Okla. Stat. tit. 73, § 73-168.3

operation of Oklahoma School of Science and Mathematics - Issuance

of bonds.

A. The Oklahoma Capitol Improvement Authority may acquire land

owned by the Board of Trustees of the Oklahoma School of Science and

Mathematics. The Oklahoma Capitol Improvement Authority may provide

for the funding, construction and maintenance of a building or

buildings for use by the Board of Trustees of the Oklahoma School of

Science and Mathematics for the operation of the Oklahoma School of

Science and Mathematics, and shall hold title to the facilities

until such time as the indebtedness created pursuant to this section

shall be retired or defeased. Upon the retirement of the

indebtedness created pursuant to this section, the title to the land

and improvements thereon shall be transferred from the Oklahoma

Capitol Improvement Authority to the Board of Trustees of the

Oklahoma School of Science and Mathematics.

B. For the purpose of paying the costs of the project

authorized in subsection A of this section, the Authority is

authorized to borrow monies on the credit of the income and revenues

to be derived from such project and, in anticipation of the

collection of such income and revenues, to issue negotiable or

competitive bonds not to exceed the sum of Eight Million Five

Hundred Thousand Dollars ($8,500,000.00) as may be necessary for

such purpose as determined by the Authority. The Oklahoma School of

Science and Mathematics may not be moved from the building or

buildings constructed pursuant to subsection A of this section until

all such indebtedness is retired, and shall be required to lease the

building or buildings so constructed subject to receiving an annual

appropriation for that purpose. It is the intent of the Legislature

to appropriate to the Oklahoma School of Science and Mathematics

sufficient monies to make lease payments to the Authority for

purposes of retiring the debt created pursuant to this section.

C. The bonds provided for in subsection B of this section shall

not be issued until such time as the Board of Trustees of the

Oklahoma School of Science and Mathematics has met the matching

requirement as provided for in subsection G of this section or until

a bank that is chartered in this state notifies the Authority, the

Governor, the Speaker of the House of Representatives and the

President Pro Tempore of the Senate that there exists an irrevocable

restricted letter of credit for outstanding pledges or cash on

deposit or a combination of both in the amount of Eight Million Five

Hundred Thousand Dollars ($8,500,000.00) for the purpose specified

Oklahoma Statutes - Title 73. State Capital and Capitol Building Page 54

in subsection A of this section. Such notification must occur no

later than July 1, 2000. In the alternative, the Authority may

issue such bonds in series of no less than One Million Dollars

($1,000,000.00) each. In order to issue the first series of bonds,

a bank, as described above, shall certify to the Authority and the

above-referenced officers that there exist irrevocable letters of

credit for outstanding pledges or cash on deposit or a combination

of both in an amount equal to the amount of the first series. In

order to issue any subsequent series of bonds, a bank, as described

above, shall certify to the Authority and the above-referenced

officers that there exist irrevocable letters of credit for

outstanding pledges or cash on deposit or a combination of both in

amounts equal to the amount of each subsequent series. Any

irrevocable letter of credit required by this subsection shall be

issued by a bank chartered in this state and insured by the Federal

Deposit Insurance Corporation to the maximum limit available.

D. The proceeds of any bonds issued pursuant to this section

and any other monies expended by the Board of Trustees for

construction or improvements shall be expended for facilities, which
ries. Any

irrevocable letter of credit required by this subsection shall be

issued by a bank chartered in this state and insured by the Federal

Deposit Insurance Corporation to the maximum limit available.

D. The proceeds of any bonds issued pursuant to this section

and any other monies expended by the Board of Trustees for

construction or improvements shall be expended for facilities, which

shall include design fees for each such project. The first phase of

any campus construction or improvements shall be limited to student

housing, a dining facility, library, physical education and student

activity facilities, and security needs including but not limited to

fencing.

E. All interest earned on any reserve funds created by such

bonds held by the State Treasurer, as collected, shall be paid into

the General Revenue Fund.

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

this section, the provisions of Section 151 et seq. of Title 73 of

the Oklahoma Statutes shall apply to this section.

G. Except as otherwise provided in this subsection, any

private, public or nonstate monies pledged or deposited in

accordance with this section for the purpose of construction of the

campus of the Oklahoma School of Science and Mathematics shall be

matched not to exceed Eight Million Five Hundred Thousand Dollars

($8,500,000.00) by the state as follows:

State Nonstate Year of Contribution

60% 40% July 1, 1993 - June 30, 1995

50% 50% July 1, 1995 - June 30, 1998

50% 50% July 1, 1998 – June 30, 2000

No federal funds shall be used for matching purposes pursuant to

this subsection.