{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-346","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-346","heading":"Financing Authority for State Capitol Building Projects –","body":"Authority to issue obligations.\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 and associated furniture, fixtures and equipment in a total\n\namount not to exceed One Hundred Twenty-five Million Dollars\n\n($125,000,000.00). The funds shall be used for the renovation,\n\nrepair 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-five Million Dollars ($125,000,000.00)\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; provided, that no such fees or costs\n\nmay be paid if such payments would jeopardize the tax-advantaged\n\nstatus of the bonds under federal law.\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 twenty (20) years from\n\nthe first principal maturity date. The first principal maturity\n\ndate for each series of bonds sold under this authorization shall\nrmined\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 twenty (20) years from\n\nthe first principal maturity date. The first principal maturity\n\ndate for each series of bonds sold under this authorization shall\n\noccur no later than eighteen (18) months from its delivery date. No\n\nbonds shall be delivered prior to July 1, 2018.\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. The proceeds from the sale of obligations issued pursuant to\n\nthe provisions of this section that are needed for repairs,\n\nrefurbishments and improvements to real and personal property of the\n\nState Capitol Building, and associated furniture, fixtures and\n\nequipment for the State Capitol shall be subject to the approval of\n\nthe State Capitol Repair Expenditure Oversight Committee created\n\npursuant to Section 345 of Title 73 of the Oklahoma Statutes.\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":"99b78ace9218cc1189b747a59fc95462cf47d28c30b219ab736fa4f2b67ef4fb","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-345","next":"us-ok/okla.-stat.-tit.-73-73-348"},"notice":"GroundRules: Original legal text. Not legal advice."}