Oklahoma § 73-304 - Completion of Native American Cultural Center Museum Issuance of obligations

§ 73-304. Completion of Native American Cultural Center Museum Issuance of obligations

A. In addition to any other authorization provided by law, the

Oklahoma Capitol Improvement Authority is authorized to issue

obligations to acquire real property, together with improvements

located thereon, and personal property, to construct buildings and

other improvements to real property and to provide funding for

improvements to real and personal property and for funding for

construction of a Native American Cultural Center for the Native

American Cultural and Educational Authority in a total amount not to

exceed Thirty-three Million Dollars ($33,000,000.00) with debt

retirement payments to be made as provided herein.

B. The Authority may hold title to the real and personal

property and improvements until such time as any obligations issued

for this purpose are retired or defeased and may lease the real

property and improvements to the agencies indicated herein. Upon

final redemption or defeasance of the obligations created pursuant

to this section, title to the real and personal property and

improvements shall be transferred from the Oklahoma Capitol

Improvement Authority to the Native American Cultural and

Educational Authority.

C. For the purpose of paying the costs for acquisition and

construction of the real property and improvements and personal

property and making the improvements to real and personal property,

and providing funding for the project authorized in subsection A of

this section, for the purpose authorized in subsection D of this

section, and subject to the provisions of subsection J 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 and improvements and, in

Oklahoma Statutes - Title 73. State Capital and Capitol Building

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

negotiable obligations in a total amount not to exceed Thirty-three

Million Dollars ($33,000,000.00) whether issued in one or more

series. For the fiscal year ending June 30, 2008, and subsequent

fiscal years, it is the intent of the Legislature to appropriate to

the Native American Cultural and Educational Authority sufficient

monies to make rental payments for the purposes of retiring the

obligations created pursuant to this section. To the extent funds

are available from the proceeds of the borrowing authorized by this

subsection, the Oklahoma Capitol Improvement Authority shall provide

for the payment of professional fees and associated costs related to

the projects authorized in subsection A of 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.

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

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.

Oklahoma Statutes - Title 73. State Capital and Capitol Building

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

this section, the provisions of Section 151 et seq. of Title 73 of

the Oklahoma Statutes shall apply to this section.

J. The authorization to borrow money and issue negotiable

obligations granted by this section is subject to the following

restrictions:

1. The obligations must be issued by June 30, 2005; and

2. There is no present legislative intent to appropriate funds

for necessary rental payments for the purpose of retiring

obligations created pursuant to this section during the fiscal years

ending on or before June 30, 2007. The funds for such payments must

be acquired by the Native American Cultural and Educational

Authority prior to issuance of any obligations pursuant to this

section.

Added by Laws 2003, c. 378, § 1, emerg. eff. June 4, 2003.

NOTE: Editorially renumbered from § 303 of Title 73 to avoid a

duplication in numbering.