized by this section, pay to\n\nthe Oklahoma Department of Corrections from proceeds of the issuance\n\nan amount equal to the amount actually expended by the Oklahoma\n\nDepartment of Corrections for construction of housing units pursuant\n\nto the appropriation made by Section 3 of this act as of the date\n\nupon which the payment is made by the Oklahoma Capitol Improvement\n\nAuthority.\n\nD. To the extent funds are available from the proceeds of the\n\nborrowing authorized by subsection C 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\nDepartment of Corrections.\n\nE. 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\nF. 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\nby 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 twenty (20) years from\n\nthe first principal maturity date.\n\nG. 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\nH. 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\nI. 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":"8b9700f9a610d76ae77dc945c5d21133e0e33b36352765b2f62c31b004c85cf3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-177","next":"us-ok/okla.-stat.-tit.-73-73-178"},"notice":"GroundRules: Original legal text. Not legal advice."}