Oklahoma § 73-182 - Food Processing Center at Oklahoma State University

§ 73-182. Food Processing Center at Oklahoma State University

A. The Oklahoma Capitol Improvement Authority may provide for

the funding for equipment and furnishings for properties and

facilities located in the Food Processing Center located at Oklahoma

State University in Stillwater, Oklahoma, and may hold title to or a

leasehold interest in the equipment and furnishings 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 equipment and

furnishings shall be transferred from the Oklahoma Capitol

Improvement Authority to Oklahoma State University.

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

authorized in subsection A 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 the equipment and furnishings and,

in anticipation of the collection of such income and revenues, to

issue negotiable or competitive bonds not to exceed the sum of Two

Million One Hundred Twenty-five Thousand Dollars ($2,125,000.00) as

may be determined by the Authority. The maximum term for such bonds

shall be five (5) years. It is the intent of the Legislature that

Oklahoma State University establish fees to offset the costs of the

projects authorized in subsection A of this section. It is the

intent of the Legislature to appropriate to the Oklahoma State

Regents for Higher Education sufficient monies to make lease

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 Title 73 of

the Oklahoma Statutes 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, § 5, emerg. eff. June 8, 1995.