Okla. Stat. tit. 73, § 73-381

construction, and repair of Oklahoma National Guard Museum.

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 to acquire personal property, to develop and

construct buildings, parking facilities and other improvements to

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

refurbishments, and for funding of construction of a new Oklahoma

National Guard Museum in a total amount necessary to generate Forty-

five Million Dollars ($45,000,000.00) 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 and the tangible personal property the

acquisition of which or improvement or refurbishment of which is

authorized by subsection A and subsection J of this section to the

Oklahoma Military Department. 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 Military Department.

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

construction of the real property and improvements and personal

Oklahoma Statutes - Title 73. State Capital and Capitol Building Page 162

property and making the repairs, planning, staging, refurbishments

and improvements to real and personal property, 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 Forty-five

Million Dollars ($45,000,000.00) 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

Military Department 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

maturity of such obligations occur later than twenty-five (25) years
orized

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.

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

this section, the provisions of Sections 151 through 186 of Title 73

of the Oklahoma Statutes shall apply to this section.

J. To the extent net proceeds from the issuance of obligations

authorized by this section are in excess of authorized or required

expenditures for the projects as described by subsection A of this

section, the balance of such net proceeds shall be utilized for the

acquisition and improvements to real property to be used by the

Oklahoma Military Department for a joint operations center.

K. Unless at least fifty percent (50%) of the proceeds

authorized by the provisions of this section have been obtained by

sale of obligations by the Authority within three (3) years from the

effective date of this act, the provisions of this section shall

cease to have the force or effect of law with respect to any further

issuance of obligations by the Authority otherwise authorized by

this section. The provisions of this subsection shall not be

construed to limit the liability of the Authority with respect to

obligations issued pursuant to this section if the obligations were

issued prior to the termination of the remaining issuing capacity

nor shall the provisions of this subsection be construed in any way

to impair rights of any person or entity which has purchased any

obligations of the Authority pursuant to the provisions of this

section which were authorized at the time of such purchase.