{"data":{"id":"us-ok/okla.-stat.-tit.-73-73-701","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 73, § 73-701","heading":"Authority to issue obligations to acquire real and","body":"personal property for the Office of Juvenile Affairs.\n\nA. In addition to any other authorization provided by law, but\n\nsubject to the approval process prescribed by Section 1 of this act\n\nand the delivery of a memorandum as described by subsection C of\n\nSection 1 of this act authorizing the issuance of obligations, the\n\nOklahoma Capitol Improvement Authority is authorized to issue\n\nobligations to acquire real property, together with improvements\n\nlocated thereon, and personal property to construct improvements to\n\nreal property and to provide funding for repairs, refurbishments and\n\nimprovements to real and personal property of the Office of Juvenile\n\nAffairs sufficient to generate net proceeds in the amount of Forty-\n\nfive Million Dollars ($45,000,000.00).\n\nB. The Authority may hold title to the property and\n\nimprovements until such time as any obligations issued for this\n\npurpose are retired or defeased and may lease the property and\n\nimprovements to the Office of Juvenile Affairs. Upon final\n\nredemption or defeasance of the obligations created pursuant to this\n\nsection, title to the property and improvements shall be transferred\n\nfrom the Oklahoma Capitol Improvement Authority to the Office of\n\nJuvenile Affairs.\n\nC. For the purposes of paying the costs for construction of the\n\nreal property and improvements, and providing funding for the\n\nproject authorized in subsection A of this section, and for the\n\npurpose authorized in subsection D of this section, the Authority is\n\nhereby authorized to borrow monies on the credit of the income and\n\nrevenues to be derived from the leasing of such property and\n\nimprovements and, in anticipation of the collection of such income\n\nand revenues, to issue negotiable obligations in a total amount\n\nsufficient to generate net proceeds of Forty-five Million Dollars\n\n($45,000,000.00) whether issued in one or more series. The\n\nAuthority is authorized to capitalize interest on the obligations\n\nissued pursuant to this section for a period of not to exceed one\n\n(1) year from the date of issuance. For subsequent fiscal years, it\n\nis the intent of the Legislature to appropriate to the Office of\n\nJuvenile Affairs sufficient monies to make rental payments for the\n\npurpose 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 Oklahoma Capitol\n\nImprovement Authority shall provide for the payment of professional\n\nfees and associated costs related to the project authorized in\n\nsubsection A of this section; provided, that no such fees or costs\n\nmay be paid if such payments would jeopardize the tax-advantaged\n\nstatus of the bonds under federal law.\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\n\nfrom the first principal maturity date.\n\nF. Any interest earnings on funds or accounts created for the\nity 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 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":"f976eb36904922ab2b41b5d689203d698df4cb36d8d70e2a46bfd634cae03dff","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-73-73-63","next":"us-ok/okla.-stat.-tit.-73-73-71"},"notice":"GroundRules: Original legal text. Not legal advice."}