Okla. Stat. tit. 73, § 73-348

facilities.

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 plan, develop and

construct buildings, parking facilities and other improvements to

real property, and to provide funding for repairs, planning,

staging, refurbishments and improvements to real and personal

property, and for funding for construction of the two long-term care

facilities authorized in subsection A of Section 229.1 of Title 72

of the Oklahoma Statutes in a total amount necessary to generate

Thirty-five Million Dollars ($35,000,000.00) in project funds with

debt retirement payments to be made as provided in this section.

B. The Authority may hold title to 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 Oklahoma Department of Veterans

Affairs. 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 Authority to

the Oklahoma Department of Veterans Affairs.

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

construction of the real property and improvements and personal

property and making the repairs, planning, staging, refurbishments

Oklahoma Statutes - Title 73. State Capital and Capitol Building Page 146

and improvements to real and personal property, and providing

funding for the two long-term care facilities authorized in

subsection A of Section 229.1 of Title 72 of the Oklahoma Statutes,

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 real and

personal property, parking facilities and improvements and, in

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

negotiable obligations in a total amount necessary to generate

Thirty-five Million Dollars ($35,000,000.00) in project funds,

whether issued in one or more series. The Authority is authorized

to capitalize interest on the obligations issued pursuant to the

authority granted by this section for a period not to exceed two (2)

years from the date of issuance. Excluding any capitalized interest

period, it is the intent of the Legislature to appropriate to the

Oklahoma Department of Veterans Affairs 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

Authority shall provide for the payment of professional fees and

associated costs related to the projects authorized in this act.

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
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-five (25) 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.

Oklahoma Statutes - Title 73. State Capital and Capitol Building Page 147

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 Legislature anticipates that the Oklahoma Department of

Veterans Affairs will make the rental payments for the purpose of

retiring the obligations created pursuant to the provisions of this

section from current appropriations received by the Oklahoma

Department of Veterans Affairs.

J. Insofar as they are not in conflict with the provisions of

this section, the provisions of Sections 151 through 186 of this

title shall apply to this section.