{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-185","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-185","heading":"Capitol Improvement Authority - Improvements and","body":"facilities under Department of Corrections.\n\nA. The Oklahoma Capitol Improvement Authority is authorized to\n\nconstruct improvements and facilities upon property under the\n\ncontrol of the Department of Corrections suitable for use as a\n\ndistrict probation and parole office.\n\nB. Prior to the construction of the facilities, the State Board\n\nof Corrections shall approve the site for such facility.\n\nC. The Authority may hold title to the personal property and\n\nimprovements until such time as any obligations issued for this\n\npurpose are retired or defeased and may lease the personal property\n\nand improvements to the Department of Corrections. Upon final\n\nredemption or defeasance of the obligations created pursuant to this\n\nsection, title to the personal property and improvements shall be\n\ntransferred from the Oklahoma Capitol Improvement Authority to the\n\nDepartment of Corrections.\n\nD. For the purpose of paying the costs of the improvements and\n\nfacilities authorized in subsection A of this section, and for the\n\npurpose authorized in subsection E 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 facility and, in\n\nanticipation of the collection of such income and revenues, to issue\n\nnegotiable obligations in an amount not to exceed Three Hundred\n\nThirty Thousand Dollars ($330,000.00). It is the intent of the\n\nLegislature to appropriate to the Department of Corrections\n\nsufficient monies to make rental payments for the purposes of\n\nretiring the obligations created pursuant to this section.\n\nE. To the extent funds are available from the proceeds of the\n\nborrowing authorized by subsection D of this section, the Oklahoma\n\nCapitol Improvement Authority shall provide for the payment of\n\nprofessional fees and associated costs approved by the Department of\n\nCorrections. The Oklahoma Capitol Improvement Authority shall use\n\nthe resources of the Oklahoma State Bond Advisor, the Attorney\n\nGeneral and the State Treasurer in order to evaluate the costs and\n\nexpenses associated with the issuance of its obligations and shall\n\nuse such information as may be required to reduce the costs\n\nassociated with the issuance of the obligations.\n\nF. The Authority may issue obligations in conjunction with\n\nother issues of the Authority. The Authority is authorized to hire\n\nbond counsel, financial consultants, and such other professionals as\n\nit may deem necessary to provide for the efficient sale of the\n\nobligations and may utilize a portion of the proceeds of any\n\nborrowing to create such reserves as may be deemed necessary and to\n\npay costs associated with the issuance and administration of such\n\nobligations.\n\nG. 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\nH. 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\nI. 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\ns control.\n\nH. 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\nI. 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\nJ. 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":"b8c1d76724def0832ac6242c8015ab867c9e6d99cfb7dfda4b40adc8503de83f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-184","next":"us-ok/okla.-stat.-tit.-73-73-186"},"notice":"GroundRules: Original legal text. Not legal advice."}