{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-350.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-350.2","heading":"Financing authority for state highway and bridge assets","body":"— 2024.\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 through 609), in an amount necessary to\n\ngenerate net proceeds not to exceed the amount of Five Hundred\n\nMillion Dollars ($500,000,000.00), no earlier than July 1, 2024,\n\nafter providing for costs of issuance, credit enhancement, reserves,\n\ncapitalized interest and other associated expenses related to\n\nfinancing. 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 the disbursement of loan\n\nproceeds by the amount of interest that may be capitalized and added\n\nto principal in accordance with the terms of the federal loan\n\nagreement.\n\nB. Net proceeds of the financing shall 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 as follows:\n\n1. The bridge on U.S. Highway 70 over Lake Texoma in Marshall\n\nand Bryan Counties;\n\n2. U.S. Highway 81 realignment in Grady County near Chickasha;\n\n3. Interstate 35 in Cleveland, McClain, Garvin, Murray, Carter\n\nand Love Counties.\n\nC. The Transportation Commission or the Department of\n\nTransportation shall use the proceeds for projects described in\n\nsubsection B of this section in order to facilitate the completion\n\nof the enumerated projects, giving consideration to the ability to\n\nmatch federal funding and such other factors as the Transportation\n\nCommission or the Department of Transportation shall deem fiscally\n\nprudent.\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 any\n\nobligation issued for the purpose set forth in subsection B of this\n\nsection are retired or defeased. The Authority may lease the real\n\nproperty and improvements to the Transportation Commission or the\n\nDepartment of Transportation for the purposes authorized by this\n\nsection. Upon final redemption of 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 Oklahoma\n\nCapitol Improvement Authority to the Transportation Commission or\n\nthe 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.\n\nG. It is the intent of the Legislature to appropriate to the\nd 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.\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 the\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\npaying 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 any political subdivision thereof or a pledge of the faith\n\nand credit of the state or 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 thereafter 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 directly placed with the\n\nUnited 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 to market the obligations\n\nefficiently. The obligations may mature and have such provisions\n\nfor redemption as shall be determined by the Authority, but in no\n\nevent shall the final maturity of such obligations occur later than\n\nthirty (30) years from the first principal maturity date.\n\nN. Any interest earnings on funds or accounts created for this\n\nsection may be utilized as partial payment of the annual debt\n\nservice 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.\nd as partial payment of the annual debt\n\nservice 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 provisions of this\n\nsection, Section 151 et seq. of Title 73 of the Oklahoma Statutes\n\nshall apply to this section. The Legislature intends that the\n\nOklahoma Capitol Improvement Authority shall have the same powers to\n\nrequire the Oklahoma Department of Transportation to use and occupy\n\nthe capital improvements and real property financed by the Oklahoma\n\nCapitol Improvement Authority, and to pay rent for such use and\n\noccupancy, as the Oklahoma Capitol Improvement Authority has under\n\nparagraph 3 of Section 161 and Section 163 of Title 73 of the\n\nOklahoma 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 provision 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":"4dab7d6f7dbda8833a8b2d3cd705475dd518320562602fdc407f97c103c8f08e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-350.1","next":"us-ok/okla.-stat.-tit.-73-73-360"},"notice":"GroundRules: Original legal text. Not legal advice."}