Okla. Stat. tit. 73, § 73-343

rehabilitation of flood-control dams.

A. The Oklahoma Capitol Improvement Authority (OCIA) is hereby

authorized to acquire real property or interests therein, together

with improvements located thereon, and personal property and invest

capital into improvements for purposes of construction, repair and

rehabilitation of flood-control dams through and with the assistance

of local conservation districts, all pursuant to the Conservation

District Act, with debt retirement payments to be made by the

Oklahoma Conservation Commission.

The OCIA 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 Conservation Commission. 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 OCIA to the Oklahoma Conservation Commission.

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 OCIA 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 collection of such income and revenues issue

negotiable obligations in the amount sufficient to generate net

proceeds of Five Million One Hundred Sixteen Thousand Dollars

($5,116,000.00) after providing for costs of issuance, credit

enhancement, reserves, and other associated expenses related to the

financing. It is the intent of the Legislature to appropriate to

the Oklahoma Conservation Commission sufficient monies to make

rental payments for the purposes of retiring the obligations created

pursuant to this section.

Oklahoma Statutes - Title 73. State Capital and Capitol Building Page 138

C. To the extent funds are available, the OCIA shall provide

for the payment of professional fees and associated costs approved

by the OCIA.

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.

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
uch 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

investment of such monies if necessary to enhance the marketability

of the obligations.