{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-335","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-335","heading":"Repair and restoration of flood-damaged areas - Acquistion","body":"of property - Funding.\n\nA. The Oklahoma Capitol Improvement Authority (OCIA) is\n\nauthorized to acquire real property or interests therein, together\n\nwith improvements located thereon, and personal property for\n\npurposes of construction, repair and rehabilitation of flood-control\n\ndams, repair of roadside water erosion, riparian restoration and\n\npurchase of necessary equipment in various counties through and with\n\nthe assistance of local conservation districts, including\n\nrestoration of flood-damaged areas, all pursuant to the Conservation\n\nDistrict Act, with debt retirement payments to be made by the\n\nOklahoma Conservation Commission, which is hereby authorized to\n\nborrow money from the OCIA for the purposes in this section.\n\nThe OCIA may hold title to the real property and improvements\n\nuntil such time as any obligations issued for this purpose are\n\nretired or defeased and may lease the real property and improvements\n\nto the Oklahoma Conservation Commission. Upon final redemption or\n\ndefeasance of the obligations created pursuant to this section,\n\ntitle to the real property and improvements shall be transferred\n\nfrom the Oklahoma Capitol Improvement Authority to the Oklahoma\n\nConservation Commission.\n\nB. For the purpose of paying the costs for acquisition of the\n\nreal property and improvements and personal property authorized in\n\nsubsection A of this section, and for the purpose authorized in\n\nsubsection C of this section, the OCIA is hereby authorized to\n\nborrow monies on the credit of the income and revenues to be derived\n\nfrom the leasing of such real property and improvements and, in\n\nanticipation of the collection of such income and revenues, to issue\n\nnegotiable obligations in an 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. It is the\n\nintent of the Legislature to appropriate to the Oklahoma\n\nConservation Commission sufficient monies to make rental payments\n\nfor the purposes of retiring the obligations created pursuant to\n\nthis section.\n\nC. To the extent funds are available from the proceeds of the\n\nborrowing authorized by subsection B of this section, the OCIA shall\n\nprovide for the payment of professional fees and associated costs\n\napproved by the OCIA.\n\nD. The OCIA may issue obligations in one or more series and in\n\nconjunction with other issues of the OCIA. The OCIA is authorized\n\nto hire bond counsel, financial consultants, and such other\n\nprofessionals as it may deem necessary to provide for the efficient\n\nsale of the obligations and may utilize a portion of the proceeds of\n\nany borrowing to create such reserves as may be deemed necessary and\n\nto pay 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 the OCIA,\n\nand in such form and at such prices as may be authorized by the\n\nOCIA. The OCIA may enter into agreements with such credit enhancers\n\nand liquidity providers as may be determined necessary to\n\nefficiently market the obligations. The obligations may mature and\n\nhave such provisions for redemption as shall be determined by the\n\nOCIA, but in no event shall the final maturity of such obligations\n\noccur later than fifteen (15) years from the first principal\n\nmaturity 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 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,\nated 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 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. The OCIA 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 OCIA may place additional restrictions on the\n\ninvestment of such monies if necessary to enhance the marketability\n\nof 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":"5f37c59d8f0727ae695100d6135335e2014e116722c61988b4af6bf3933b2cde","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-332","next":"us-ok/okla.-stat.-tit.-73-73-336"},"notice":"GroundRules: Original legal text. Not legal advice."}