{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-307","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-307","heading":"Financing for construction of multipurpose laboratory for","body":"the Oklahoma Department of Agriculture, Food, and Forestry.\n\nA. The Oklahoma Capitol Improvement Authority is authorized to\n\nissue notes, bonds, or other evidences of obligation in an amount\n\nnecessary to generate net proceeds of Eleven Million Three Hundred\n\nThousand Dollars ($11,300,000.00) after providing for costs of\n\nissuance, credit enhancement, reserves, and other associated\n\nexpenses related to the financing. Net proceeds of the financing\n\nwill be deposited into a construction fund to provide for the\n\nfinancing of acquisition of real property, together with\n\nimprovements located thereon, and personal property, to construct\n\nbuildings and other improvements to real property and to provide\n\nfunding for repairs, refurbishments and improvements to real and\n\npersonal property for a multipurpose laboratory for the Oklahoma\n\nDepartment of Agriculture, Food, and Forestry. Earnings that result\n\nfrom the investment of the construction fund may be used for the\n\nproject authorized in this section or for other legal purposes\n\napproved by the Authority.\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 Oklahoma Department of Agriculture,\n\nFood, and Forestry. Upon final redemption or defeasance of the\n\nobligations created pursuant to this section, title to the real and\n\npersonal property and improvements shall be transferred from the\n\nOklahoma Capitol Improvement Authority to the Oklahoma Department of\n\nAgriculture, Food, and Forestry.\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 repairs, refurbishments, and improvements to\n\nreal and personal property, and providing funding for the project\n\nauthorized in subsection A of this section, and for the purpose\n\nauthorized in subsection D 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 and personal property\n\nand improvements and, in anticipation of the collection of such\n\nincome and revenues, to issue negotiable obligations in one or more\n\nseries. It is the intent of the Legislature to appropriate to the\n\nOklahoma Department of Agriculture, Food, and Forestry sufficient\n\nmonies to make rental payments for the purposes of retiring the\n\nobligations created pursuant to this section.\n\nD. To the extent funds are available from the proceeds of the\n\nborrowing authorized by subsection C of this section, the Oklahoma\n\nCapitol Improvement Authority shall provide for the payment of\n\nprofessional fees and associated costs related to the project\n\nauthorized in subsection A of this section.\n\nE. 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\nF. 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\nby 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\nG. 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\nH. 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\nI. 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\nJ. 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":"c009cdad5d3b5bfffd2da43a54ea3fdd870b601083f8660795d3e108ab86b7b0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-306","next":"us-ok/okla.-stat.-tit.-73-73-308"},"notice":"GroundRules: Original legal text. Not legal advice."}