Oklahoma § 73-307 - Financing for construction of multipurpose laboratory for

§ 73-307. Financing for construction of multipurpose laboratory for

the Oklahoma Department of Agriculture, Food, and Forestry.

A. The Oklahoma Capitol Improvement Authority is authorized to

issue notes, bonds, or other evidences of obligation in an amount

necessary to generate net proceeds of Eleven Million Three Hundred

Thousand Dollars ($11,300,000.00) after providing for costs of

issuance, credit enhancement, reserves, and other associated

expenses related to the financing. Net proceeds of the financing

will be deposited into a construction fund to provide for the

financing of acquisition of real property, together with

improvements located thereon, and personal property, to construct

buildings and other improvements to real property and to provide

funding for repairs, refurbishments and improvements to real and

personal property for a multipurpose laboratory for the Oklahoma

Department of Agriculture, Food, and Forestry. Earnings that result

from the investment of the construction fund may be used for the

project authorized in this section or for other legal purposes

approved by the Authority.

B. The Authority may hold title to the real and personal

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 Department of Agriculture,

Food, and Forestry. Upon final redemption or defeasance of the

obligations created pursuant to this section, title to the real and

personal property and improvements shall be transferred from the

Oklahoma Statutes - Title 73. State Capital and Capitol Building

Oklahoma Capitol Improvement Authority to the Oklahoma Department of

Agriculture, Food, and Forestry.

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

construction of the real property and improvements and personal

property and making the repairs, refurbishments, and improvements to

real and personal property, and providing funding for the project

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 and personal property

and improvements and, in anticipation of the collection of such

income and revenues, to issue negotiable obligations in one or more

series. It is the intent of the Legislature to appropriate to the

Oklahoma Department of Agriculture, Food, and Forestry 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 related to the project

authorized 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

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.

Oklahoma Statutes - Title 73. State Capital and Capitol Building

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.

J. 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.

Added by Laws 2005, c. 350, § 1, eff. July 1, 2005.