{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-349","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-349","heading":"Financing authority for Oklahoma Department of Corrections","body":"construction fund.\n\nA. In addition to any other authorization provided by law, the\n\nOklahoma Capitol Improvement Authority is authorized to issue notes,\n\nbonds or other evidences of obligation in an amount necessary to\n\ngenerate net proceeds of One Hundred Sixteen Million Five Hundred\n\nThousand Dollars ($116,500,000.00) after providing for costs of\n\nissuance, credit enhancement, reserves and other associated expenses\n\nrelated to the financing. Net proceeds of the financing will be\n\ndeposited into a construction fund to provide for the financing of\n\nmaintenance, repairs, equipment and improvements of existing\n\ncorrectional facilities for the Oklahoma Department of Corrections\n\nwith debt retirement payments to be made as provided in this\n\nsection.\n\nB. The Authority may hold title to the real and personal\n\nproperty and improvements thereon until such time as any obligations\n\nissued for this purpose are retired or defeased and may lease the\n\nreal property and improvements to the Oklahoma Department of\n\nCorrections. 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 Corrections.\n\nC. For the purposes authorized in subsections A and D of this\n\nsection, the Authority is hereby authorized to borrow monies on the\n\ncredit of the income and revenues to be derived from the leasing of\n\nsuch properties and, in anticipation of the collection of such\n\nincome and revenues, to issue negotiable obligations whether issued\n\nin one or more series. The Authority is authorized to capitalize\n\ninterest on the obligations issued pursuant to this section for a\n\nperiod of time not to exceed one (1) year from the date of issuance.\n\nExcluding any capitalized interest period, it is the intent of the\n\nLegislature to appropriate to the Oklahoma Department of Corrections\n\nsufficient monies to make debt service payments for the purpose of\n\nretiring the obligations created pursuant to this section. To the\n\nextent funds are available from the proceeds of the borrowing\n\nauthorized by this subsection, the Oklahoma Capitol Improvement\n\nAuthority shall provide for the payment of professional fees and\n\nassociated costs related to the project authorized in subsection A\n\nof 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 proceed 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.\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\nrity 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. 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":"e777f367f80cecea6b24890f61324d884d5191050e9c5423a5166c57c33382f3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-348","next":"us-ok/okla.-stat.-tit.-73-73-350"},"notice":"GroundRules: Original legal text. Not legal advice."}