{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-348","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-348","heading":"Financing authority for construction of veterans","body":"facilities.\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 plan, develop and\n\nconstruct buildings, parking facilities and other improvements to\n\nreal property, and to provide funding for repairs, planning,\n\nstaging, refurbishments and improvements to real and personal\n\nproperty, and for funding for construction of the two long-term care\n\nfacilities authorized in subsection A of Section 229.1 of Title 72\n\nof the Oklahoma Statutes in a total amount necessary to generate\n\nThirty-five Million Dollars ($35,000,000.00) in project funds with\n\ndebt retirement payments to be made as provided in this section.\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 Oklahoma Department of Veterans\n\nAffairs. Upon final redemption or defeasance of the obligations\n\ncreated pursuant to this section, title to the real and personal\n\nproperty and improvements shall be transferred from the Authority to\n\nthe Oklahoma Department of Veterans Affairs.\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, planning, staging, refurbishments\n\nand improvements to real and personal property, and providing\n\nfunding for the two long-term care facilities authorized in\n\nsubsection A of Section 229.1 of Title 72 of the Oklahoma Statutes,\n\nand for the purpose authorized in subsection D of this section the\n\nAuthority is hereby authorized to borrow monies on the credit of the\n\nincome and revenues to be derived from the leasing of such real and\n\npersonal property, parking facilities and improvements and, in\n\nanticipation of the collection of such income and revenues, to issue\n\nnegotiable obligations in a total amount necessary to generate\n\nThirty-five Million Dollars ($35,000,000.00) in project funds,\n\nwhether issued in one or more series. The Authority is authorized\n\nto capitalize interest on the obligations issued pursuant to the\n\nauthority granted by this section for a period not to exceed two (2)\n\nyears from the date of issuance. Excluding any capitalized interest\n\nperiod, it is the intent of the Legislature to appropriate to the\n\nOklahoma Department of Veterans Affairs sufficient monies to make\n\nrental payments for the purposes of retiring the obligations created\n\npursuant to this section. To the extent funds are available from\n\nthe proceeds of the borrowing authorized by this subsection, the\n\nAuthority shall provide for the payment of professional fees and\n\nassociated costs related to the projects authorized in this act.\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\nby 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-five (25) years\n\nfrom the 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. The Legislature anticipates that the Oklahoma Department of\n\nVeterans Affairs will make the rental payments for the purpose of\n\nretiring the obligations created pursuant to the provisions of this\n\nsection from current appropriations received by the Oklahoma\n\nDepartment of Veterans Affairs.\n\nJ. Insofar as they are not in conflict with the provisions of\n\nthis section, the provisions of Sections 151 through 186 of this\n\ntitle 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":"562701fa44f4b99613fab4b50df425674894b641ecbaad21e9226411c72cd683","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-346","next":"us-ok/okla.-stat.-tit.-73-73-349"},"notice":"GroundRules: Original legal text. Not legal advice."}