{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-305","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-305","heading":"Buildings and other improvements to real property and","body":"acquisition of personal property for Department of Mental Health and\n\nSubstance Abuse Services - Funding - Issuance of obligations.\n\nA. The Oklahoma Capitol Improvement Authority is authorized to\n\nconstruct buildings and other improvements to real property, and to\n\nacquire personal property for purposes of providing treatment\n\nservices for the Department of Mental Health and Substance Abuse\n\nServices. The Authority may hold title to the real property and\n\nimprovements until such time as any obligations issued for this\n\npurpose are retired or defeased and may lease the real property and\n\nimprovements to the Department. Upon final redemption or defeasance\n\nof the obligations created pursuant to this section, title to the\n\nreal property and improvements shall be transferred from the\n\nAuthority, to the Department.\n\nB. For the purpose of paying the costs for construction of\n\nbuildings and improvements and acquisition of personal property\n\nauthorized in subsection A of this section, and for the purpose\n\nauthorized in subsection C of this section, the Authority is hereby\n\nauthorized to borrow monies on the credit of the income and revenues\n\nto be derived from the leasing of such real property and\n\nimprovements and, in anticipation of the collection of such income\n\nand revenues, to issue negotiable obligations in an amount not to\n\nexceed Eighteen Million Nine Hundred Thousand Dollars\n\n($18,900,000.00). It is the intent of the Legislature to\n\nappropriate to the Department sufficient monies to make rental\n\npayments for the purpose of retiring the obligations created\n\npursuant to this section.\n\nC. To the extent funds are available from the proceeds of the\n\nborrowing authorized by subsection B of this section, the Authority\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 which are approved by the Department.\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.\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\nby 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.","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":"39f7639b75239b12b91d127ebd40d2ff64984187fd0b7d94667d43a568de3484","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-304.2","next":"us-ok/okla.-stat.-tit.-73-73-306"},"notice":"GroundRules: Original legal text. Not legal advice."}