{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-360","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-360","heading":"Financing authority for construction, repair and","body":"rehabilitation of state parks.\n\nA. The Oklahoma Capitol Improvement Authority is hereby\n\nauthorized to acquire real property or interests therein, together\n\nwith improvements located thereon, and personal property and invest\n\ncapital into improvements for purposes of construction, repair and\n\nrehabilitation of state parks.\n\nThe Authority may hold title to the real property and\n\nimprovements until such time as any obligations issued for this\n\npurpose are retired or defeased and may lease the real property and\n\nimprovements to the Oklahoma Department of Tourism and Recreation.\n\nUpon final redemption or defeasance of the obligations created\n\npursuant to this section, title to the real property and\n\nimprovements shall be transferred from the Authority to the Oklahoma\n\nDepartment of Tourism and Recreation.\n\nB. For the purpose of paying the costs for acquisition of the\n\nreal property and improvements and personal property authorized in\n\nsubsection A of this section, and for the purpose authorized in\n\nsubsection C 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 property and improvements and, in\n\nanticipation of collection of such income and revenues, issue\n\nnegotiable obligations in the amount sufficient to generate net\n\nproceeds of Forty-eight Million Six Hundred Thousand Dollars\n\n($48,600,000.00) after providing for costs of issuance, credit\n\nenhancement, reserves and other associated expenses related to the\n\nfinancing. The Authority is authorized to capitalize interest on\n\nthe obligations issued pursuant to the authority granted by this\n\nsection for a period not to exceed one (1) year from the date of\n\nissuance. It is the intent of the Legislature to appropriate to the\n\nOklahoma Department of Tourism and Recreation sufficient monies to\n\nmake rental payments for the purposes of retiring the obligations\n\ncreated pursuant to this section.\n\nC. To the extent funds are available, the Authority shall\n\nprovide for the payment of professional fees and associated costs\n\napproved by the Authority.\n\nD. The Authority may issue obligations in one or more series\n\nand in conjunction with other issues of the Authority. Provided,\n\nthe first net proceeds in the amount of Twenty Million Five Hundred\n\nTwenty Thousand Dollars ($20,520,000.00) issued pursuant to this act\n\nshall be utilized for purposes of construction, repair and\n\nrehabilitation of state park facilities. Provided, net proceeds in\n\nthe amount of Three Million Dollars ($3,000,000.00) from the first\n\nnet proceeds shall be utilized for the purposes of construction,\n\nrepair and rehabilitation of the Quartz Mountain Arts and Conference\n\nCenter, the Quartz Mountain Lodge and the Quartz Mountain State\n\nPark. The remaining net proceeds in the amount of Twenty-eight\n\nMillion Eighty Thousand Dollars ($28,080,000.00) issued pursuant to\n\nthis act shall be utilized for purposes of construction, repair and\n\nrehabilitation of state park facilities. The Authority is\n\nauthorized to hire bond counsel, financial consultants and such\n\nother professionals as it may deem necessary to provide for the\n\nefficient sale of the obligations and may utilize a portion of the\n\nproceeds of any borrowing to create such reserves as may be deemed\n\nnecessary 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\nsold 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\n\ntaxation of any kind by this state, or by any county, municipality\n\nor 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.","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":"5a6a0506a7e7f93276b505ad264fcc9c1a6e4dc0852bc65404103c6ea89ec473","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-350.2","next":"us-ok/okla.-stat.-tit.-73-73-371"},"notice":"GroundRules: Original legal text. Not legal advice."}