{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-341","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-341","heading":"State highway and bridge assets – Financing of","body":"construction, maintenance and improvements.\n\nA. Subject to the limitations with respect to the authorized\n\ndate of issuance provided by paragraphs 1, 2 and 3 of this\n\nsubsection, the Oklahoma Capitol Improvement Authority is authorized\n\nto issue notes, bonds, or other evidences of obligation in an amount\n\nnecessary to generate net proceeds of:\n\n1. One Hundred Fifty Million Dollars ($150,000,000.00), no\n\nearlier than August 1, 2009, after providing for costs of issuance,\n\ncredit enhancement, reserves, and other associated expenses related\n\nto the financing;\n\n2. In addition to the amount of net proceeds specified by\n\nparagraph 1 of this subsection, Two Hundred Fifteen Million Dollars\n\n($215,000,000.00), no earlier than August 1, 2010, after providing\n\nfor costs of issuance, credit enhancement, reserves, and other\n\nassociated expenses related to the financing; and\n\n3. In addition to the amount of net proceeds specified by\n\nparagraph 1 and paragraph 2 of this subsection, Seventy Million\n\nDollars ($70,000,000.00), no earlier than August 1, 2011, after\n\nproviding for costs of issuance, credit enhancement, reserves, and\n\nother associated expenses related to the financing for the projects\n\nidentified in the Appendix of this act.\n\nB. Net proceeds of the financing will be deposited into a\n\nconstruction fund to provide for the financing of acquisition of\n\nreal property, together with improvements located thereon, and\n\npersonal property, to construct, maintain and improve those state\n\nhighway and state bridge assets identified in the Oklahoma\n\nTransportation Commission Construction Work Plan for the federal\n\nfiscal years 2011 through 2018 (FFY-2011 through FFY-2018) as\n\nspecifically identified in the Appendix of this act and which is\n\nincorporated by reference as if fully set out herein.\n\nC. The Transportation Commission or the Department of\n\nTransportation shall use the proceeds identified in subsection B of\n\nthis section according to the priority of the enumerated project as\n\nit appears for the applicable federal fiscal year in the\n\nConstruction Work Plan described in subsection B of this section in\n\norder to facilitate the completion of the enumerated projects,\n\ngiving consideration to the ability to match federal funding and\n\nsuch other factors as the Transportation Commission or the\n\nDepartment of Transportation shall deem fiscally prudent.\n\nD. Earnings that result from the investment of the construction\n\nfund may be used for the projects authorized in this section or for\n\nother legal purposes approved by the Authority.\n\nE. The Authority and the Transportation Commission and the\n\nDepartment of Transportation are authorized to enter into such\n\nagreements as may be necessary to authorize the Authority to hold\n\ntitle to the real and personal property and improvements until such\n\ntime as any obligations issued for the purpose set forth in\n\nsubsection B of this section are retired or defeased and the\n\nAuthority may lease the real property and improvements to the\n\nTransportation Commission or the Department of Transportation for\n\nthe purposes authorized by this section. Upon final redemption or\n\ndefeasance of the obligations created pursuant to this section,\n\ntitle to the real and personal property and improvements shall be\n\ntransferred from the Oklahoma Capitol Improvement Authority to the\n\nTransportation Commission or the Department of Transportation.\n\nF. 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 this section, and for the purpose authorized in\n\nsubsection H of this section, the Authority is hereby authorized to\nge 133\n\nF. 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 this section, and for the purpose authorized in\n\nsubsection H of this section, the Authority 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 and personal property and improvements\n\nand, in anticipation of the collection of such income and revenues,\n\nto issue negotiable obligations in one or more series.\n\nG. It is the intent of the Legislature to appropriate to the\n\nDepartment of Transportation sufficient monies to make rental\n\npayments for the purposes of retiring the obligations created\n\npursuant to this section.\n\nH. To the extent funds are available from the proceeds of the\n\nborrowing authorized by subsection A of this section, the Oklahoma\n\nCapitol Improvement Authority shall provide for the payment of\n\nprofessional fees and associated costs related to the projects\n\nauthorized in this section.\n\nI. 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\nJ. The bond indenture or other instrument pursuant to which the\n\nOklahoma Capitol Improvement Authority becomes obligated for the\n\nrepayment of principal and interest of the proceeds from the sale of\n\nobligations authorized in subsection A of this section shall provide\n\nthat all obligations are to be repaid from the source of revenue\n\nspecified in this section.\n\nK. The bonds or other obligations issued pursuant to this\n\nsection shall not at any time be deemed to constitute a debt of the\n\nstate or of any political subdivision thereof or a pledge of the\n\nfaith and credit of the state or of any such political subdivision.\n\nL. Such bonds or other obligations shall contain on the face\n\nthereof a statement that neither the faith and credit nor the taxing\n\npower of the state or any political subdivision thereof is pledged,\n\nor may hereafter be pledged, to the payment of the principal of or\n\nthe interest on such bonds.\n\nM. 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 fifteen (15) years\n\nfrom the first principal maturity date.\n\nN. 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\nO. 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\nP. 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\nbligations, 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\nP. 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\nQ. 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.\n\nR. The Oklahoma Capitol Improvement Authority may initiate\n\nproceedings for purposes of validating the obligations authorized\n\npursuant to the provisions of this section according to the\n\nprovisions of Section 14.1 of Title 20 of the Oklahoma Statutes not\n\nlater than one hundred twenty (120) days after the effective date of\n\nthis act.","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":"13a1b1a97f2a71542f45ca4c16be127bb58951cd3cae8b11a120c9946124d738","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-336","next":"us-ok/okla.-stat.-tit.-73-73-342"},"notice":"GroundRules: Original legal text. Not legal advice."}