{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-306","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-306","heading":"Financing for construction of capital dome","body":"A. In addition to any other authorization provided by law, the\n\nOklahoma Capitol Improvement Authority is authorized to issue\n\nobligations to provide funding for construction costs associated\n\nwith the dome for the State Capitol building in a total amount not\n\nto exceed Five Million Dollars ($5,000,000.00).\n\nB. The Authority may hold title to the property and\n\nimprovements until such time as any obligations issued for this\n\npurpose are retired or defeased and may lease the property and\n\nimprovements to the Oklahoma Capitol Complex and Centennial\n\nCommemoration Commission. Upon final redemption or defeasance of\n\nthe obligations created pursuant to this section, title to the\n\nproperty and improvements shall be transferred from the Oklahoma\n\nCapitol Improvement Authority, to the Oklahoma Capitol Complex and\n\nCentennial Commemoration Commission.\n\nC. For the purpose of paying the costs for construction of the\n\nreal property and improvements, and providing funding for the\n\nproject authorized in subsection A of this section, and for the\n\npurpose authorized in subsection D of this section, the Authority is\n\nhereby authorized to borrow monies on the credit of the income and\n\nrevenues to be derived from the leasing of such property and\n\nimprovements and, in anticipation of the collection of such income\n\nand revenues, to issue negotiable obligations in a total amount not\n\nto exceed Five Million Dollars ($5,000,000.00) whether issued in one\n\nor more series. The Authority is authorized to capitalize interest\n\non the obligations issued pursuant to this section for a period of\n\nnot to exceed one year from the date of issuance. For subsequent\n\nfiscal years, it is the intent of the Legislature to appropriate to\n\nthe Oklahoma Capitol Complex and Centennial Commemoration Commission\n\nsufficient monies to make rental payments for the purpose 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 Oklahoma Capitol Improvement\n\nAuthority shall provide for the payment of professional fees and\n\nassociated costs related to the project authorized in subsection A\n\nof 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.\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.\ned 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. No obligations may be issued pursuant to this section until\n\nsuch obligations have been approved by the Supreme Court pursuant to\n\nSection 14.1 of Title 20 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":"31420d06adbc12956f399884003bb76121d987995b6db0e2d965c1448367fee9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-305","next":"us-ok/okla.-stat.-tit.-73-73-307"},"notice":"GroundRules: Original legal text. Not legal advice."}