{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-332","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-332","heading":"Renovation of the Wiley Post Historical Building -","body":"Funding.\n\nA. 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 repairs, refurbishments and\n\nimprovements to real and personal property and for funding for\n\ncompletion of renovation of the Wiley Post Historical Building for\n\noccupancy by the appellate courts with debt retirement payments to\n\nbe made as provided herein.\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 state appellate courts. Upon final\n\nredemption or defeasance of the obligations created pursuant to this\n\nsection, title to the real and personal property and improvements\n\nshall be transferred from the Oklahoma Capitol Improvement Authority\n\nto the Oklahoma Supreme Court.\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 notes, bonds or other evidences of\n\nobligation in an amount necessary to generate net proceeds of\n\nThirty-two Million Six Hundred Fifty Thousand Dollars\n\n($32,650,000.00) after providing for the costs of issuance, credit\n\nenhancement, reserves and other expenses related to the financing.\n\nNet proceeds of the financing will be deposited into a construction\n\nfund to provide for the financing of the project described in\n\nsubsection A of this section. Earnings that result from the\n\ninvestment of the construction fund may be used for the project\n\nauthorized in subjection A of this section or for other legal\n\npurposes approved by the Authority, whether issued in one or more\n\nseries. It is the intent of the Legislature to appropriate to the\n\nOklahoma Supreme Court sufficient monies to make rental payments for\n\nthe purposes of retiring the obligations created pursuant to this\n\nsection. To the extent funds are available from the proceeds of the\n\nborrowing authorized by this subsection, the Oklahoma Capitol\n\nImprovement Authority shall provide for the payment of professional\n\nfees and associated costs related to the projects authorized in\n\nsubsection A of 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\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\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 this title\n\nshall 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":"e6e1682da7cb1ff377cd4d6d107dfe7ef36c740cea192f632c6882a6f8bec036","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-321","next":"us-ok/okla.-stat.-tit.-73-73-335"},"notice":"GroundRules: Original legal text. Not legal advice."}