Okla. Stat. tit. 73, § 73-168.5

office space - Issuance of obligations.

A. The Oklahoma Capitol Improvement Authority is authorized to

acquire real property, together with improvements located thereon,

and personal property for purposes of providing office space to the

Oklahoma Department of Commerce. The Authority may hold title to

the real property and improvements until such time as any

obligations issued for this purpose are retired or defeased and may

lease the real property and improvements to the Oklahoma Department

of Commerce. Upon final redemption or defeasance of the obligations

created pursuant to this section, title to the real property and

improvements shall be transferred from the Oklahoma Capitol

Improvement Authority, to the Oklahoma Department of Commerce.

B. For the purpose of paying the costs for acquisition of the

real property and improvements and personal property authorized in

subsection A of this section, and for the purpose authorized in

subsection C of this section, the Authority is hereby authorized to

borrow monies on the credit of the income and revenues to be derived

from the leasing of such real property and improvements and, in

anticipation of the collection of such income and revenues, to issue

negotiable obligations in an amount not to exceed Three Million

Three Hundred Thirty-five Thousand Dollars ($3,335,000.00). It is

the intent of the Legislature to appropriate to the Oklahoma

Department of Commerce sufficient monies to make rental payments for

the purposes of retiring the obligations created pursuant to this

section. The costs for acquisition of the real property and

improvements and personal property authorized in subsection A of

this section shall not exceed Three Million Dollars ($3,000,000.00).

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

borrowing authorized by subsection B of this section, the Oklahoma

Capitol Improvement Authority shall provide for the payment of

professional fees and associated costs approved by the Oklahoma

Department of Commerce.

D. The Authority may issue obligations in one or more series

and in conjunction with other issues of the Authority. 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. 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 enter into agreements with such

credit enhancers and liquidity providers as may be determined

necessary to efficiently market the obligations. The obligations

Oklahoma Statutes - Title 73. State Capital and Capitol Building Page 56

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 first principal maturity date.

F. Any interest earnings on 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.

G. 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.

H. 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
bligations, 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.

H. 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.