Okla. Stat. tit. 73, § 73-156.1

obligations.

A. The Oklahoma Capitol Improvement Authority is authorized to

issue bonds, notes, or other obligations for the purpose of

refinancing or restructuring its outstanding obligations.

B. The bonds or other obligations issued pursuant to this

section shall not at any time be deemed to constitute a debt of the

state or of any political subdivision thereof or a pledge of the

faith and credit of the state or any such political subdivision.

C. Such bonds or other obligations shall contain on the face

thereof a statement that neither the faith and credit nor the taxing

power of the state or any political subdivision thereof is pledged,

or may hereafter be pledged to the payment of the principal of or

the interest on such bonds.

D. To the extent funds are available from the proceeds of the

borrowing authorized by this section, the Oklahoma Capitol

Improvement Authority shall provide for the payment of professional

fees and other associated costs approved by the Deputy Treasurer for

Debt Management. The Authority is authorized to hire bond counsel,

financial consultants, and such other professionals as it may deem

necessary to provide for the efficient sale of the obligations and

may utilize a portion of the proceeds of any borrowing to create

such reserves as may be deemed necessary and to pay costs associated

with the issuance and administration of such obligations.

E. An issuance of bonds under this section may be undertaken to

achieve an overall debt service savings, modify restrictive bond

Oklahoma Statutes - Title 73. State Capital and Capitol Building Page 43

document covenants, or reduce payment requirements during periods of

fiscal stress. To achieve these objectives, the Authority is

authorized to extend the final maturity of its outstanding

obligations if necessary, but in no event shall the final maturity

of an individual bond issue be extended more than ten (10) years

without the approval of the Council of Bond Oversight.

F. The obligations authorized under this section may be sold at

either competitive or negotiated sale, as determined by the

Authority, and in such form and at such prices as may be authorized

by the Authority. The Authority may issue obligations in one or

more series and may set such other terms and conditions as may be

necessary, in its judgment to achieve an efficient financing. The

Authority may enter into agreements with such credit enhancers and

liquidity providers as may be determined necessary to efficiently

market the obligations, including the purchase of surety policies or

other financial instruments to be utilized in lieu of reserve funds.

The obligations may mature and have such provisions for redemption

as shall be determined by the Authority, but in no event shall the

final maturity of such obligations occur later than thirty (30)

years from the delivery date.

G. Any interest on the funds or accounts created for the

purposes of this section may be utilized as partial payment of the

annual debt service or for the purposes directed by the Authority.

H. The obligations issued under this section, the transfer

thereof and the interest earned on such obligations, including any

profit derived from the sale thereof, shall not be subject to

taxation of any kind by the State of Oklahoma, or by any county,

municipality or political subdivision therein.

I. The Authority may direct the investment of all monies in any

funds or accounts created in connection with the offering of the

obligations authorized under this section. Such investments shall

be made in a manner consistent with the investment guidelines of the

State Treasurer. The Authority may place additional restrictions on

the investment of such monies if necessary to enhance the

marketability of the obligations.

J. The obligations issued under this section shall be retired

by payments made to the Oklahoma Capitol Improvement Authority from
his section. Such investments shall

be made in a manner consistent with the investment guidelines of the

State Treasurer. The Authority may place additional restrictions on

the investment of such monies if necessary to enhance the

marketability of the obligations.

J. The obligations issued under this section shall be retired

by payments made to the Oklahoma Capitol Improvement Authority from

the various agencies that entered into leases and other agreements

in connection with the original financings. To the extent required

by the Authority, such agencies are authorized and directed to enter

into new lease agreements with the Authority.

K. The Authority is hereby specifically authorized to purchase

surety policies or other financial instruments to replace existing

debt service reserves. Any payment for such policies or other

instruments may be made from the cash reserves being replaced or any

other legally available source.

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L. The Oklahoma Department of Transportation shall make

payments from the State Transportation Fund to pay obligations

incurred pursuant to agreements with the Oklahoma Capitol

Improvement Authority. It is the intent of the Oklahoma Legislature

to maintain the funding level of the State Transportation Fund as

required in order for the Department of Transportation to fully pay

any and all obligations incurred by the Department of Transportation

with respect to agreements entered into by the Department of

Transportation and the Oklahoma Capitol Improvement Authority. With

respect to other state agencies that have entered into agreements

with the Oklahoma Capitol Improvement Authority, it is the intent of

the Oklahoma Legislature to appropriate sufficient monies to make

rental payments for the purposes of retiring the obligations created

pursuant to this section.

M. Insofar as they are not in conflict with the provisions of

this section, the provisions of Section 151 et seq. of this title

shall apply to bonds issued pursuant to this section, including the

provision relating to the exclusive original jurisdiction of the

Supreme Court of the State of Oklahoma.