{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-304.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-304.1","heading":"Native American cultural center and museum - Continuing","body":"construction - Issuance of obligations.\n\nA. In addition to any other authorization provided by law, the\n\nOklahoma Capitol Improvement Authority (OCIA) 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 of\n\nfurther construction, improvements, development and enhancement of a\n\nNative American cultural center and museum for the Native American\n\nCultural and Educational Authority, to include personal property and\n\nexhibits in a total amount not to exceed Twenty-five Million Dollars\n\n($25,000,000.00) with debt retirement payments to be made as\n\nprovided herein.\n\nB. The OCIA may hold title to or a leasehold interest in the\n\nreal and personal property and improvements until such time as any\n\nobligations issued for this purpose are retired or defeased and may\n\nlease the real property and improvements to the Native American\n\nCultural and Educational Authority. Upon final redemption or\n\ndefeasance of the obligations created pursuant to this section,\n\ntitle to the real and personal property and improvements shall be\n\ntransferred from the OCIA 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, the OCIA 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 one or more series, in an amount\n\nsufficient to generate net proceeds of Twenty-five Million Dollars\n\n($25,000,000.00) after providing for costs of issuance, credit\n\nenhancement, reserves, and other associated expenses related to the\n\nfinancing. Net proceeds of the financing will be deposited into a\n\nconstruction fund to provide for the construction and acquisition of\n\nimprovements described herein. It is the intent of the Legislature\n\nto appropriate to the Native American Cultural and Educational\n\nAuthority sufficient monies to make rental payments for the purposes\n\nof retiring the obligations created pursuant to this section. To\n\nthe extent funds are available from the proceeds of the borrowing\n\nauthorized by this subsection, the OCIA 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 OCIA may issue obligations in one or more series and in\n\nconjunction with other issues of the OCIA. The OCIA is authorized\n\nto hire bond counsel, financial consultants, and such other\n\nprofessionals as it may deem necessary to provide for the efficient\n\nsale of the obligations and may utilize a portion of the proceeds of\n\nany borrowing to create such reserves as may be deemed necessary and\n\nto pay costs associated with the issuance and administration of such\n\nobligations.\n\nE. The obligations authorized under this section may be sold at\n\neither competitive or negotiated sale, as determined by the OCIA,\n\nand in such form and at such prices as may be authorized by the\n\nOCIA. The OCIA may enter into agreements with such credit enhancers\n\nand liquidity providers as may be determined necessary to\n\nefficiently market the obligations. The obligations may mature and\n\nhave such provisions for redemption as shall be determined by the\n\nOCIA, but in no event shall the final maturity of such obligations\n\noccur later than fifteen (15) years from the first principal\n\nmaturity date.\nhe OCIA may enter into agreements with such credit enhancers\n\nand liquidity providers as may be determined necessary to\n\nefficiently market the obligations. The obligations may mature and\n\nhave such provisions for redemption as shall be determined by the\n\nOCIA, but in no event shall the final maturity of such obligations\n\noccur later than fifteen (15) years from the first principal\n\nmaturity 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 OCIA.\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 OCIA 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 OCIA may place additional restrictions on the\n\ninvestment of such monies if necessary to enhance the marketability\n\nof 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.","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":"c9d2ea2bb9f56bb2f358bc4dca1d91d91e2ca304eedf308cd5f877b57ed9ad11","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-304","next":"us-ok/okla.-stat.-tit.-73-73-304.2"},"notice":"GroundRules: Original legal text. Not legal advice."}