Oklahoma 2022 Regular Session

Oklahoma House Bill HB3567 Compare Versions

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Version 2 (New)

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1		-	An Act
2		-	ENROLLED HOUSE
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	3	+	ENGR. S. A. TO ENGR. H. B. NO. 3567 Page 1 1
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	28	+	ENGROSSED SENATE AMENDMENT
	29	+	TO
	30	+	ENGROSSED HOUSE
	31	+	BILL NO. 3567 By: McBride of the House
	32	+
	33	+	and
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	35	+	Thompson of the Senate
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	38	+
	39	+
	40	+	[ Office of Management and E nterprise Services -
	41	+	making an appropriation - effective date –
	42	+	emergency ]
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	46	+
	47	+	AMENDMENT NO. 1. Page 1, restore the title
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	49	+	Passed the Senate the 28th day of April, 2022.
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	53	+	Presiding Officer of the Senate
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	56	+	Passed the House of Representatives the ____ day of __________,
	57	+	2022.
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	61	+	Presiding Officer of the House
	62	+	of Representatives
	63	+
	64	+	ENGR. H. B. NO. 3567 Page 1 1
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	89	+	ENGROSSED HOUSE
3	90		BILL NO. 3567 By: McBride of the House
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5	92		and
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7	94		Thompson of the Senate
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14		-	An Act relating to the Oklahoma Capitol Improvement
15		-	Authority; authorizing issuance of obligations;
16		-	providing for authorized use of proceeds; providing
17		-	for net proceeds amount; authorizing acqu isition of
18		-	title to certain assets by Oklahoma Capitol
19		-	Improvement Authority; providing for transfer of
20		-	title upon redemption or defeasance; authorizing
21		-	Oklahoma Capitol Improvement Authority to borrow
22		-	monies on credit of certain income or revenues;
23		-	authorizing capitalization of interest for prescribed
24		-	period of time; stating legislative in tent with
25		-	respect to appropriation of funds to the Office of
26		-	Management and Enterprise Services ; providing for
27		-	payment of professional fees and costs; authorizing
28		-	issuance of obligations in one or more series;
29		-	specifying net proceeds amount; authorizing
30		-	engagement of certain professional services;
31		-	providing for competitive or negot iated sale of
32		-	obligations; providing for agreements with credit
33		-	enhancers or liquidity pro viders; prescribing final
34		-	maturity; authorizing use of in terest for certain
35		-	purposes; providing for exemption from state and
36		-	local taxation; providing for investment of funds;
37		-	providing for restrictions; pr oviding for
38		-	applicability of certain statutory pro visions;
39		-	imposing time limit for issuance of obligations;
40		-	providing for effect of termination of issuing
41		-	capacity on previously issued obligat ions; providing
42		-	for codification; and declaring an emergency.
	101	+	[ Office of Management and E nterprise Services -
	102	+	making an appropriation - effective date –
	103	+	emergency ]
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46		-	ENR. H. B. NO. 3567 Page 2
47		-	SUBJECT: Oklahoma Capitol Improvement Authority
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49	108		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHO MA:
	109	+	SECTION 1. There is hereby appropriated to the Office of
	110	+	Management and Enterprise Services from any monies not o therwise
	111	+	appropriated from the General Revenue Fund of the Sta te Treasury for
	112	+	fiscal year ending June 30, 2023, the sum of Nineteen Million
	113	+	Dollars ($19,000,000.00) for repairs, refurbishm ents, and
	114	+	improvements to the system of t unnels located on or connecting to
	115	+	the Capitol and those buildings and structures situ ated on the
	116	+	Capitol grounds.
	117	+	SECTION 2. This act shall become effective July 1, 2022.
	118	+	SECTION 3. It being immediately necessary for the preservation
	119	+	of the public peace, hea lth or safety, an emergency is hereby
50	120
51		-	SECTION 1. NEW LAW A new section of law to be codified
52		-	in the Oklahoma Statutes as Section 384 of Title 73, unless there is
53		-	created a duplication i n numbering, reads as follows:
	121	+	ENGR. H. B. NO. 3567 Page 2 1
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55		-	A. In addition to any other authorizatio n provided by law, the
56		-	Oklahoma Capitol Improvement Authority is authori zed to issue
57		-	obligations to acquire real property, together with improvements
58		-	located thereon, and personal pro perty to construct improvements to
59		-	real property and to provide funding f or repairs, refurbishments ,
60		-	and improvements to real and personal proper ty constituting the
61		-	tunnels underlying the State Capitol Office Complex and associated
62		-	fixtures and equipment in a total amount not to exceed Nineteen
63		-	Million Dollars ($19,000,000.00). The funds shall be used for the
64		-	renovation, repair, and remodeling of the tunnels underlying the
65		-	State Capitol Office Comple x.
66		-
67		-	B. The Authority may hold title to the property and
68		-	improvements until such time as any obligations issued for this
