Oklahoma § 73-304.2 - American Indian Cultural Center and Museum – Continuing

§ 73-304.2. American Indian Cultural Center and Museum – Continuing

construction – Issuance of obligations.

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

under the conditions herein expressed, the Oklahoma Capitol

Improvement Authority (OCIA) is authorized to issue additional

obligations to provide funding for improvements to real and personal

property and for funding of further construction, improvements,

development and enhancement of the American Indian Cultural Center

and Museum (AICCM), to include personal property and exhibits with

debt retirement payments to be made as provided herein; provided,

however, that such obligations shall not be issued until the

Director of the Office of Management and Enterprise Services (OMES)

has certified that at least Ten Million Dollars ($10,000,000.00), in

accordance with the requirements of paragraph 1 of subsection B of

Section 1226.19 of Title 74 of the Oklahoma Statutes, has been

deposited in the American Indian Cultural Center and Museum

Completion Fund created by Section 1226.20 of Title 74 of the

Oklahoma Statutes.

B. The obligations authorized under this section shall be

repaid from lease payments to be made by the Native American

Cultural and Educational Authority (Authority) until its termination

and thereafter by the American Indian Cultural Center and Museum

Trust Authority (AICCMTA) created by Section 1226.21 of Title 74 of

the Oklahoma Statutes or another designated state agency for deposit

to the American Indian Cultural Center and Museum Postcompletion

Revolving Fund created by Section 1226.22 of Title 74 of the

Oklahoma Statutes, it being the express intent of the Legislature to

appropriate funds to such agencies in sufficient amount to make

lease payments which will provide for the repayment of such

obligations.

C. The obligations authorized under this section to provide

additional funding for the AICCM may be issued by OCIA, in one or

more series, in an aggregate amount sufficient to generate net

proceeds of Twenty-five Million Dollars ($25,000,000.00) after

providing for costs of issuance, credit enhancement, reserves and

other associated expenses related to the financing. Net proceeds of

the financing will be deposited into a construction fund to provide

for the construction and acquisition of improvements described

herein. It is the intent of the Legislature to appropriate to the

Authority or, after its termination pursuant to Section 1226.2 of

Oklahoma Statutes - Title 73. State Capital and Capitol Building

Title 74 of the Oklahoma Statutes, to the AICCMTA or another

designated state agency for deposit to the American Indian Cultural

Center and Museum Postcompletion Revolving Fund, sufficient monies

to make 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 section, OCIA

shall provide for the payment of professional fees and associated

costs related to the projects authorized in subsection A of this

section.

D. OCIA is authorized to hire bond counsel, special tax

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 OCIA, and in

such form and at such prices as may be authorized by OCIA. OCIA 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 OCIA, 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 OCIA.

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. OCIA 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. OCIA may place additional restrictions on the investment

of such monies if necessary to enhance the marketability of the

obligations.

I. 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.

J. The bonds or other obligations issued pursuant to this

section shall not at any time be deemed to constitute a debt of the

state or of any political subdivision thereof or a pledge of the

faith and credit of the state or of any such political subdivision.

Oklahoma Statutes - Title 73. State Capital and Capitol Building

Such bonds or other obligations shall contain on the face thereof a

statement that neither the faith and credit nor the taxing power of

the state or any political subdivision thereof is pledged, or may

hereafter be pledged, to the payment of the principal of or the

interest on such bonds.

K. The requirements for issuance of the additional obligations

described by this section shall be deemed to have been fully

satisfied by actions which include certification by the Director of

the Office of Management and Enterprise Services that at least Ten

Million Dollars ($10,000,000.00) has been deposited in the American

Indian Cultural Center and Museum Completion Fund, in accordance

with the requirements of paragraph 1 of subsection B of Section

1226.19 of Title 74 of the Oklahoma Statutes.

Added by Laws 2015, c. 339, § 3, eff. Sept. 1, 2015. Amended by

Laws 2017, c. 373, § 1, emerg. eff. May 31, 2017.