Oklahoma § 73-343.1 - Financing authority for construction, repair and

§ 73-343.1. Financing authority for construction, repair and

rehabilitation of high-hazard dams.

A. The Oklahoma Capitol Improvement Authority is hereby

authorized to acquire real property or interests therein, together

with improvements located thereon, and personal property and invest

capital into improvements for purposes of construction, repair and

rehabilitation of high-hazard dams through and with the assistance

of local conservation districts, all pursuant to the Conservation

District Act.

Oklahoma Statutes - Title 73. State Capital and Capitol Building

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 Oklahoma Conservation Commission. 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 Oklahoma Conservation

Commission.

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

real property and improvements and 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 collection of such income and revenues, issue

negotiable obligations in the amount sufficient to generate net

proceeds of Seventeen Million Five Hundred Thousand Dollars

($17,500,000.00) after providing for costs of issuance, credit

enhancement, reserves and other associated expenses related to the

financing. The Authority is authorized to capitalize interest on

the obligations issued pursuant to the authority granted by this

section for a period not to exceed one (1) year from the date of

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

Oklahoma Conservation Commission sufficient monies to make rental

payments for the purposes of retiring the obligations created

pursuant to this section.

C. To the extent funds are available, the Authority shall

provide for the payment of professional fees and associated costs

approved by the Authority.

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 twenty (20) years from

the first principal maturity date.

Oklahoma Statutes - Title 73. State Capital and Capitol Building

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 2020, c. 80, § 1, emerg. eff. May 19, 2020.