Oklahoma § 73-336 - Zink Dam improvements - Dam construction and stream bank

§ 73-336. Zink Dam improvements - Dam construction and stream bank

stabilization in Tulsa County - Acquisition of property - Funding.

A. The Oklahoma Capitol Improvement Authority (OCIA) is

authorized to acquire real property, together with improvements

located thereon, and personal property for purposes of construction

of Zink Dam improvements, stream bank stabilization and construction

of two additional low-water dams on the Arkansas River in Tulsa

County. The project will be coordinated with representatives of the

City of Tulsa, Tulsa County and surrounding communities, the Indian

Nations Council of Governments and the United States Army Corps of

Engineers. The said projects herein described are hereby determined

to be in the best interests of the State of Oklahoma and will

accomplish an important public purpose. The OCIA may acquire and

hold title to the real property and improvements, or any interest

therein, until such time as any obligations issued for this purpose

are retired or defeased and may lease the real property and

improvements to the River Parks Authority, a public trust in Tulsa

County. 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 River Parks Authority.

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

real property and improvements and personal property authorized in

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

subsection C of this section, the OCIA 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 one or more series, in an amount

sufficient to generate net proceeds of Twenty-five Million Dollars

($25,000,000.00) after providing for costs of issuance, credit

enhancement, reserves and other associated expenses related to the

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

the Office of Management and Enterprise Services sufficient monies

to make rental payments for the purposes of retiring the obligations

created pursuant to this section.

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

borrowing authorized by subsection B of this section, the OCIA shall

Oklahoma Statutes - Title 73. State Capital and Capitol Building

provide for the payment of professional fees and associated costs

approved by the OCIA.

D. The OCIA may issue obligations in one or more series and in

conjunction with other issues of the OCIA. The OCIA 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.

E. The obligations authorized under this section may be sold at

either competitive or negotiated sale, as determined by the OCIA,

and in such form and at such prices as may be authorized by the

OCIA. The OCIA 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

OCIA, but in no event shall the final maturity of such obligations

occur later than fifteen (15) years from the first principal

maturity date.

F. 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 OCIA.

G. 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.

H. The OCIA 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 OCIA may place additional restrictions on the

investment of such monies if necessary to enhance the marketability

of the obligations.

Added by Laws 2009, c. 115, § 1. Amended by Laws 2012, c. 304, §

692.