{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-186","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-186","heading":"Capitol Improvement Authority – Improvements and","body":"facilities upon property for benefit of Oklahoma Military\n\nDepartment.\n\nA. The Oklahoma Capitol Improvement Authority is authorized to\n\nacquire real property together with improvements located thereon,\n\nfor purposes of constructing improvements upon such real property or\n\nmaking improvements to existing facilities located upon such real\n\nproperty as specified in this subsection for the benefit of the\n\nOklahoma Military Department in order to make improvements,\n\nreplacements, structural damage assessments, window replacements or\n\npaving projects at the following armories:\n\n1. Ada Armory;\n\n2. Altus Armory;\n\n3. Alva Armory;\n\n4. Bristow Armory;\n\n5. Broken Arrow Armory;\n\n6. Chandler Armory;\n\n7. Chandler Organization Maintenance Shop;\n\n8. Chickasha Readiness Center;\n\n9. Durant Armory;\n\n10. Durant Organization Maintenance Shop;\n\n11. Elk City Armory;\n\n12. Enid Armory;\n\n13. Enid Organization Maintenance Shop;\n\n14. Haskell Armory;\n\n15. Holdenville Armory;\n\n16. Kingfisher Armory;\n\n17. Lawton Armory;\n\n18. Lexington Organization Maintenance Shop;\n\n19. McAlester Armory;\n\n20. McAlester Organization Maintenance Shop;\n\n21. Miami Armory;\n\n22. Midwest City Armory;\n\n23. Okemah Armory;\n\n24. 23rd Street Armory, Oklahoma City;\n\n25. Pauls Valley Armory;\n\n26. Sapulpa Armory;\n\n27. Shawnee Armory;\n\n28. Stillwater Armory;\n\n29. Stillwater Organization Maintenance Shop;\n\n30. Tahlequah Armory;\n\n31. Tonkawa Armory;\n\n32. Tulsa AASF #2 Armory;\n\n33. Tulsa Organization Maintenance Shop; and\n\n34. Walters Armory.\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 specified in subsection A of this section to the\n\nOklahoma Military Department. Upon final redemption or defeasance\n\nof the obligations created pursuant to this section, title to the\n\nreal property and improvements shall be transferred from the\n\nOklahoma Capitol Improvement Authority to the Oklahoma Military\n\nDepartment pursuant to subsection A of this section.\n\nC. For the purpose of paying the costs for acquisition of the\n\nreal property and improvements authorized in subsection A of this\n\nsection and for the purpose authorized in subsection D of this\n\nsection, the Authority is hereby authorized to borrow monies on the\n\ncredit of the income and revenues to be derived from the leasing of\n\nsuch real property and improvements and, in anticipation of the\n\ncollection of such income and revenues, to issue negotiable\n\nobligations in an amount not to exceed an amount necessary to\n\ngenerate proceeds equal to Six Million Dollars ($6,000,000.00). It\n\nis the intent of the Legislature to appropriate to the Oklahoma\n\nMilitary Department sufficient monies to make rental payments for\n\nthe purposes of retiring the obligations created pursuant to this\n\nsection.\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\nMilitary Department for projects identified in subsection A of this\n\nsection.\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\nations 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\n\nmaturity of such obligations occur later than thirty (30) 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":"60c282ae8d0ea6ab289e25352c1f44a29a4e64bb7084f7a540f43a5d7c4e170b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-185","next":"us-ok/okla.-stat.-tit.-73-73-187a"},"notice":"GroundRules: Original legal text. Not legal advice."}