Oklahoma § 73-315 - Substance abuse treatment center – Construction costs and

§ 73-315. Substance abuse treatment center – Construction costs and

fees.

A. The Oklahoma Capitol Improvement Authority is authorized to

construct buildings and other improvements to real property, and to

acquire personal property for purposes of providing a substance

abuse treatment center for the Department of Mental Health and

Substance Abuse Services. The Authority may hold title to the real

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 Department. Upon final redemption

or defeasance of the obligations created pursuant to this section,

title to the real property and improvements shall be transferred

from the Authority, to the Department.

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

buildings and improvements and acquisition of personal property

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 property and

improvements and, in anticipation of the collection of such income

and revenues, to issue negotiable obligations in an amount not to

exceed Four Million Dollars ($4,000,000.00). It is the intent of

the Legislature to appropriate to the Department sufficient monies

to make rental payments for the purpose of retiring the obligations

created pursuant to this section.

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

borrowing authorized by subsection B of this section, the Authority

Oklahoma Statutes - Title 73. State Capital and Capitol Building

shall provide for the payment of professional fees and associated

costs related to the projects authorized in subsection A of this

section which are approved by the Department.

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.

Added by Laws 2001, c. 391, § 1, emerg. eff. June 4, 2001.