Oklahoma § 74-168 - Library for the Blind and Physically Handicapped Transfer of land - Indebtedness and bonds

§ 74-168. Library for the Blind and Physically Handicapped Transfer of land - Indebtedness and bonds

A. The Office of Management and Enterprise Services is hereby

authorized to transfer to the Oklahoma Capitol Improvement

Authority, for the purpose of erecting, operating and maintaining a

building for the Library for the Blind and Physically Handicapped,

the land described as a part of the Northwest Quarter of Section 27,

Township 12 North, Range 3 West of the Indian Meridian, Oklahoma

County, Oklahoma, more particularly described as follows: Beginning

at the Southeast corner of the said NW 1/4 of the said Section 27;

thence S 89 degrees 59' 33" W, a distance of 152.77 feet to a point;

thence S 89 degrees 59' 29" W, a distance of 479.34 feet to a point;

thence N 0 degrees 46' 09" E, a distance of 341.21 feet to the point

and place of beginning; thence S 89 degrees 59' 29" W, a distance of

121.90 feet to a point; thence N 0 degrees 03' 26" W, a distance of

138.82 feet to a point; thence S 89 degrees 59' 29" W, a distance of

290.00 feet to a point; thence W 0 degrees 07' 52" W, a distance of

334.28 feet to a point; thence N 89 degrees 59' 29" E, a distance of

320.00 feet to a point; thence N 89 degrees 58' 51" E, a distance of

99.15 feet to a point; thence S 0 degrees 46' 09" W, a distance of

473.17 feet to the point and place of beginning, retaining an

easement for vehicular access over and across a forty-foot-wide

strip of land, said strip being the Westerly forty (40) feet of the

above described property, containing three and fifty-nine onehundredths (3.59) acres.

B. For the purpose of paying the costs of the project

authorized in subsection A of this section, the Oklahoma Capitol

Improvement Authority is hereby authorized to borrow money on the

credit of rental payments made by the Department of Human Services

and, in anticipation of the collection of such rental payments, to

issue negotiable bonds not to exceed the sum of Two Million Five

Hundred Thousand Dollars ($2,500,000.00) as may be necessary for

such purpose as determined by the Authority. The Authority may

retain such legal counsel as it deems necessary for this purpose

subject to all requirements of the Public Competitive Bidding Act of

1974.

In order to prevent any defaults or threatened defaults in the

payment of said bonds, the Authority is hereby authorized to require

the State Department of Rehabilitation Services to be housed in said

building and to pay rent for the use and occupancy of said building.

Rents paid by the State Department of Rehabilitation Services shall

be placed in the Oklahoma Capitol Improvement Authority Fund for the

purpose of maintenance of the building, retiring said bonds, and

Oklahoma Statutes - Title 74. State Government

related expenses. When all bonds issued for the construction of

this building have been paid in full, the building shall become the

property of the State Department of Rehabilitation Services and

shall thereafter be under the full and exclusive supervision of the

State Department of Rehabilitation Services.

C. The State Treasurer is hereby authorized to purchase said

negotiable bonds.

D. The interest rate on the bonds issued pursuant to this

section shall not exceed ten percent (10%) per annum.

E. 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.

Added by Laws 1987, p. 1726, S.J.R. No. 5, § 1. Amended by Laws

1987, c. 236, § 141, emerg. eff. July 20, 1987; Laws 1993, c. 364, §

22, emerg. eff. June 11, 1993; Laws 2012, c. 304, § 841.