{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-302.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-302.1","heading":"Completion of Oklahoma Museum of Popular Culture -","body":"Issuance of obligations.\n\nA. In addition to any other authorization provided by law, the\n\nOklahoma Capitol Improvement Authority is authorized to issue\n\nobligations to acquire real property, together with improvements\n\nlocated thereon, and personal property, to construct buildings,\n\nparking facilities and other improvements to real property, and to\n\nprovide funding for repairs, planning, staging, refurbishments, and\n\nimprovements to real and personal property, and for funding for\n\nconstruction of the Oklahoma Museum of Popular Culture for the\n\nOklahoma Historical Society in a total amount necessary to generate\n\nTwenty-five Million Dollars ($25,000,000.00) in project funds with\n\ndebt retirement payments to be made as provided in this section.\n\nB. The Authority may hold title to the real and personal\n\nproperty and improvements until such time as any obligations issued\n\nfor this purpose are retired or defeased and may lease the real\n\nproperty and improvements to the Oklahoma Historical Society. Upon\n\nfinal redemption or defeasance of the obligations created pursuant\n\nto this section, title to the real and personal property and\n\nimprovements shall be transferred from the Authority to the Oklahoma\n\nHistorical Society.\n\nC. For the purpose of paying the costs for acquisition and\n\nconstruction of the real property and improvements and personal\n\nproperty and making the repairs, planning, staging, refurbishments,\n\nand improvements to real and personal property, and providing\n\nfunding for the project authorized in subsection A of this section,\n\nand for the purpose authorized in subsection D of this section, the\n\nAuthority is hereby authorized to borrow monies on the credit of the\n\nincome and revenues to be derived from the leasing of such real and\n\npersonal property, parking facilities, and improvements and, in\n\nanticipation of the collection of such income and revenues, to issue\n\nnegotiable obligations in a total amount necessary to generate\n\nTwenty-five Million Dollars ($25,000,000.00) in project funds,\n\nwhether issued in one or more series. The Authority is authorized\n\nto capitalize interest on the obligations issued pursuant to the\n\nauthority granted by this section for a period not to exceed two (2)\n\nyears from the date of issuance. For the fiscal year ending June\n\n30, 2017, and subsequent fiscal years, it is the intent of the\n\nLegislature to appropriate to the Oklahoma Historical Society\n\nsufficient monies to make rental payments for the purposes of\n\nretiring the obligations created pursuant to this section. To the\n\nextent funds are available from the proceeds of the borrowing\n\nauthorized by this subsection, the Authority shall provide for the\n\npayment of professional fees and associated costs related to the\n\nprojects authorized in subsection A of this section.\n\nD. 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\nE. 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\nd\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\nF. 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\nG. 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\nH. 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.\n\nI. The Legislature expects that the Oklahoma Historical\n\nSociety will make the rental payments for the purpose of\n\nretiring the obligations created pursuant to the provisions\n\nof this section from current appropriations received by\n\nthe Oklahoma Historical Society.\n\nJ. Insofar as they are not in conflict with the provisions of\n\nthis section, the provisions of Section 151 et seq. of Title 73 of\n\nthe Oklahoma Statutes shall apply to this section.","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":"c0fe9cacdf9876085e142cbc41588cf5e2b5f018cef2104458432c08b1cfbaf8","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-302","next":"us-ok/okla.-stat.-tit.-73-73-303"},"notice":"GroundRules: Original legal text. Not legal advice."}