A. The Oklahoma Capitol Improvement Authority is authorized to issue bonds, notes, or other obligations for the purpose of refinancing or restructuring its outstanding obligations.
B. 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 any such political subdivision.
C. 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.
D. To the extent funds are available from the proceeds of the borrowing authorized by this section, the Oklahoma Capitol Improvement Authority shall provide for the payment of professional fees and other associated costs approved by the Deputy Treasurer for Debt Management. 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. An issuance of bonds under this section may be undertaken to achieve an overall debt service savings, modify restrictive bond document covenants, or reduce payment requirements during periods of fiscal stress. To achieve these objectives, the Authority is authorized to extend the final maturity of its outstanding obligations if necessary, but in no event shall the final maturity of an individual bond issue be extended more than ten (10) years without the approval of the Council of Bond Oversight.
F. 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 issue obligations in one or more series and may set such other terms and conditions as may be necessary, in its judgment to achieve an efficient financing. The Authority may enter into agreements with such credit enhancers and liquidity providers as may be determined necessary to efficiently market the obligations, including the purchase of surety policies or other financial instruments to be utilized in lieu of reserve funds. 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 thirty (30) years from the delivery date.
G. Any interest on the 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.
H. 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.
I. 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.
J. The obligations issued under this section shall be retired by payments made to the Oklahoma Capitol Improvement Authority from the various agencies that entered into leases and other agreements in connection with the original financings. To the extent required by the Authority, such agencies are authorized and directed to enter into new lease agreements with the Authority.
K. The Authority is hereby specifically authorized to purchase surety policies or other financial instruments to replace existing debt service reserves. Any payment for such policies or other instruments may be made from the cash reserves being replaced or any other legally available source.
L. The Oklahoma Department of Transportation shall make payments from the State Transportation Fund to pay obligations incurred pursuant to agreements with the Oklahoma Capitol Improvement Authority. It is the intent of the Oklahoma Legislature to maintain the funding level of the State Transportation Fund as required in order for the Department of Transportation to fully pay any and all obligations incurred by the Department of Transportation with respect to agreements entered into by the Department of Transportation and the Oklahoma Capitol Improvement Authority. With respect to other state agencies that have entered into agreements with the Oklahoma Capitol Improvement Authority, it is the intent of the Oklahoma Legislature to appropriate sufficient monies to make rental payments for the purposes of retiring the obligations created pursuant to this section.
M. Insofar as they are not in conflict with the provisions of this section, the provisions of Section 151 et seq. of this title shall apply to bonds issued pursuant to this section, including the provision relating to the exclusive original jurisdiction of the Supreme Court of the State of Oklahoma.
Added by Laws 2003, c. 126, § 2, emerg. eff. April 22, 2003. Amended by Laws 2019, c. 53, § 12, eff. Nov. 1, 2019.
Structure Oklahoma Statutes
Title 73. State Capital and Capitol Building
§73-1. Seat of government and capitol established.
§73-15.1. Management and control of space by Legislature.
§73-15.3. Assignment of parking for certain officials - Location - Reserved parking spaces.
§73-15.4. Friends of the Capitol – Not-for-profit corporation.
§73-19. Oklahoma State Capitol Building Repair and Restoration Fund.
§73-22. Mechanical engineer - Approval of defacement.
§73-23. Violation a misdemeanor - Punishment.
§73-24. Flags at south plaza entrance.
§73-25. Oklahoma Historical Society – Maintenance and display of flags, standards, or banners.
§73-26. Flags, standards, or banners of federally recognized Native American tribal governments.
§73-62.2. Agreement with Post Office Department - Additional space.
§73-63. Battle flags and colors - Display.
§73-71. Custody of property belonging to houses of Legislature.
§73-73. Records and journals - Public inspection - Confidentiality.
§73-83. Capitol-Medical Center Improvement and Zoning District - Creation and boundaries.
§73-83.1. Capitol-Medical Center Improvement and Zoning Commission.
§73-83.3. Official master comprehensive plan - Agreements with City of Oklahoma City.
§73-83.4. Rules and regulations.
§73-83.5. Regulations authorized - Districts and subdistricts - Parking.
§73-83.6. Existing uses, buildings and structures.
§73-83.7. Notice and hearing before adoption of regulations.
§73-83.8. Permit for improvement or change of use.
§73-83.11. Corporate status and powers of Commission.
§73-83.12. Citizens' Advisory Committee.
§73-83.13. Complaint - Notice - Hearing - Orders - Service of order, etc.
§73-96. Regulation and enforcement.
§73-98.7. Financial report - Termination of commission, transfer of powers.
§73-99.13. Program administration – Grant applications – Award considerations – Rules.
§73-99.14. Project work standards – Eligible expenses – Oversight.
§73-99.15. Oklahoma Historic Capitols Preservation Act Revolving Fund.
