Oklahoma § 73-186 - Capitol Improvement Authority – Improvements and

§ 73-186. Capitol Improvement Authority – Improvements and

facilities upon property for benefit of Oklahoma Military

Department.

A. The Oklahoma Capitol Improvement Authority is authorized to

acquire real property together with improvements located thereon,

for purposes of constructing improvements upon such real property or

making improvements to existing facilities located upon such real

property as specified in this subsection for the benefit of the

Oklahoma Military Department in order to make improvements,

replacements, structural damage assessments, window replacements or

paving projects at the following armories:

1. Ada Armory;

2. Altus Armory;

3. Alva Armory;

4. Bristow Armory;

5. Broken Arrow Armory;

6. Chandler Armory;

7. Chandler Organization Maintenance Shop;

8. Chickasha Readiness Center;

9. Durant Armory;

10. Durant Organization Maintenance Shop;

11. Elk City Armory;

12. Enid Armory;

13. Enid Organization Maintenance Shop;

14. Haskell Armory;

15. Holdenville Armory;

16. Kingfisher Armory;

17. Lawton Armory;

18. Lexington Organization Maintenance Shop;

19. McAlester Armory;

20. McAlester Organization Maintenance Shop;

21. Miami Armory;

22. Midwest City Armory;

23. Okemah Armory;

24. 23rd Street Armory, Oklahoma City;

25. Pauls Valley Armory;

26. Sapulpa Armory;

27. Shawnee Armory;

Oklahoma Statutes - Title 73. State Capital and Capitol Building

28. Stillwater Armory;

29. Stillwater Organization Maintenance Shop;

30. Tahlequah Armory;

31. Tonkawa Armory;

32. Tulsa AASF #2 Armory;

33. Tulsa Organization Maintenance Shop; and

34. Walters Armory.

B. 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 specified in subsection A of this section to the

Oklahoma Military Department. 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 Military

Department pursuant to subsection A of this section.

C. For the purpose of paying the costs for acquisition of the

real property and improvements authorized in subsection A of this

section and for the purpose authorized in subsection D 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 an amount necessary to

generate proceeds equal to Six Million Dollars ($6,000,000.00). It

is the intent of the Legislature to appropriate to the Oklahoma

Military Department sufficient monies to make rental payments for

the purposes of retiring the obligations created pursuant to this

section.

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

borrowing authorized by subsection C of this section, the Oklahoma

Capitol Improvement Authority shall provide for the payment of

professional fees and associated costs approved by the Oklahoma

Military Department for projects identified in subsection A of this

section.

E. 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.

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 enter into agreements with such

Oklahoma Statutes - Title 73. State Capital and Capitol Building

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.

G. 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.

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.

Added by Laws 2004, c. 377, § 1, eff. July 1, 2004.