{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-187b","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-187B","heading":"Legacy Capital Financing Fund — Authority authorizations","body":"— Annual report.\n\nA. There is hereby created in the State Treasury a revolving\n\nfund for the Oklahoma Capitol Improvement Authority to be designated\n\nthe \"Legacy Capital Financing Fund\". The fund shall be a continuing\n\nfund, not subject to fiscal year limitations, and shall consist of\n\nall monies received by the Oklahoma Capitol Improvement Authority\n\neligible under law and directed for deposit. All monies accruing to\n\nthe credit of said fund are hereby appropriated and may be budgeted\n\nand expended by the Oklahoma Capitol Improvement Authority for\n\ncapital projects specifically and exclusively as authorized by law.\n\nSuch budgeting and expenditure shall strictly adhere to the specific\n\nterms, limitations, purposes, and requirements described in such\n\nauthorizations and in this act. Expenditures from said fund shall\n\nbe made upon warrants issued by the State Treasurer against claims\n\nfiled as prescribed by law with the Director of the Office of\n\nManagement and Enterprise Services for approval and payment.\n\nB. 1. The Oklahoma Capitol Improvement Authority shall be\n\nauthorized to enter into memoranda of understanding with agencies,\n\ndepartments, and subdivisions of the state as provided by law and as\n\ndeemed necessary by the Authority to administer expenditures from\n\nand deposits to the Legacy Capital Financing Fund; provided that\n\nsuch memoranda of understanding do not conflict with or impede the\n\nadministration of capital projects specifically authorized by law.\n\nSuch memoranda of understanding shall not constitute a legal\n\nobligation of the State of Oklahoma.\n\n2. a. Unless specified otherwise in the applicable\n\nauthorizing legislation, all distributions from the\n\nLegacy Capital Financing Fund shall be returned to the\n\nFund over a twenty-year period. Such distributions\n\nshall be returned in the form of LCF Recapitalization\n\nPayments as provided in subparagraph b of this\n\nparagraph.\n\nb. The annual LCF Recapitalization Payment required of\n\nentities in receipt of Legacy Capital Financing Fund\n\ndistributions shall be equal to one-twentieth (1/20)\n\nof the amount distributed to the entity. Such payment\n\nshall be collected by the Oklahoma Capitol Improvement\n\nAuthority in equal monthly installments and deposited\n\nto the Legacy Capital Financing Fund; provided, that\n\nin the year of initial distribution no monthly payment\n\nshall be made until the second month after such\n\ndistribution. Upon such second month, all monthly\n\npayments for such state fiscal year up to that point\n\nshall become payable.\n\nc. (1) By authorizing distributions from the Legacy\n\nCapital Financing Fund and making recipients of\n\nsuch funds responsible for LCF Recapitalization\n\nPayments, the Legislature voluntarily subjects\n\nitself to the moral obligation that the\n\nLegislature shall appropriate to recipient state\n\nagencies, otherwise receiving legislative\n\nappropriations, the first annual required LCF\n\nRecapitalization Payment for the state fiscal\n\nyear for which the distribution was authorized,\n\nand that such appropriated amount shall remain in\n\nthe agency's appropriation base for the duration\n\nof the LCF Recapitalization period for such\n\nproject.\nthat the\n\nLegislature shall appropriate to recipient state\n\nagencies, otherwise receiving legislative\n\nappropriations, the first annual required LCF\n\nRecapitalization Payment for the state fiscal\n\nyear for which the distribution was authorized,\n\nand that such appropriated amount shall remain in\n\nthe agency's appropriation base for the duration\n\nof the LCF Recapitalization period for such\n\nproject.\n\n(2) The Legislature, as it deems necessary for the\n\nbest interests of the state, may suspend or\n\nrestructure for a period of time such LCF\n\nRecapitalization Payments through the adoption of\n\na concurrent resolution.\n\nC. Limited to the extent required for projects specifically\n\nauthorized through the Legacy Capital Financing Act, the Oklahoma\n\nCapitol Improvement Authority shall be authorized to:\n\n1. Acquire real property together with improvements located\n\nthereon and personal property;\n\n2. Provide for the construction of improvements to real\n\nproperty and to provide funding for repairs, refurbishments, and\n\nimprovements to real and personal property;\n\n3. Hold title to property and improvements as necessary to\n\ncomply with legal directives and authorizations; and\n\n4. Lease, transfer, and otherwise legally dispose of property\n\nand improvements as necessary to comply with legal directives and\n\nauthorizations.\n\nD. No later than January 15 annually, the Oklahoma Capitol\n\nImprovement Authority shall submit electronically to the Governor,\n\nthe Speaker of the Oklahoma House of Representatives, the President\n\nPro Tempore of the Oklahoma State Senate, the Appropriations and\n\nBudget Chair of the Oklahoma House of Representatives, and the\n\nAppropriations Chair of the Oklahoma State Senate a report detailing\n\nimpacts to the balance of the Legacy Capital Financing Fund\n\noccurring in the prior calendar year, including, but not limited to,\n\nall distributions, expenditures, collections, deposits and\n\ninvestment returns of the Legacy Capital Financing Fund.\n\nE. Notwithstanding any provision of law to the contrary, all\n\ninterest and income derived from deposits to the Legacy Capital\n\nFinancing Fund shall be credited to the Legacy Capital Financing\n\nFund.","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":"a71676df073099c8d46400253add8c09ccf5b637cd00a2cbd89004882b6ca483","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-187a-9","next":"us-ok/okla.-stat.-tit.-73-73-188a"},"notice":"GroundRules: Original legal text. Not legal advice."}