{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-350.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-350.1","heading":"Financing authority for state highway and bridge assets","body":"– Fiscal years 2021 through 2028.\n\nA. Subject to the limitations with respect to the authorized\n\ndate of issuance provided by this subsection, the Oklahoma Capitol\n\nImprovement Authority is authorized to issue notes, bonds or other\n\nevidences of obligation, and to execute federal loans with the\n\nUnited States Department of Transportation pursuant to the\n\nTransportation Infrastructure Finance and Innovation Act (codified\n\nas 23 U.S.C., Sections 601-609), in an amount necessary to generate\n\nnet proceeds of Two Hundred Million Dollars ($200,000,000.00), no\n\nearlier than July 1, 2021, after providing for costs of issuance,\n\ncredit enhancement, reserves and other associated expenses related\n\nto the financing. The principal amount of any note, bond or other\n\nevidence of obligation issued to the United States Department of\n\nTransportation in connection with any federal loan authorized\n\nhereunder may be increased following disbursement of loan proceeds\n\nby the amount of interest that may be capitalized and added to\n\nprincipal in accordance with the terms of the federal loan\n\nagreement.\n\nB. Net proceeds of the financing will be deposited into a\n\nconstruction fund to provide for the financing of the 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 as represented in\n\nthe Appendix of this act, which is incorporated as if fully set out\n\nherein.\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 projects as\n\nthey appear 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 or 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 projects\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.\nion 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 or the issuance of obligations\n\nto the United States Department of Transportation in connection with\n\nfederal loans, as described in subsection A of this section, and may\n\nutilize a portion of the proceeds of any borrowing to create such\n\nreserves as may be deemed necessary and to pay costs associated with\n\nthe issuance and administration 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 or the execution of a loan with the United States\n\nDepartment of Transportation authorized in subsection A of this\n\nsection shall provide that all obligations are to be repaid from the\n\nsource of revenue specified in this section. Such bond indenture or\n\nother instrument may provide for the pledge of such revenue and the\n\nassociated funds and accounts established thereunder as security for\n\nthe payment of such obligations.\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 or other obligations.\n\nM. The obligations authorized under this section may be sold at\n\neither competitive, negotiated sale, or may be directly placed with\n\nthe United States Department of Transportation 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 thirty (30) years from\n\nthe 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\nrity 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. Obligations authorized under this section shall have an\n\ninitial execution no later than five (5) years from the effective\n\ndate of this act. If no obligations have been issued by the end of\n\nsuch five-year period, the authorization provided by this section\n\nshall be null and void. Provided that, an issuance of a portion of\n\nthe obligations authorized in subsection A of this section during\n\nsuch five-year period shall satisfy the issuance requirement of this\n\nsubsection.\n\nQ. 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\nR. 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. It is the intent\n\nof the Legislature that the Oklahoma Capitol Improvement Authority\n\nshall have the same powers to require the Oklahoma Department of\n\nTransportation to use and occupy the capital improvements and real\n\nproperty financed by the Oklahoma Capitol Improvement Authority, and\n\nto pay rent for such use and occupancy, as the Oklahoma Capitol\n\nImprovement Authority has under Sections 161(3) and 163 of Title 73\n\nof the Oklahoma Statutes with respect to buildings.\n\nS. 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":"07d3e4e55af579d29dc5364bb1f0732a8d3306dee7cd5885b061f71743800e71","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-350","next":"us-ok/okla.-stat.-tit.-73-73-350.2"},"notice":"GroundRules: Original legal text. Not legal advice."}