{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-381","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-381","heading":"Financing authority for acquisition of property,","body":"construction, and repair of Oklahoma National Guard Museum.\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 to acquire personal property, to develop and\n\nconstruct buildings, parking facilities and other improvements to\n\nreal property, to provide funding for repairs, planning, staging,\n\nrefurbishments, and for funding of construction of a new Oklahoma\n\nNational Guard Museum in a total amount necessary to generate Forty-\n\nfive Million Dollars ($45,000,000.00) in project funds with debt\n\nretirement 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 and the tangible personal property the\n\nacquisition of which or improvement or refurbishment of which is\n\nauthorized by subsection A and subsection J of this section to the\n\nOklahoma Military Department. Upon final redemption or defeasance\n\nof the obligations created pursuant to this section, title to the\n\nreal and personal property and improvements shall be transferred\n\nfrom the Authority to the Oklahoma Military Department.\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 for the purpose\n\nauthorized in subsection D of this section, the Authority is hereby\n\nauthorized to borrow monies on the credit of the income and revenues\n\nto be derived from the leasing of such real and personal property,\n\nparking facilities and improvements and, in anticipation of the\n\ncollection of such income and revenues, to issue negotiable\n\nobligations in a total amount necessary to generate Forty-five\n\nMillion Dollars ($45,000,000.00) in project funds, whether issued in\n\none or more series. The Authority is authorized to capitalize\n\ninterest on the obligations issued pursuant to the authority granted\n\nby this section for a period not to exceed two (2) years from the\n\ndate of issuance. Excluding any capitalized interest period, it is\n\nthe intent of the Legislature to appropriate to the Oklahoma\n\nMilitary Department sufficient monies to make rental payments for\n\nthe purposes of retiring the obligations created pursuant to this\n\nsection. To the extent funds are available from the proceeds of the\n\nborrowing authorized by this subsection, the Authority shall provide\n\nfor the payment of professional fees and associated costs related to\n\nthe 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\n\nmaturity of such obligations occur later than twenty-five (25) years\norized\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. Insofar as they are not in conflict with the provisions of\n\nthis section, the provisions of Sections 151 through 186 of Title 73\n\nof the Oklahoma Statutes shall apply to this section.\n\nJ. To the extent net proceeds from the issuance of obligations\n\nauthorized by this section are in excess of authorized or required\n\nexpenditures for the projects as described by subsection A of this\n\nsection, the balance of such net proceeds shall be utilized for the\n\nacquisition and improvements to real property to be used by the\n\nOklahoma Military Department for a joint operations center.\n\nK. Unless at least fifty percent (50%) of the proceeds\n\nauthorized by the provisions of this section have been obtained by\n\nsale of obligations by the Authority within three (3) years from the\n\neffective date of this act, the provisions of this section shall\n\ncease to have the force or effect of law with respect to any further\n\nissuance of obligations by the Authority otherwise authorized by\n\nthis section. The provisions of this subsection shall not be\n\nconstrued to limit the liability of the Authority with respect to\n\nobligations issued pursuant to this section if the obligations were\n\nissued prior to the termination of the remaining issuing capacity\n\nnor shall the provisions of this subsection be construed in any way\n\nto impair rights of any person or entity which has purchased any\n\nobligations of the Authority pursuant to the provisions of this\n\nsection which were authorized at the time of such purchase.","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":"2be588c8433a46a9ae7a99cfa71ff1f97029a26f2e525ad857369d1e482f5897","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-371","next":"us-ok/okla.-stat.-tit.-73-73-401"},"notice":"GroundRules: Original legal text. Not legal advice."}