Oklahoma § 73-185 - Capitol Improvement Authority - Improvements and

§ 73-185. Capitol Improvement Authority - Improvements and

facilities under Department of Corrections.

A. The Oklahoma Capitol Improvement Authority is authorized to

construct improvements and facilities upon property under the

control of the Department of Corrections suitable for use as a

district probation and parole office.

B. Prior to the construction of the facilities, the State Board

of Corrections shall approve the site for such facility.

C. The Authority may hold title to the personal property and

improvements until such time as any obligations issued for this

purpose are retired or defeased and may lease the personal property

and improvements to the Department of Corrections. Upon final

redemption or defeasance of the obligations created pursuant to this

section, title to the personal property and improvements shall be

transferred from the Oklahoma Capitol Improvement Authority to the

Department of Corrections.

D. For the purpose of paying the costs of the improvements and

facilities authorized in subsection A of this section, and for the

Oklahoma Statutes - Title 73. State Capital and Capitol Building

purpose authorized in subsection E 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 facility and, in

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

negotiable obligations in an amount not to exceed Three Hundred

Thirty Thousand Dollars ($330,000.00). It is the intent of the

Legislature to appropriate to the Department of Corrections

sufficient monies to make rental payments for the purposes of

retiring the obligations created pursuant to this section.

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

borrowing authorized by subsection D of this section, the Oklahoma

Capitol Improvement Authority shall provide for the payment of

professional fees and associated costs approved by the Department of

Corrections. The Oklahoma Capitol Improvement Authority shall use

the resources of the Oklahoma State Bond Advisor, the Attorney

General and the State Treasurer in order to evaluate the costs and

expenses associated with the issuance of its obligations and shall

use such information as may be required to reduce the costs

associated with the issuance of the obligations.

F. The Authority may issue obligations 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.

G. 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. The State Treasurer shall be

authorized to purchase the obligations as an investment of public

funds under the State Treasurer's control.

H. 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.

I. 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.

Oklahoma Statutes - Title 73. State Capital and Capitol Building

J. 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 2001, c. 102, § 1, emerg. eff. April 17, 2001.