Oklahoma § 73-161 - Power of Authority

§ 73-161. Power of Authority

In addition to all other powers expressly conferred, the

Authority is hereby authorized and empowered:

1. To adopt bylaws for the regulation of its affairs and the

conduct of its business;

2. To adopt an official seal and alter the same at pleasure;

3. To fix and revise from time to time rent for the use of any

Authority building; provided, that the rents when so fixed, plus

revenues derived from other sources, shall produce sufficient

revenue:

a.

to pay the annual cost of the operation, maintenance,

and repair of such building,

b.

to pay as and when due the principal and interest on

the bonds issued to pay for such building, and

c.

to accumulate and maintain reserves for such purposes;

4. To acquire, hold, improve, and dispose of real and personal

property in the exercise of its powers and the performance of its

duties under this act, and on behalf of other agencies of the state

as provided for in memoranda of understanding entered into between

the Authority and such agency or agencies of the state;

5. To acquire by purchase or otherwise, on such terms and

conditions and in such manner as it may deem proper, or by the

exercise of the power of condemnation in the manner hereinafter

provided, such public or private property and interests therein as

Oklahoma Statutes - Title 73. State Capital and Capitol Building

it may deem necessary for carrying out the provisions of this act.

The exercise of the power of condemnation shall be in accordance

with and subject to the provisions of any and all existing laws and

statutes applicable to the exercise of the power of condemnation of

property for public use. In any condemnation proceedings the court

having jurisdiction of the suit, action or proceeding may make such

orders as may be just to the Authority and to the owners of the

property to be condemned and may require an undertaking or other

security to secure such owners against any loss or damage by reason

of the failure of the Authority to accept and pay for the property,

but neither such undertaking or security nor any act or obligation

of the Authority shall impose any liability upon the state or the

Authority except such as may be paid from the funds provided under

the provisions of the act;

6. To make and enter into all contracts and agreements

necessary or incidental to the performance of its duties and the

execution of its powers under this act, and particularly to make and

enter into contracts and agreements with the departments and

agencies of the State of Oklahoma and/or federal government relating

to the rent, amortization of cost, and use of the building by such

departments and agencies, or relating to the construction,

improvement, repair, and maintenance of the highway infrastructure

in this state;

7. To employ employees and agents as may be necessary in its

judgment, including, but not limited to, legal counsel and such

other professionals as may be needed for the issuance and

administration of bonds issued under the provisions of this title

and to fix their compensation; provided, that all such expenses

shall be payable solely from the proceeds of bonds issued under this

act or from revenues derived from the building;

8. To receive and accept from any federal agency grants or

payments for or in aid of the construction of any project, and to

receive and accept aid or contributions from any source of either

money, property, labor, or other things of value to be held, used,

and applied only for the purposes for which such grants and

contributions may be made;

9. To do any and all things necessary to comply with rules,

regulations, or requirements of any state or federal agency

administering any law enacted by the Congress of the United States

to aid or encourage the construction or use of such building;

10. To do all things necessary or convenient to carry out the

powers expressly granted in this act; and

11. To administer the Legacy Capital Financing Act.

Added by Laws 1959, p. 253, § 11, emerg. eff. June 27, 1959.

Amended by Laws 1995, c. 334, § 6, emerg. eff. June 8, 1995; Laws

1997, c. 329, § 6, eff. July 1, 1997; Laws 2023, 1st Ex. Sess., c.

Oklahoma Statutes - Title 73. State Capital and Capitol Building

1, § 3, emerg. eff. June 2, 2023; Laws 2024, c. 68, § 1, emerg. eff.

April 22, 2024.