{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-304","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-304","heading":"Completion of Native American Cultural Center Museum -","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 and\n\nother improvements to real property and to provide funding for\n\nimprovements to real and personal property and for funding for\n\nconstruction of a Native American Cultural Center for the Native\n\nAmerican Cultural and Educational Authority in a total amount not to\n\nexceed Thirty-three Million Dollars ($33,000,000.00) with debt\n\nretirement payments to be made as provided herein.\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 agencies indicated herein. 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 Oklahoma Capitol\n\nImprovement Authority to the Native American Cultural and\n\nEducational Authority.\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 improvements to real and personal property,\n\nand providing funding for the project authorized in subsection A of\n\nthis section, for the purpose authorized in subsection D of this\n\nsection, and subject to the provisions of subsection J 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 and personal property and improvements and, in\n\nanticipation of the collection of such income and revenues, to issue\n\nnegotiable obligations in a total amount not to exceed Thirty-three\n\nMillion Dollars ($33,000,000.00) whether issued in one or more\n\nseries. For the fiscal year ending June 30, 2008, and subsequent\n\nfiscal years, it is the intent of the Legislature to appropriate to\n\nthe Native American Cultural and Educational Authority sufficient\n\nmonies to make rental payments for the purposes of retiring the\n\nobligations created pursuant to this section. To the extent funds\n\nare available from the proceeds of the borrowing authorized by this\n\nsubsection, the Oklahoma Capitol Improvement Authority shall provide\n\nfor the payment of professional fees and associated costs related to\n\nthe projects 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\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.\nisions 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. 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.\n\nJ. The authorization to borrow money and issue negotiable\n\nobligations granted by this section is subject to the following\n\nrestrictions:\n\n1. The obligations must be issued by June 30, 2005; and\n\n2. There is no present legislative intent to appropriate funds\n\nfor necessary rental payments for the purpose of retiring\n\nobligations created pursuant to this section during the fiscal years\n\nending on or before June 30, 2007. The funds for such payments must\n\nbe acquired by the Native American Cultural and Educational\n\nAuthority prior to issuance of any obligations pursuant to this\n\nsection.","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":"1070922d9a749a98681021114281fc0022b6b1ac8ec2f0f4889c5faae63b888b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-303","next":"us-ok/okla.-stat.-tit.-73-73-304.1"},"notice":"GroundRules: Original legal text. Not legal advice."}