Oklahoma § 73-168.8 - Purchase of property for laboratory and investigative

§ 73-168.8. Purchase of property for laboratory and investigative

services buildings for State Bureau of Investigation.

Oklahoma Statutes - Title 73. State Capital and Capitol Building

A. The Oklahoma Capitol Improvement Authority is authorized to

acquire real property located in Durant, Bryan County, Oklahoma, in

McAlester, Pittsburg County, Oklahoma, in Lawton, Comanche County,

Oklahoma, and in Oklahoma County, Oklahoma, together with

improvements located thereon, for purposes of providing space to the

Oklahoma State Bureau of Investigation for laboratory or

investigative office services or both laboratory and investigative

office services. The Authority may hold title to the real and

personal property, including equipment, furnishings, and

improvements until such time as any obligations issued for this

purpose are retired or defeased and may lease the real and personal

property, including equipment, furnishings, and improvements to the

Oklahoma State Bureau of Investigation. Upon final redemption or

defeasance of the obligations created pursuant to this section,

title to the real and personal property, including equipment,

furnishings, and improvements shall be transferred from the Oklahoma

Capitol Improvement Authority to the Oklahoma State Bureau of

Investigation.

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

real and personal property, including equipment, furnishings, and

improvements authorized in subsection A of this section and for the

purpose authorized in subsection C 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, including equipment, furnishings, and improvements and, in

anticipation of the collection of such income and revenues, to issue

negotiable obligations in an amount necessary to generate net

proceeds of Twenty-eight Million Three Hundred Thousand Dollars

($28,300,000.00). It is the intent of the Legislature to

appropriate to the Oklahoma State Bureau of Investigation sufficient

monies to make rental payments and to authorize the use of monies

accruing to the credit of the Forensic Science Improvement Revolving

Fund established in Section 150.35 of Title 74 of the Oklahoma

Statutes for the purposes of retiring the obligations created

pursuant to this section. The costs for acquisition of the real and

personal property, including equipment, furnishings, and

improvements authorized in subsection A of this section shall not

exceed Five Hundred Thousand Dollars ($500,000.00) for property

located in Durant, Oklahoma, Five Hundred Thousand Dollars

($500,000.00) for property located in McAlester, Oklahoma, Five

Hundred Thousand Dollars ($500,000.00) for property located in

Lawton, Oklahoma, and Twenty-six Million Three Hundred Thousand

Dollars ($26,300,000.00) for property located in Oklahoma County.

The costs for acquisition of the real and personal property,

including equipment, furnishings, and improvements authorized in

subsection A of this section shall not exceed the fair market value

of the property as determined by the Office of Management and

Oklahoma Statutes - Title 73. State Capital and Capitol Building

Enterprise Services. In determining the fair market value of such

property, the Office of Management and Enterprise Services may

consider factors such as relocation costs. The Office of Management

and Enterprise Services is authorized to conduct an appraisal of any

property which may be acquired pursuant to this section or to

contract with others for such appraisal or appraisals as may be

necessary. In the event the Authority leases any part of the real

and personal property acquired pursuant to subsection A of this

section to any entity other than the Bureau, the Authority shall

require such lease to comply with such security restrictions as may

be requested by the Bureau.

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

borrowing authorized by subsection B of this section, the Oklahoma

Capitol Improvement Authority shall provide for the payment of

professional fees and associated costs approved by the Oklahoma

State Bureau of Investigation. The Bureau shall reimburse the

Office of Management and Enterprise Services for all costs incurred

by the Department in determining the fair market value of any

property pursuant to 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 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

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.

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.

Any interest earnings on funds or accounts created for the purposes

of this section may be utilized for the purchase of personal

property, including equipment, furnishings and improvements to real

property.

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

Oklahoma Statutes - Title 73. State Capital and Capitol Building

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. The construction of new facilities or the acquisition of

existing properties pursuant to this section shall be exempt from

the Office of Management and Enterprise Services procedures for

leasing and space standards.

Added by Laws 2002, c. 471, § 1, eff. July 1, 2002. Amended by Laws

2006, c. 304, § 1, emerg. eff. June 8, 2006; Laws 2012, c. 304, §

679.