§73-152. Authority created - Membership - Officers - Quorum - Bond.
§73-153. Acquisition of land and erection of buildings - Negotiable bonds.
§73-153-A. Buildings for Department of Public Safety - Location - Financing.
§73-153-C. Transfer of property to Department of Public Safety.
§73-155. Sale of bonds to public - Bids - Deposit.
§73-156.1. Refinancing and restructuring of outstanding obligations.
§73-157. Bonds as legal investment for bank, trust or insurance companies.
§73-158.1. Article X, § 29 certificate required for bonds – Prima facie evidence.
§73-159. Delivery of bonds upon payment - Deposit and investment of proceeds.
§73-159.1. Payment of funds in advance of bond issuance - Deposit and use of funds.
§73-160. Approval of bonds by Supreme Court.
§73-162. Transaction of business for profit by members or employees prohibited - Penalty.
§73-163. State departments and agencies to pay rents.
§73-163.1. Private persons authorized to lease space.
§73-163.3. Predesign services and consultation required for facilities financed by Authority.
§73-165. Funds for payment of rent.
§73-166. Execution of bonds and contracts - Audit of claims.
§73-167. Prohibition on sale or other disposal of bonds without legislative approval.
§73-168. Acquisition of land and erection of buildings for specified state agencies.
§73-168.1. Payment for lands acquired by other state agencies - Conveyance of title.
§73-168.2. Rehabilitation facility for Department of Human Services.
§73-168.6. Construction and improvement of state highway system - Issuance of obligations.
§73-168.7. Acquisition of property for Bureau of Investigation.
§73-168.9. Purchase of real property for public hunting, fishing and trapping areas.
§73-168.10a. Defeasance of obligations – Escrow account.
§73-168.10b. Obligation Defeasance Revolving Fund.
§73-169. Payment of bonds - Rights of holders - Commingling prohibited.
§73-170. Provisions governing.
§73-171. Attorney General - Duty.
§73-172. Interest rate on bonds.
§73-176. Permanent legislative liaison committee.
§73-177. Renovation of certain facilities.
§73-177.1. Buildings for the Oklahoma Department of Corrections.
§73-178. Repairs, refurbishments and improvements - Authority to issue bonds.
§73-179. 1995 Tourism Bond Revolving Fund.
§73-180. Funding for asbestos abatement and repairs - Bonds.
§73-181. Construction of office building in Carter County.
§73-182. Food Processing Center at Oklahoma State University.
§73-183. Construction and operation of correctional facilities.
§73-184. Equipment leasing and finance program.
§73-201. Will Rogers Memorial Office Building.
§73-202. Sequoyah Memorial Office Building.
§73-203. Provision for proper recognition.
§73-204. Wiley Post Historical Building.
§73-205. Jim Thorpe Office Building.
§73-206. Identification of buildings.
§73-207. Oliver Hodge Memorial Education Building.
§73-208. Robert R. Lester Law Enforcement Training Center.
§73-210. Allen Wright Memorial Library Building.
§73-212. M.C. Connors Building.
§73-215. Denver N. Davison Building - Designation.
§73-216. Denver N. Davison Building - Marker.
§73-217. Vezey Veterans Complex.
§73-301. Acquisition, construction, repair and improvement of real property - Appropriations.
§73-301.1. Sale of real property associated with the Lincoln Boulevard Renaissance Project.
§73-302. Completion of History Center for Oklahoma Historical Society - Issuance of obligations.
§73-302.1. Completion of Oklahoma Museum of Popular Culture - Issuance of obligations.
§73-304. Completion of Native American Cultural Center Museum - Issuance of obligations.
§73-306. Financing for construction of capital dome.
§73-308. Financing for construction of Oklahoma Animal Disease Diagnostic Laboratory.
§73-311. Issuance of revenue bonds.
§73-315. Substance abuse treatment center – Construction costs and fees.
§73-321. Improvements to Samuel Layton Building - Funding.
§73-332. Renovation of the Wiley Post Historical Building - Funding.
§73-335. Repair and restoration of flood-damaged areas - Acquistion of property - Funding.
§73-341. State highway and bridge assets – Financing of construction, maintenance and improvements.
§73-343. Financing authority for construction, repair and rehabilitation of flood-control dams.
§73-343.1. Financing authority for construction, repair and rehabilitation of high-hazard dams.
§73-346. Financing Authority for State Capitol Building Projects – Authority to issue obligations.
§73-347. Financing authority for construction of State Health Laboratory.
§73-348. Financing authority for construction of veterans facilities.
§73-349. Financing authority for Oklahoma Department of Corrections construction fund.
§73-350.1. Financing authority for state highway and bridge assets – Fiscal years 2021 through 2028.
§73-360. Financing authority for construction, repair and rehabilitation of state parks.
§73-371. Financing authority for construction, repair and rehabilitation of Greer Center Facility.