Oklahoma § 73-349 - Financing authority for Oklahoma Department of Corrections
Full text of Oklahoma Oklahoma Statutes § 73-349 — Financing authority for Oklahoma Department of Corrections, with citation guidance and answers to common questions.
§ 73-349. Financing authority for Oklahoma Department of Corrections
construction fund.
A. In addition to any other authorization provided by law, 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 One Hundred Sixteen Million Five Hundred
Thousand Dollars ($116,500,000.00) 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
maintenance, repairs, equipment and improvements of existing
correctional facilities for the Oklahoma Department of Corrections
with debt retirement payments to be made as provided in this
section.
B. The Authority may hold title to the real and personal
property and improvements thereon 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
Corrections. 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 Authority to
the Oklahoma Department of Corrections.
C. For the purposes authorized in subsections A and 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 properties and, in anticipation of the collection of such
income and revenues, to issue negotiable obligations whether issued
in one or more series. The Authority is authorized to capitalize
interest on the obligations issued pursuant to this section for a
Oklahoma Statutes - Title 73. State Capital and Capitol Building
period of time not to exceed one (1) year from the date of issuance.
Excluding any capitalized interest period, it is the intent of the
Legislature to appropriate to the Oklahoma Department of Corrections
sufficient monies to make debt service payments for the purpose of
retiring the obligations created pursuant to this section. To the
extent funds are available from the proceeds of the borrowing
authorized by this subsection, 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.
D. 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 proceed 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
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 twenty (20) 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 Authority.
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 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.
I. 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 2018, c. 318, § 1.
Oklahoma Statutes - Title 73. State Capital and Capitol Building
NOTE: Editorially renumbered from § 348 of this title to avoid
duplication in numbering.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 73-349
What does Oklahoma Statutes § 73-349 cover?
Section 73-349 ("Financing authority for Oklahoma Department of Corrections") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 73-349?
A common citation format is "Oklahoma Statutes § 73-349" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 73-349 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.