{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-183","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-183","heading":"Construction and operation of correctional facilities","body":"A. Upon authorization by the Legislature, the Oklahoma Capitol\n\nImprovement Authority shall acquire real property, and construct\n\nimprovements and facilities located thereon, and personal property\n\nto be used for purposes of the construction or operation of\n\ncorrectional facilities.\n\nB. The correctional facilities authorized herein may consist\n\nof:\n\n1. One or more facilities of medium security level or higher of\n\nnot less than nine hundred beds nor more than two thousand five\n\nhundred beds for male inmates;\n\n2. One or more facilities of medium security level or higher of\n\nnot less than five hundred beds nor more than one thousand five\n\nhundred beds for female inmates; and\n\n3. Other inmate facilities with such security levels and size\n\nas may be designated by the Legislature.\n\nC. Construction of the facilities described in subsection B of\n\nthis section may be undertaken in phases as described in the\n\nproposal.\n\nD. Prior to the construction of the facilities, the Board of\n\nCorrections shall approve the site for each of the facilities in the\n\nmanner provided by Section 80 of this act.\n\nE. The Authority may hold title to the real property and\n\npersonal property and improvements until such time as any\n\nobligations issued for this purpose are retired or defeased and may\n\nlease the real property and personal property and improvements to\n\nthe Oklahoma Department of Corrections. Upon final redemption or\n\ndefeasance of the obligations created pursuant to this section,\n\ntitle to the real property and personal property and improvements\n\nshall be transferred from the Oklahoma Capitol Improvement Authority\n\nto the Oklahoma Department of Corrections.\n\nF. For the purpose of paying the costs for acquisition of the\n\nreal property and improvements and personal property authorized in\n\nsubsections A and B of this section, and for the purpose authorized\n\nin subsection G of this section, the Authority is hereby authorized\n\nto borrow monies on the credit of the income and revenues to be\n\nderived from the leasing of such real property, personal property\n\nand improvements and, in anticipation of the collection of such\n\nincome and revenues, to issue negotiable obligations in an amount\n\nnot to exceed the amount required to provide for construction of\n\nfacilities described in subsection B of this section. It is the\n\nintent of the Legislature to appropriate to the Oklahoma Department\n\nof Corrections sufficient monies to make rental payments for the\n\npurposes of retiring the obligations created pursuant to this\n\nsection. The costs for acquisition of the real property or\n\nimprovements or both and personal property authorized in subsections\n\nA and B of this section shall not exceed the amount required to\n\nprovide for the purchase of real and personal property and\n\nconstruction of facilities described in subsection B of this\n\nsection.\n\nG. To the extent funds are available from the proceeds of the\n\nborrowing authorized by subsection F 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. The Oklahoma Capitol Improvement\n\nAuthority shall use the resources of the State Bond Advisor, the\n\nAttorney General and the State Treasurer in order to evaluate the\n\ncosts and expenses associated with the issuance of its obligations\n\nand shall use such information as may be required to reduce the\n\ncosts associated with the issuance of the obligations.\n\nH. 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\nto reduce the\n\ncosts associated with the issuance of the obligations.\n\nH. 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\nI. 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. The State Treasurer shall be\n\nauthorized to purchase the obligations as an investment of public\n\nfunds under the State Treasurer's control.\n\nJ. 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\nK. 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\nL. 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":"310706488a18c0982a831c4681e204ddd38f10e85409560139e17fe84679f790","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-182","next":"us-ok/okla.-stat.-tit.-73-73-184"},"notice":"GroundRules: Original legal text. Not legal advice."}