Oklahoma § 70-4019 - Program for advance funding of state's contribution to

§ 70-4019. Program for advance funding of state's contribution to

endowed chairs and positions - Issuance of obligations.

Oklahoma Statutes - Title 70. Schools

A. The Oklahoma Capitol Improvement Authority is hereby

authorized, consistent with the statutes pertaining to the Oklahoma

State Regents' Endowment Trust Fund, to establish a program to

provide for the advance funding of the state's contribution to

endowed chairs, professorships, lectureships and positions for

artists in residence as provided in Section 3952 of this title at

the various institutions in The Oklahoma State System of Higher

Education. The Oklahoma State Regents for Higher Education are

authorized to enter into agreements with the Authority to provide

security for any obligations issued for such purpose.

B. The Authority is hereby authorized to issue and sell

obligations in such amounts as shall be needed from time to time for

the purposes of obtaining funds for the state's matching

contribution for endowed chairs, professorships, lectureships and

positions for artists in residence; provided, however, that the

total principal amount of such obligations shall not exceed in the

aggregate Three Hundred Fourteen Million Four Hundred Thousand

Dollars ($314,400,000.00) for the purpose of funding endowed chairs.

At least fifty percent (50%) of the endowed chair, professorship or

lectureship positions funded as provided for in this subsection

shall be for positions that involve research and development. No

obligations shall be issued for any endowment account for which

matching monies specified in subsection E of Section 3952 of this

title have not been received.

C. It is the intent of the Legislature that payments for the

purpose of retiring the obligations created pursuant to this section

be made by the State Regents from the lump-sum appropriation made

pursuant to Section 3 of Article XIII-A of the Oklahoma

Constitution. Further, it is the intent of the Legislature to

appropriate to the State Regents sufficient monies to allow the

State Regents to make payments for the purpose of retiring the

obligations created pursuant to this section.

D. The Authority may issue obligations in one or more series

and in conjunction with other issues of the Authority.

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 of any given series.

F. The authority is authorized to issue bonds, notes, and other

obligations for the purpose of refinancing or restructuring the

outstanding obligations authorized under this section.

Oklahoma Statutes - Title 70. Schools

G. Any interest earnings on funds or accounts created for

purposes of this section may be utilized as partial payment of the

annual debt service or for 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. This shall not include

monies in the Oklahoma State Regents Endowment Trust Fund. The

State Regents may place additional restrictions on the investment of

such monies if necessary to enhance the marketability of the

obligations.

Added by Laws 2004, c. 115, § 2, emerg. eff. April 19, 2004.

Amended by Laws 2007, c. 214, § 1, eff. July 1, 2007; Laws 2008, c.

430, § 2, emerg. eff. June 2, 2008; Laws 2010, c. 97, § 1, emerg.

eff. April 13, 2010; Laws 2020, c. 163, § 1, eff. July 1, 2021.