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28	28	STATE OF OKLAHOMA
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30	30	1st Session of the 58th Legislature (2021)
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32	32	HOUSE BILL 1852 By: Fugate
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38	38	AS INTRODUCED
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40	40	An Act relating to the Oklahoma Capitol Improvement
41	41	Authority; authorizing issuance of indebtedness;
42	42	stating purpose of issuance; providi ng for allocation
43	43	of bond proceeds to the University of Oklahoma and
44	44	Oklahoma State University; authorizing Authority to
45	45	hold title to certain assets; providing for transfer
46	46	of title upon occurrence of certain events;
47	47	authorizing borrowing of monies based upon certain
48	48	revenues; stating legislative intent with respect to
49	49	appropriations; providing for payment of professional
50	50	fees and costs; prescribing procedures for sale and
51	51	issuance of obligations; authorizing contracts for
52	52	liquidity enhancement; prescribi ng maximum maturity;
53	53	providing for exemption from certain state and local
54	54	taxes; providing for use of certain interest
55	55	earnings; providing for authorized investments;
56	56	providing for applicability of statutory procedures
57	57	with respect to the Oklahoma Capitol Improvement
58	58	Authority; providing for codification; providing an
59	59	effective date; and declaring an emergency .
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66	66	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
67	67	SECTION 1. NEW LAW A new section of law to be codified
68	68	in the Oklahoma Statutes as Section 401 of Title 73, unless there is
69	69	created a duplication in numbering, reads as follows:
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96	96	A. The Oklahoma Capitol Improvement Authority is authorized to
97	97	issue notes, bonds, or other evidences of obligation in an amount
98	98	necessary to generate net proceeds of Two Hundred Seventy Million
99	99	Dollars ($270,000,000.00) after providing for costs of issuance,
100	100	credit enhancement, reserves, and other associated expenses related
101	101	to financing. Net proceeds of the financing will be deposited into
102	102	a construction fund to provide for the financing of acquisition of
103	103	real property, together with improvements located thereon, and
104	104	personal property, to construct buildings and other improvements to
105	105	real property and to acquire property for office spa ce and to
106	106	provide funding for the construction of facilities located on the
107	107	campus of the University of Oklahoma and Oklahoma State University
108	108	suitable for research, development and manufacturing of generic
109	109	drugs, including but not limited to insulin , with debt retirement
110	110	payments to be made as provided in this section. The total net
111	111	proceeds shall be allocated by The Oklahoma State Regents for Higher
112	112	Education equally between the University of Oklahoma and Oklahoma
113	113	State University.
114	114	B. The Authority may hold title to the real and personal
115	115	property and improvements until such time as any obligations issued
116	116	for this purpose are retired or defeased and may lease the real
117	117	property and improvements to the Oklahoma State Regents for Higher
118	118	Education or the Boa rd of Regents for the University of Oklahoma
119	119	with respect to assets located on that campus or the Board of
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146	146	Regents for the Oklahoma Agricultural and Mechanical Colleges with
147	147	respect to assets located on th e Oklahoma State University campus.
148	148	Upon final redemption or defeasance of the obligations created
149	149	pursuant to this section, title to the real and personal property
150	150	and improvements shall be transferred from the Authority to the
151	151	applicable Board of Regents.
152	152	C. For the purpose of paying the costs for acqu isition and
153	153	construction of the real property and improvements and personal
154	154	property and providing funding for the project authorized in
155	155	subsection A of this section, and for the purpose authorized in
156	156	subsection D of this section, the Authority is hereby a uthorized to
157	157	borrow monies on the credit of the income and revenues to be derived
158	158	from the leasing of such real and personal property and improvements
159	159	and, in anticipation of the collection of such income and revenues,
160	160	to issue negotiable obligations in on e or more series. The
161	161	Authority is authorized to capitalize interest on the obligations
162	162	issued pursuant to this section for a period of time not to exceed
163	163	one (1) year from the date of issuance. Excluding any capitalized
164	164	interest period, it is the intent of the Legislature to appropriate
165	165	to the Oklahoma State Regents for Higher Education sufficient monies
166	166	to make rental payments for the purposes of retiring obligations
167	167	created pursuant to this section.
168	168	D. To the extent funds are available from the procee ds of the
169	169	borrowing authorized by subsection C of this section, the Authority
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196	196	shall provide for the payment of professional fees and associated
197	197	costs related to the project authorized in subsection A of this
198	198	section.
199	199	E. The Authority may issue obligations in one or more series
200	200	and in conjunction with other issues of Authority. The Authority is
201	201	authorized to hire bond counsel, financial consultants, and other
202	202	professionals as it may deem necessary to provide for the efficient
203	203	sale of the obligations and ma y utilize a portion of the proceeds of
204	204	any borrowing to create such reserves as may be deemed necessary and
205	205	to pay costs associated with the issuance and administration of such
206	206	obligations.
207	207	F. The obligations authorized under this section may be sold at
208	208	either competitive or negotiated sale, as determined by the
209	209	Authority, and in such form and at such prices as may be authorized
210	210	by the Authority. The Authority may enter into agreements with such
211	211	credit enhancers and liquidity providers as may be determine d
212	212	necessary to efficiently market the obligations. The obligations
213	213	may mature and have such provisions for redemption as shall be
214	214	determined by the Authority, but in no event shall the final
215	215	maturity of such obligations occur later than twenty (20) years from
216	216	the first principal maturity date.
217	217	G. Any interest earnings on funds or accounts created for the
218	218	purposes of this section may be utilized as partial payment of the
219	219	annual debt service or for the purposes directed by the Authority.
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246	246	H. The obligations issued under this section, the transfer
247	247	thereof and the interest earned on such obligations, including any
248	248	profit derived from the sale thereof, shall not be subject to
249	249	taxation of any kind by the State of Oklahoma, or by any county,
250	250	municipality or polit ical subdivision therein.
251	251	I. The Authority may direct the investment of all monies in any
252	252	funds created in connection with the offering of the obligations
253	253	authorized under this section. The investments shall be made in a
254	254	manner consistent with the invest ment guidelines of the State
255	255	Treasurer. The Authority may place additional restrictions on the
256	256	investment of such monies if necessary to enhance the marketability
257	257	of the obligations.
258	258	J. Insofar as they are not in conflict with the provisions of
259	259	this section, the provisions of Section 151 et seq. of Title 73 of
260	260	the Oklahoma Statutes shall apply to this section.
261	261	SECTION 2. This act shall become effective July 1, 2021.
262	262	SECTION 3. It being immediately necessary for the preser vation
263	263	of the public peace, health or safety, an emergency is hereby
264	264	declared to exist, by reason whereof this act shall take effect and
265	265	be in full force from and after its passage and approval.
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267	267	58-1-6892 MAH 01/16/21

Oklahoma 2022 Regular Session

Oklahoma House Bill HB1852 Compare Versions