Okla. Stat. tit. 73, § 73-360

rehabilitation of state parks.

A. The Oklahoma Capitol Improvement Authority 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 state parks.

The Authority 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 Department of Tourism and Recreation.

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 Authority to the Oklahoma

Department of Tourism and Recreation.

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 Authority 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 Forty-eight Million Six Hundred Thousand Dollars

($48,600,000.00) after providing for costs of issuance, credit

enhancement, reserves and other associated expenses related to the

financing. 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 one (1) year from the date of

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

Oklahoma Department of Tourism and Recreation sufficient monies to

make rental payments for the purposes of retiring the obligations

created pursuant to this section.

C. To the extent funds are available, the Authority shall

provide for the payment of professional fees and associated costs

approved by the Authority.

Oklahoma Statutes - Title 73. State Capital and Capitol Building Page 159

D. The Authority may issue obligations in one or more series

and in conjunction with other issues of the Authority. Provided,

the first net proceeds in the amount of Twenty Million Five Hundred

Twenty Thousand Dollars ($20,520,000.00) issued pursuant to this act

shall be utilized for purposes of construction, repair and

rehabilitation of state park facilities. Provided, net proceeds in

the amount of Three Million Dollars ($3,000,000.00) from the first

net proceeds shall be utilized for the purposes of construction,

repair and rehabilitation of the Quartz Mountain Arts and Conference

Center, the Quartz Mountain Lodge and the Quartz Mountain State

Park. The remaining net proceeds in the amount of Twenty-eight

Million Eighty Thousand Dollars ($28,080,000.00) issued pursuant to

this act shall be utilized for purposes of construction, repair and

rehabilitation of state park facilities. 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
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.

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 this state, 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.