{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-345","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-345","heading":"Financing authority for State Capitol Building projects -","body":"State Capitol Repair Expenditure Oversight Committee\n\nA. In addition to any other authorization provided by law, the\n\nOklahoma Capitol Improvement Authority is authorized to issue\n\nobligations to acquire real property, together with improvements\n\nlocated thereon, and personal property to construct improvements to\n\nreal property and to provide funding for repairs, refurbishments and\n\nimprovements to real and personal property of the State Capitol\n\nBuilding in a total amount not to exceed One Hundred Twenty Million\n\nDollars ($120,000,000.00). The funds shall be used for the\n\nrenovation, repair and remodeling of the State Capitol Building.\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 Office of Management and Enterprise Services.\n\nUpon final redemption or defeasance of the obligations created\n\npursuant to this section, title to the property and improvements\n\nshall be transferred from the Oklahoma Capitol Improvement Authority\n\nto the Office of Management and Enterprise Services.\n\nC. For the purposes 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 One Hundred Twenty Million Dollars ($120,000,000.00)\n\nwhether issued in one or more series. The Authority is authorized\n\nto capitalize interest on the obligations issued pursuant to this\n\nsection for a period of not to exceed one (1) year from the date of\n\nissuance. For subsequent fiscal years, it is the intent of the\n\nLegislature to appropriate to the Office of Management and\n\nEnterprise Services sufficient monies to make rental payments for\n\nthe purpose 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 project 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 ten (10) 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\nority, but in no event shall the final\n\nmaturity of such obligations occur later than ten (10) 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. There is hereby created a State Capitol Repair Expenditure\n\nOversight Committee. The proceeds from the sale of obligations\n\nissued pursuant to the provisions of this section and Section 1 of\n\nEnrolled House Bill No. 3168 of the 2nd Session of the 55th Oklahoma\n\nLegislature that are needed for repairs to the interior and exterior\n\nof the State Capitol shall be subject to the approval of the State\n\nCapitol Repair Expenditure Oversight Committee; provided, however,\n\nthe expenditure of those proceeds shall be subject to a request for\n\nproposal process.\n\nThe Committee shall be composed of nine (9) members as follows:\n\n1. Three persons to be appointed by the Governor, one of whom\n\nshall serve as chair of the Committee;\n\n2. Three legislators to be appointed by the Speaker of the\n\nHouse of Representatives, two of whom shall be members of the\n\nmajority political party and one of whom shall be a member of the\n\nminority political party; and\n\n3. Three legislators to be appointed by the President Pro\n\nTempore of the Senate, two of whom shall be members of the majority\n\npolitical party and one of whom shall be a member of the minority\n\npolitical party. Five members of the Committee shall constitute a\n\nquorum and the vote of five members shall be necessary for any\n\naction taken by the Committee. The Committee shall be staffed by\n\nemployees of the Office of Management and Enterprise Services. The\n\nCommittee shall be subject to the Oklahoma Open Meeting Act.\n\nJ. The Committee shall deliver a preliminary plan for the\n\nrenovation, repair and remodeling of the State Capitol to the\n\nDirector of the Office of Management and Enterprise Services no\n\nlater than December 31, 2014. The preliminary plan shall include\n\nthe following components:\n\n1. Establishment of the Office of Management and Enterprise\n\nServices' goal and criteria for use by the vendor; and\n\n2. Selection criteria for the design-build team vendor to be\n\nselected through a Request For Proposal process.\n\nK. Following receipt of the preliminary plan as approved by the\n\nCommittee, the Office of Management and Enterprise Services shall\n\nsolicit Requests For Proposals to select the vendor for the project.\n\nL. The Committee shall deliver a final plan to the Director of\n\nthe Office of Management and Enterprise Services no later than June\n\n30, 2015. The final plan shall include the following components:\n\n1. Approval of the final scope of work developed by the vendor;\n\nand\n\n2. Approval of the project phasing developed by the vendor.\n\nM. Following delivery of the final plan, the Committee shall\n\ncontinue to oversee the expenditure of proceeds from the sale of\n\nobligations issued pursuant to the provisions of this section and\n\nSection 1 of Enrolled House Bill No. 3168 of the 2nd Session of the\n\n55th Legislature, until completion of the renovation, repair and\ndor;\n\nand\n\n2. Approval of the project phasing developed by the vendor.\n\nM. Following delivery of the final plan, the Committee shall\n\ncontinue to oversee the expenditure of proceeds from the sale of\n\nobligations issued pursuant to the provisions of this section and\n\nSection 1 of Enrolled House Bill No. 3168 of the 2nd Session of the\n\n55th Legislature, until completion of the renovation, repair and\n\nremodeling of the State Capitol. The Committee may also propose and\n\napprove amendments to the plan as it deems appropriate.\n\nN. The Director of the Office of Management and Enterprise\n\nServices shall have responsibility to substantially implement the\n\nplan as presented by the Committee; provided, the President Pro\n\nTempore of the Senate or the Speaker of the House of Representatives\n\nshall approve all proposed designs related to renovation, repair and\n\nremodeling of space within the State Capitol Building under the\n\nmanagement and control of the Legislature and allocated to that\n\nofficer's house of the Legislature pursuant to the provisions of\n\nSection 15.1 of this title, and any subsequent changes to such\n\nplans. Joint approval of the President Pro Tempore of the Senate\n\nand the Speaker of the House of Representatives shall be required\n\nfor such plans for space under the management and control of the\n\nLegislature and not allocated to a specific house of the\n\nLegislature. Such approval shall be in writing.\n\nO. 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":"57db468a7dd595976099b046993cf72e66ca7eb1135e8be40f47673393693e45","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-343.1","next":"us-ok/okla.-stat.-tit.-73-73-346"},"notice":"GroundRules: Original legal text. Not legal advice."}