Oklahoma § 73-168.10 - Acquisition of property for Oklahoma Tourism and

§ 73-168.10. Acquisition of property for Oklahoma Tourism and

Recreation Department office space - Issuance of obligations.

A. The Oklahoma Capitol Improvement Authority is authorized to

acquire real property, together with improvements located thereon,

and personal property for purposes of providing office space to the

Oklahoma Tourism and Recreation Department. 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 Tourism and

Recreation Commission. 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 Oklahoma

Capitol Improvement Authority to the Oklahoma Tourism and Recreation

Commission.

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 the collection of such income and revenues, to issue

negotiable obligations in an amount not to exceed Nine Million

Dollars ($9,000,000.00). The Authority is authorized to capitalize

interest on the obligations issued pursuant to the authority granted

by this section for a period of not to exceed two (2) years from the

date of issuance. For the fiscal year ending June 30, 2009, and

subsequent fiscal years, it is the intent of the Legislature to

Oklahoma Statutes - Title 73. State Capital and Capitol Building

appropriate to the Oklahoma Tourism and Recreation Department

sufficient monies to make rental payments for the purposes of

retiring the obligations created pursuant to this section. The

costs for acquisition of the real property and improvements and

personal property authorized in subsection A of this section shall

not exceed Nine Million Dollars ($9,000,000.00).

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

borrowing authorized by subsection B of this section, the Oklahoma

Capitol Improvement Authority shall provide for the payment of

professional fees and associated costs approved by the Oklahoma

Tourism and Recreation Commission.

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 thirty (30) 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.

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.

Added by Laws 2007, c. 206, § 1, eff. July 1, 2007.

§73-168.10a.

Defeasance of obligations – Escrow account.

Oklahoma Statutes - Title 73. State Capital and Capitol Building

A. Within one hundred eighty (180) days of the effective date

of this act, the Oklahoma Capitol Improvement Authority shall fund

an escrow account in an amount sufficient to provide for payment of

principal and interest on obligations, as they become due, issued

pursuant to Section 168.10 of Title 73 of the Oklahoma Statutes,

Oklahoma Capitol Improvement Authority State Facilities Lease

Revenue Bonds Series 2018A, for purposes of providing office space

to the Oklahoma Tourism and Recreation Department. The escrow

account shall be funded as provided in subsection C of this section

and shall be in an amount sufficient to defease the obligations.

B. The Authority is authorized to employ agents as may be

necessary to carry out the defeasance of the obligations issued

pursuant to Section 168.10 of Title 73 of the Oklahoma Statutes

including, but not limited to, legal counsel, escrow bidding agent,

escrow verification agent, and a trustee or paying agent.

C. The Authority shall utilize all unspent proceeds of

obligations issued pursuant to Section 168.10 of Title 73 of the

Oklahoma Statutes and any investment earnings thereon to fund the

escrow account. It is the intent of the Legislature to appropriate

the remainder of monies necessary to defease the obligations.

D. As of the effective date of this act, the Authority is

prohibited from disbursing the proceeds of obligations issued

pursuant to Section 168.10 of Title 73 of the Oklahoma Statutes or

any investment earnings thereon for any purpose other than the

purpose authorized in subsection C of this section. Nor shall the

Authority issue any additional obligations under the provisions of

Section 168.10 of Title 73 of the Oklahoma Statutes.

Added by Laws 2020, c. 66, § 1, emerg. eff. May 19, 2020.

§73-168.10b. Obligation Defeasance Revolving Fund.

There is hereby created in the State Treasury a revolving fund

for the Oklahoma Capitol Improvement Authority to be designated the

"Obligation Defeasance Revolving Fund". The fund shall be a

continuing fund, not subject to fiscal year limitations, and shall

consist of all appropriations and deposits made for the purpose of

fully defeasing obligations issued pursuant to Section 168.10 of

Title 73 of the Oklahoma Statutes. All monies accruing to the

credit of the fund are hereby appropriated and shall be transferred

to the escrow account established pursuant to the provisions of

Section 1 of this act.

Added by Laws 2020, c. 66, § 2, emerg. eff. May 19, 2020.