Okla. Stat. tit. 73, § 73-346

Authority to issue obligations.

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

Oklahoma Capitol Improvement Authority is authorized to issue

obligations to acquire real property, together with improvements

located thereon, and personal property to construct improvements to

real property and to provide funding for repairs, refurbishments and

improvements to real and personal property of the State Capitol

Building and associated furniture, fixtures and equipment in a total

amount not to exceed One Hundred Twenty-five Million Dollars

($125,000,000.00). The funds shall be used for the renovation,

repair and remodeling of the State Capitol Building.

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 Office of Management and Enterprise Services.

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 Office of Management and Enterprise Services.

C. For the purposes 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

Oklahoma Statutes - Title 73. State Capital and Capitol Building Page 144

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 One Hundred Twenty-five Million Dollars ($125,000,000.00)

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 (1) year from the date of

issuance. For subsequent fiscal years, it is the intent of the

Legislature to appropriate to the Office of Management and

Enterprise Services 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; provided, that no such fees or costs

may be paid if such payments would jeopardize the tax-advantaged

status of the bonds under federal law.

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 twenty (20) years from

the first principal maturity date. The first principal maturity

date for each series of bonds sold under this authorization shall
rmined

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 twenty (20) years from

the first principal maturity date. The first principal maturity

date for each series of bonds sold under this authorization shall

occur no later than eighteen (18) months from its delivery date. No

bonds shall be delivered prior to July 1, 2018.

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.

Oklahoma Statutes - Title 73. State Capital and Capitol Building Page 145

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. The proceeds from the sale of obligations issued pursuant to

the provisions of this section that are needed for repairs,

refurbishments and improvements to real and personal property of the

State Capitol Building, and associated furniture, fixtures and

equipment for the State Capitol shall be subject to the approval of

the State Capitol Repair Expenditure Oversight Committee created

pursuant to Section 345 of Title 73 of the Oklahoma Statutes.

J. 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.