Okla. Stat. tit. 73, § 73-350.1

– Fiscal years 2021 through 2028.

A. Subject to the limitations with respect to the authorized

date of issuance provided by this subsection, the Oklahoma Capitol

Improvement Authority is authorized to issue notes, bonds or other

evidences of obligation, and to execute federal loans with the

United States Department of Transportation pursuant to the

Transportation Infrastructure Finance and Innovation Act (codified

as 23 U.S.C., Sections 601-609), in an amount necessary to generate

net proceeds of Two Hundred Million Dollars ($200,000,000.00), no

earlier than July 1, 2021, after providing for costs of issuance,

credit enhancement, reserves and other associated expenses related

to the financing. The principal amount of any note, bond or other

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evidence of obligation issued to the United States Department of

Transportation in connection with any federal loan authorized

hereunder may be increased following disbursement of loan proceeds

by the amount of interest that may be capitalized and added to

principal in accordance with the terms of the federal loan

agreement.

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

construction fund to provide for the financing of the acquisition of

real property, together with improvements located thereon, and

personal property, to construct, maintain and improve those state

highway and state bridge assets identified in the Oklahoma

Transportation Commission Construction Work Plan as represented in

the Appendix of this act, which is incorporated as if fully set out

herein.

C. The Transportation Commission or the Department of

Transportation shall use the proceeds identified in subsection B of

this section according to the priority of the enumerated projects as

they appear for the applicable federal fiscal year in the

Construction Work Plan described in subsection B of this section in

order to facilitate the completion of the enumerated projects,

giving consideration to the ability to match federal funding and

such other factors as the Transportation Commission or the

Department of Transportation shall deem fiscally prudent.

D. Earnings that result from the investment of the construction

fund may be used for the projects authorized in this section or for

other legal purposes approved by the Authority.

E. The Authority and the Transportation Commission or the

Department of Transportation are authorized to enter into such

agreements as may be necessary to authorize the Authority to hold

title to the real and personal property and improvements until such

time as any obligations issued for the purpose set forth in

subsection B of this section are retired or defeased and the

Authority may lease the real property and improvements to the

Transportation Commission or the Department of Transportation for

the purposes authorized by this section. 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 Oklahoma Capitol Improvement Authority to the

Transportation Commission or the Department of Transportation.

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

construction of the real property and improvements and personal

property and making the repairs, refurbishments and improvements to

real and personal property, and providing funding for the projects

authorized in this section, and for the purpose authorized in

subsection H 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 and improvements

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and, in anticipation of the collection of such income and revenues,

to issue negotiable obligations in one or more series.
ion H 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 and improvements

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and, in anticipation of the collection of such income and revenues,

to issue negotiable obligations in one or more series.

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

Department of Transportation sufficient monies to make rental

payments for the purposes of retiring the obligations created

pursuant to this section.

H. To the extent funds are available from the proceeds of the

borrowing authorized by subsection A of this section, the Oklahoma

Capitol Improvement Authority shall provide for the payment of

professional fees and associated costs related to the projects

authorized in this section.

I. 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 or the issuance of obligations

to the United States Department of Transportation in connection with

federal loans, as described in subsection A of this section, 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.

J. The bond indenture or other instrument pursuant to which the

Oklahoma Capitol Improvement Authority becomes obligated for the

repayment of principal and interest of the proceeds from the sale of

obligations or the execution of a loan with the United States

Department of Transportation authorized in subsection A of this

section shall provide that all obligations are to be repaid from the

source of revenue specified in this section. Such bond indenture or

other instrument may provide for the pledge of such revenue and the

associated funds and accounts established thereunder as security for

the payment of such obligations.

K. The bonds or other obligations issued pursuant to this

section shall not at any time be deemed to constitute a debt of the

state or of any political subdivision thereof or a pledge of the

faith and credit of the state or of any such political subdivision.

L. Such bonds or other obligations shall contain on the face

thereof a statement that neither the faith and credit nor the taxing

power of the state or any political subdivision thereof is pledged,

or may hereafter be pledged, to the payment of the principal of or

the interest on such bonds or other obligations.

M. The obligations authorized under this section may be sold at

either competitive, negotiated sale, or may be directly placed with

the United States Department of Transportation 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

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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.

N. 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.

O. 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
rity date.

N. 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.

O. 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.

P. Obligations authorized under this section shall have an

initial execution no later than five (5) years from the effective

date of this act. If no obligations have been issued by the end of

such five-year period, the authorization provided by this section

shall be null and void. Provided that, an issuance of a portion of

the obligations authorized in subsection A of this section during

such five-year period shall satisfy the issuance requirement of this

subsection.

Q. 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.

R. 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. It is the intent

of the Legislature that the Oklahoma Capitol Improvement Authority

shall have the same powers to require the Oklahoma Department of

Transportation to use and occupy the capital improvements and real

property financed by the Oklahoma Capitol Improvement Authority, and

to pay rent for such use and occupancy, as the Oklahoma Capitol

Improvement Authority has under Sections 161(3) and 163 of Title 73

of the Oklahoma Statutes with respect to buildings.

S. The Oklahoma Capitol Improvement Authority may initiate

proceedings for purposes of validating the obligations authorized

pursuant to the provisions of this section according to the

provisions of Section 14.1 of Title 20 of the Oklahoma Statutes not

later than one hundred twenty (120) days after the effective date of

this act.