Okla. Stat. tit. 73, § 73-304.1

construction - Issuance of obligations.

A. In addition to any other authorization provided by law, the

Oklahoma Capitol Improvement Authority (OCIA) is authorized to issue

obligations to acquire real property, together with improvements

located thereon, and personal property, to construct buildings and

other improvements to real property and to provide funding for

improvements to real and personal property and for funding of

further construction, improvements, development and enhancement of a

Native American cultural center and museum for the Native American

Cultural and Educational Authority, to include personal property and

exhibits in a total amount not to exceed Twenty-five Million Dollars

($25,000,000.00) with debt retirement payments to be made as

provided herein.

B. The OCIA may hold title to or a leasehold interest in the

real and personal 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 Native American

Cultural and Educational Authority. Upon final redemption or

defeasance of the obligations created pursuant to this section,

title to the real and personal property and improvements shall be

transferred from the OCIA to the Native American Cultural and

Educational Authority.

C. For the purpose of paying the costs for acquisition and

construction of the real property and improvements and personal

property and making the improvements to real and personal property,

and providing funding for the project authorized in subsection A of

this section, the OCIA is hereby authorized to borrow monies on the

credit of the income and revenues to be derived from the leasing of

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such real and personal property and improvements and, in

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

negotiable obligations, in one or more series, in an amount

sufficient to generate net proceeds of Twenty-five Million Dollars

($25,000,000.00) after providing for costs of issuance, credit

enhancement, reserves, and other associated expenses related to the

financing. Net proceeds of the financing will be deposited into a

construction fund to provide for the construction and acquisition of

improvements described herein. It is the intent of the Legislature

to appropriate to the Native American Cultural and Educational

Authority sufficient monies to make rental payments for the purposes

of retiring the obligations created pursuant to this section. To

the extent funds are available from the proceeds of the borrowing

authorized by this subsection, the OCIA shall provide for the

payment of professional fees and associated costs related to the

projects authorized in subsection A of this section.

D. The OCIA may issue obligations in one or more series and in

conjunction with other issues of the OCIA. The OCIA 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 OCIA,

and in such form and at such prices as may be authorized by the

OCIA. The OCIA may enter into agreements with such credit enhancers

and liquidity providers as may be determined necessary to

efficiently market the obligations. The obligations may mature and

have such provisions for redemption as shall be determined by the

OCIA, but in no event shall the final maturity of such obligations

occur later than fifteen (15) years from the first principal

maturity date.
he OCIA may enter into agreements with such credit enhancers

and liquidity providers as may be determined necessary to

efficiently market the obligations. The obligations may mature and

have such provisions for redemption as shall be determined by the

OCIA, but in no event shall the final maturity of such obligations

occur later than fifteen (15) 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 OCIA.

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 OCIA 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 OCIA may place additional restrictions on the

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investment of such monies if necessary to enhance the marketability

of the obligations.

I. 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.