Okla. Stat. tit. 73, § 73-306

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

Oklahoma Capitol Improvement Authority is authorized to issue

obligations to provide funding for construction costs associated

with the dome for the State Capitol building in a total amount not

to exceed Five Million Dollars ($5,000,000.00).

B. The Authority may hold title to the property and

improvements until such time as any obligations issued for this

purpose are retired or defeased and may lease the property and

improvements to the Oklahoma Capitol Complex and Centennial

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Commemoration Commission. Upon final redemption or defeasance of

the obligations created pursuant to this section, title to the

property and improvements shall be transferred from the Oklahoma

Capitol Improvement Authority, to the Oklahoma Capitol Complex and

Centennial Commemoration Commission.

C. For the purpose of paying the costs for construction of the

real property and improvements, and providing funding for the

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

purpose authorized in subsection D 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 property and

improvements and, in anticipation of the collection of such income

and revenues, to issue negotiable obligations in a total amount not

to exceed Five Million Dollars ($5,000,000.00) whether issued in one

or more series. The Authority is authorized to capitalize interest

on the obligations issued pursuant to this section for a period of

not to exceed one year from the date of issuance. For subsequent

fiscal years, it is the intent of the Legislature to appropriate to

the Oklahoma Capitol Complex and Centennial Commemoration Commission

sufficient monies to make rental payments for the purpose 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 Oklahoma Capitol Improvement

Authority shall provide for the payment of professional fees and

associated costs related to the project authorized in subsection A

of this section.

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

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.

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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.
ed by the Authority.

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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

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.

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.

J. No obligations may be issued pursuant to this section until

such obligations have been approved by the Supreme Court pursuant to

Section 14.1 of Title 20 of the Oklahoma Statutes.