Oklahoma § 73-180 - Funding for asbestos abatement and repairs - Bonds

§ 73-180. Funding for asbestos abatement and repairs - Bonds

A. The Oklahoma Capitol Improvement Authority may provide for

the funding for asbestos abatement, repairs, refurbishments,

renovation, rewiring, and such other costs as deemed necessary by

the Authority to properties and facilities located in the Oklahoma

State Capitol Complex, including the State Capitol Building, the

Will Rogers Memorial Office Building, the Sequoyah Memorial Office

Building and the Historical Society Building, and may hold title to

or a leasehold interest in the facilities until such time as the

indebtedness created pursuant to this section shall be retired or

defeased. Upon the retirement of the indebtedness created pursuant

to this section, the title to the facilities and improvements

thereon shall be transferred from the Oklahoma Capitol Improvement

Authority to the Office of Management and Enterprise Services.

B. For the purpose of paying the costs of the projects

authorized in subsection A of this section, the Authority is hereby

Oklahoma Statutes - Title 73. State Capital and Capitol Building

authorized to borrow monies on the credit of the income and revenues

to be derived from such projects and, in anticipation of the

collection of such income and revenues, to issue negotiable or

competitive bonds not to exceed the sum of Sixteen Million Dollars

($16,000,000.00) as may be determined by the Authority. It is the

intent of the Legislature to appropriate to the Office and

respective agencies of the state sufficient monies to make rental

payments to the Authority for purposes of retiring the debt created

pursuant to this section.

C. The Authority may issue the bonds in one or more series and

in conjunction with other issues of the Authority.

D. 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 this section.

E. All interest earned on any reserve funds created by such

bonds held by the State Treasurer, as collected, shall be paid into

the General Revenue Fund.

Added by Laws 1995, c. 334, § 3, emerg. eff. June 8, 1995. Amended

by Laws 2012, c. 304, § 683.