{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-304.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-304.2","heading":"American Indian Cultural Center and Museum – Continuing","body":"construction – Issuance of obligations.\n\nA. In addition to any other authorization provided by law, and\n\nunder the conditions herein expressed, the Oklahoma Capitol\n\nImprovement Authority (OCIA) is authorized to issue additional\n\nobligations to provide funding for improvements to real and personal\n\nproperty and for funding of further construction, improvements,\n\ndevelopment and enhancement of the American Indian Cultural Center\n\nand Museum (AICCM), to include personal property and exhibits with\n\ndebt retirement payments to be made as provided herein; provided,\n\nhowever, that such obligations shall not be issued until the\n\nDirector of the Office of Management and Enterprise Services (OMES)\n\nhas certified that at least Ten Million Dollars ($10,000,000.00), in\n\naccordance with the requirements of paragraph 1 of subsection B of\n\nSection 1226.19 of Title 74 of the Oklahoma Statutes, has been\n\ndeposited in the American Indian Cultural Center and Museum\n\nCompletion Fund created by Section 1226.20 of Title 74 of the\n\nOklahoma Statutes.\n\nB. The obligations authorized under this section shall be\n\nrepaid from lease payments to be made by the Native American\n\nCultural and Educational Authority (Authority) until its termination\n\nand thereafter by the American Indian Cultural Center and Museum\n\nTrust Authority (AICCMTA) created by Section 1226.21 of Title 74 of\n\nthe Oklahoma Statutes or another designated state agency for deposit\n\nto the American Indian Cultural Center and Museum Postcompletion\n\nRevolving Fund created by Section 1226.22 of Title 74 of the\n\nOklahoma Statutes, it being the express intent of the Legislature to\n\nappropriate funds to such agencies in sufficient amount to make\n\nlease payments which will provide for the repayment of such\n\nobligations.\n\nC. The obligations authorized under this section to provide\n\nadditional funding for the AICCM may be issued by OCIA, in one or\n\nmore series, in an aggregate amount sufficient to generate net\n\nproceeds of Twenty-five Million Dollars ($25,000,000.00) after\n\nproviding for costs of issuance, credit enhancement, reserves and\n\nother associated expenses related to the financing. Net proceeds of\n\nthe financing will be deposited into a construction fund to provide\n\nfor the construction and acquisition of improvements described\n\nherein. It is the intent of the Legislature to appropriate to the\n\nAuthority or, after its termination pursuant to Section 1226.2 of\n\nTitle 74 of the Oklahoma Statutes, to the AICCMTA or another\n\ndesignated state agency for deposit to the American Indian Cultural\n\nCenter and Museum Postcompletion Revolving Fund, sufficient monies\n\nto make payments for the purposes of retiring the obligations\n\ncreated pursuant to this section. To the extent funds are available\n\nfrom the proceeds of the borrowing authorized by this section, OCIA\n\nshall provide for the payment of professional fees and associated\n\ncosts related to the projects authorized in subsection A of this\n\nsection.\n\nD. OCIA is authorized to hire bond counsel, special tax\n\ncounsel, financial consultants and such other professionals as it\n\nmay deem necessary to provide for the efficient sale of the\n\nobligations and may utilize a portion of the proceeds of any\n\nborrowing to create such reserves as may be deemed necessary and to\n\npay 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 OCIA, and in\n\nsuch form and at such prices as may be authorized by OCIA. OCIA may\n\nenter into agreements with such credit enhancers and liquidity\n\nproviders as may be determined necessary to efficiently market the\n\nobligations. The obligations may mature and have such provisions\n\nfor redemption as shall be determined by OCIA, but in no event shall\n\nthe final maturity of such obligations occur later than thirty (30)\nform and at such prices as may be authorized by OCIA. OCIA may\n\nenter into agreements with such credit enhancers and liquidity\n\nproviders as may be determined necessary to efficiently market the\n\nobligations. The obligations may mature and have such provisions\n\nfor redemption as shall be determined by OCIA, but in no event shall\n\nthe final maturity of such obligations occur later than thirty (30)\n\nyears from the 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 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. OCIA may direct the investment of all monies in any funds or\n\naccounts created in connection with the offering of the obligations\n\nauthorized under this section. Such investments shall be made in a\n\nmanner consistent with the investment guidelines of the State\n\nTreasurer. OCIA may place additional restrictions on the investment\n\nof such monies if necessary to enhance the marketability of the\n\nobligations.\n\nI. Insofar as they are not in conflict with the provisions of\n\nthis section, the provisions of Section 151 et seq. of this title\n\nshall apply to this section.\n\nJ. The bonds or other obligations issued pursuant to this\n\nsection shall not at any time be deemed to constitute a debt of the\n\nstate or of any political subdivision thereof or a pledge of the\n\nfaith and credit of the state or of any such political subdivision.\n\nSuch bonds or other obligations shall contain on the face thereof a\n\nstatement that neither the faith and credit nor the taxing power of\n\nthe state or any political subdivision thereof is pledged, or may\n\nhereafter be pledged, to the payment of the principal of or the\n\ninterest on such bonds.\n\nK. The requirements for issuance of the additional obligations\n\ndescribed by this section shall be deemed to have been fully\n\nsatisfied by actions which include certification by the Director of\n\nthe Office of Management and Enterprise Services that at least Ten\n\nMillion Dollars ($10,000,000.00) has been deposited in the American\n\nIndian Cultural Center and Museum Completion Fund, in accordance\n\nwith the requirements of paragraph 1 of subsection B of Section\n\n1226.19 of Title 74 of the Oklahoma Statutes.","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":"41293d0be209cb71a9a77e37577bcef534fac0c7260207013b76c8a15430b643","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-304.1","next":"us-ok/okla.-stat.-tit.-73-73-305"},"notice":"GroundRules: Original legal text. Not legal advice."}