Oklahoma § 73-177 - Renovation of certain facilities

§ 73-177. Renovation of certain facilities

A. The Oklahoma Capitol Improvement Authority may make repairs

to Department of Corrections facilities; renovate and refurbish

facilities at Eastern State Hospital located at Vinita, Oklahoma for

use by the Department of Corrections to house state inmates;

renovate and refurbish facilities at Eastern State Hospital located

at Vinita, Oklahoma for use by the Department of Mental Health to

house mentally ill patients; and construct and renovate facilities

for juvenile detention and treatment. Upon the retirement of the

indebtedness created pursuant to this section, the title to the land

and improvements thereon shall be transferred from the Oklahoma

Capitol Improvement Authority to the Oklahoma Department of

Corrections, Department of Mental Health, and Department of Human

Services or the Department of Juvenile Justice, whichever is

appropriate. Project costs are allocated in the following amounts:

Infrastructure repairs Department of Corrections

$11,000,000.00

Facility renovation Department of Corrections

$2,420,000.00

Facility renovation Department of Mental Health

$580,000.00

Juvenile detention facilities Department of Human Services

$4,500,000.00

Total

$18,500,000.00

B. For the purpose of paying the costs of the projects

authorized in subsection A of this section, the Authority is hereby

authorized to borrow monies on the credit of the income and revenues

to be derived from such projects and, in anticipation of the

collection of such income and revenues, to issue negotiable bonds

not to exceed the sum of Seventeen Million Five Hundred Thousand

Dollars ($17,500,000.00) as may be determined by the Authority. The

Authority may retain such legal counsel as it deems necessary for

this purpose. It is the intent of the Legislature to appropriate to

the Oklahoma Department of Corrections, Department of Mental Health,

and Department of Human Services sufficient monies to make payments

to the Authority for purposes of retiring the debt created pursuant

to this section.

C. The interest rate on the bonds issued pursuant to this

section shall not exceed seven and three-quarters percent (7.75%)

per annum.

D. The Authority may issue the bonds in one or more series.

E. The State Treasurer shall buy, and the Authority shall sell

to the State Treasurer at private sale, the bonds authorized by this

section. The Authority shall fix the rate of interest the bonds

shall bear, such rate of interest not to exceed the maximum

specified in this section. All interest earned on the bonds held by

Oklahoma Statutes - Title 73. State Capital and Capitol Building

the State Treasurer, as collected, shall be paid into the General

Revenue Fund.

F. Insofar as they are not in conflict with the provisions of

this section, the provisions of Section 151 et seq. of this title

shall apply to this section.

G. The Department of Corrections is hereby authorized to expend

up to One Million Dollars ($1,000,000.00) of the interest earned

from investment of the proceeds of the bonds authorized by

subsection B of this section for the purpose of paying the costs of

the infrastructure repairs of the Department of Corrections

authorized in subsection A of this section less any amount necessary

to meet any rebate requirements of the federal government.

Added by Laws 1994, c. 277, § 16. Amended by Laws 1996, c. 12, § 4,

emerg. eff. April 1, 1996.