Oklahoma § 73-178 - Repairs, refurbishments and improvements - Authority to

§ 73-178. Repairs, refurbishments and improvements - Authority to

issue bonds.

A. The Oklahoma Capitol Improvement Authority shall provide for

the funding for repairs, refurbishments and improvements to Oklahoma

Tourism and Recreation Department properties and facilities, and may

hold title to or a leasehold interest in the facilities until such

time as the indebtedness created pursuant to this section shall be

retired or defeased and shall lease such facilities to the

Department. Upon the retirement of the indebtedness created

pursuant to this section, the title to the facilities and

improvements thereon shall be transferred from the Oklahoma Capitol

Improvement Authority to the Oklahoma Tourism and Recreation

Department. Project costs are allocated in the following amounts:

PARK

AMOUNT

Langley (below dam)

9 hole golf course

$1,285,240.00

Clubhouse/maintenance barn

154,000.00

15 RV super sites

132,000.00

Sewer, water, and electric utility systems

134,000.00

Contingency

100,000.00

1 comfort station with shower

60,500.00

Roads and Parking

75,000.00

Eucha

Comfort station with shower and

sewer system

55,000.00

Natural Falls - Colcord

Community Building, RV Rally Area, and

sewer system

238,700.00

Dripping Springs - Okmulgee

Comfort station with showers, 25 RV sites,

Sewer System, and Visitor center/park store

255,200.00

Texoma

18 hole championship golf course

3,025,000.00

Clubhouse with grill

445,500.00

Roman Nose

9 hole golf course expansion

767,525.00

Welcome Center

Thackerville

575,000.00

Welcome Center

Catoosa

500,000.00

Welcome Center

Midwest City

500,000.00

Quartz Mountain Resort Park

Oklahoma Statutes - Title 73. State Capital and Capitol Building

Lodge - 100 Rooms with banquet facilities

and meeting rooms

3,500,000.00

TOTAL

$11,802,665.00

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 the leasing of such projects and, in anticipation

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

or competitive bonds not to exceed the sum of Twelve Million Six

Hundred Eighty-five Thousand Dollars ($12,685,000.00) as may be

determined by the Authority. It is the intent of the Legislature to

appropriate to the Oklahoma Tourism and Recreation Department

sufficient monies to make rental payments for purposes of retiring

the debt created pursuant to this section.

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

in conjunction with other issues of the Authority.

D. 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.

E. The Oklahoma Tourism and Recreation Commission may revise

such charges directly associated with such improvements from time to

time whenever necessary to maximize revenues so as to contribute to

the payment of principal of and interest on such bonds. All

revenues generated pursuant to the provisions of this section not

otherwise committed for other lawful purposes shall be placed in the

1995 Tourism Bond Revolving Fund, as created in Section 179 of this

title.

F. All interest earned on any reserve funds created by such

bonds held by the State Treasurer, as collected, shall be paid into

the General Revenue Fund.

G. If any of the lodge facilities involved are sold to private

entities, at any time in the future, prior to the payment of the

bonds issued by virtue of this act, the amount received shall first

be used to pay any unredeemed bonds for such facilities.

H. Provided that the security for these bonds is not adversely

affected, certain project cost allocations, as identified in this

section, may be used for the following expanded purpose:

Langley - contingency of One Hundred Thousand Dollars

($100,000.00) may also be used to fund any overage amount associated

with the projects listed in this section for Langley State Park.

Added by Laws 1995, c. 334, § 1, emerg. eff. June 8, 1995. Amended

by Laws 1996, c. 348, § 1, eff. July 1, 1996; Laws 1997, c. 157, §

3, eff. July 1, 1997; Laws 2002, c. 343, § 16, emerg. eff. May 30,

2002.