Oklahoma § 73-701 - Authority to issue obligations to acquire real and

§ 73-701. Authority to issue obligations to acquire real and

personal property for the Office of Juvenile Affairs.

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

subject to the approval process prescribed by Section 1 of this act

and the delivery of a memorandum as described by subsection C of

Section 1 of this act authorizing the issuance of obligations, the

Oklahoma Capitol Improvement Authority is authorized to issue

obligations to acquire real property, together with improvements

located thereon, and personal property to construct improvements to

real property and to provide funding for repairs, refurbishments and

improvements to real and personal property of the Office of Juvenile

Affairs sufficient to generate net proceeds in the amount of Fortyfive Million Dollars ($45,000,000.00).

B. The Authority may hold title to the property and

improvements until such time as any obligations issued for this

purpose are retired or defeased and may lease the property and

improvements to the Office of Juvenile Affairs. Upon final

redemption or defeasance of the obligations created pursuant to this

section, title to the property and improvements shall be transferred

from the Oklahoma Capitol Improvement Authority to the Office of

Juvenile Affairs.

C. For the purposes of paying the costs for construction of the

real property and improvements, and providing funding for the

project authorized in subsection A of this section, and for the

purpose authorized in subsection D 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 property and

improvements and, in anticipation of the collection of such income

and revenues, to issue negotiable obligations in a total amount

sufficient to generate net proceeds of Forty-five Million Dollars

($45,000,000.00) whether issued in one or more series. The

Authority is authorized to capitalize interest on the obligations

issued pursuant to this section for a period of not to exceed one

Oklahoma Statutes - Title 73. State Capital and Capitol Building

(1) year from the date of issuance. For subsequent fiscal years, it

is the intent of the Legislature to appropriate to the Office of

Juvenile Affairs sufficient monies to make rental payments for the

purpose 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 project authorized in

subsection A of this section; provided, that no such fees or costs

may be paid if such payments would jeopardize the tax-advantaged

status of the bonds under federal law.

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-five (25) 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.

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.

Oklahoma Statutes - Title 73. State Capital and Capitol Building

Added by Laws 2017, c. 337, § 4, eff. July 1, 2017.

Oklahoma Statutes - Title 73. State Capital and Capitol Building