69		-	purpose are retired or defeased and may lease the property and
70		-	improvements to the Off ice of Management and Enterprise Services.
71		-	Upon final redemption or defeasance of the obliga tions created
72		-	pursuant to this section, title to the property and improvements
73		-	shall be transferred from the Oklahoma Capitol Improvement Authority
74		-	to the Office of Management and Enterprise Services.
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76		-	C. For the purposes of paying the costs for constructi on of the
77		-	real property and improvements, and providing funding for the
78		-	project authorized in subsection A of this section, and for the
79		-	purpose authorized in subs ection D of this section, the Authority is
80		-	hereby authorized to borrow monies on the credit of the income and
81		-	revenues to be derived from the leasing of such property and
82		-	improvements and, in anticipation of the collection of such income
83		-	and revenues, to issue negotiable obligations in a total amount not
84		-	to exceed Nineteen Million Dollars ($19,000,000.00) whether issued
85		-	in one or more series. The Authority is authorized to capitalize
86		-	interest on the obligations issued pursuant to this section for a
87		-	period of not to exceed one (1) year from the date of issuance. For
88		-	subsequent fiscal years, it is th e intent of the Legislature to
89		-	appropriate to the Office of Management and Enterprise Services
90		-	sufficient monies to make rental payments for the purpose of
91		-	retiring the obligations created pursuant to this section. To the ENR. H. B. NO. 3567 Page 3
92		-	extent funds are available from t he proceeds of the borrowing
93		-	authorized by this subsection, the Oklahoma Capitol Improvement
94		-	Authority shall provide for the payment of professional fees and
95		-	associated costs related to the project authorized in subsection A
96		-	of this section; provided, that no such fees or costs may be paid if
97		-	such payments would jeopardize the tax -advantaged status of the
98		-	bonds under federal law.
99		-
100		-	D. The Authority may issue obliga tions in one or more series
101		-	and in conjunction with other issues of the Authority. The
102		-	Authority is authorized to hire bond counsel, financial consultants,
103		-	and such other professionals as it may deem necessary to provide for
104		-	the efficient sale of the obli gations and may utilize a portion of
105		-	the proceeds of any borrowing to create such reserves as m ay be
106		-	deemed necessary and to pay costs associated with the issuance and
107		-	administration of such obligations.
108		-
109		-	E. The obligations authoriz ed under this section m ay be sold at
110		-	either competitive or negotiated sale, as determined by the
111		-	Authority, and in such form and at such prices as may be authorized
112		-	by the Authority. The Authority may enter into agre ements with such
113		-	credit enhancers and l iquidity providers as m ay be determined
114		-	necessary to efficiently market the obligations. The obligatio ns
115		-	may mature and have such provisions for redemption as shall be
116		-	determined by the Authority, but in no event sha ll the final
117		-	maturity of such obligatio ns occur later than t wenty-five (25) years
118		-	from the first principal maturit y date.
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120		-	F. Any interest earnings on funds o r accounts created for the
121		-	purposes of this section may be utilized as partial payment of the
122		-	annual debt service or for the pu rposes directed by the Authority .
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124		-	G. The obligations issued under this section, the transfer
125		-	thereof, and the interest earned on such obligations, including any
126		-	profit derived from the sale thereof, shall not be subject to
127		-	taxation of any kind by the Stat e of Oklahoma, or by any county,
128		-	municipality, or political subdivision therein.
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130		-	H. The Authority may direct the investment of a ll monies in any
131		-	funds or accounts created in connection with the offering of the
132		-	obligations authorized under this section. S uch investments shall
133		-	be made in a manner consistent with the investment guidelines o f the
134		-	State Treasurer. The Authority may pl ace additional restrictions on
135		-	the investment of such monies if necessary to enhance the
136		-	marketability of the obligations. ENR. H. B. NO. 3567 Page 4
137		-
138		-	I. Insofar as they are not in conf lict with the provisions of
139		-	this section, the provisio ns of Section 151 et seq. of Title 73 of
140		-	the Oklahoma Statutes shall apply to this section.
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142		-	J. Unless at least fifty percent (50%) of the pro ceeds
143		-	authorized by the provisions of t his section have bee n obtained by
144		-	sale of obligations by the Authority with in three (3) years from the
145		-	effective date of this act, the provisions of this section shall
146		-	cease to have the force or effect of law with res pect to any further
147		-	issuance of obligations by the Authorit y otherwise authorized by
148		-	this section. The provisions of this subsection shall not be
149		-	construed to limit the liability of the Authority with respect to
150		-	obligations issued pursuant to this section if the obligations were
151		-	issued prior to the termination of the remaining issuing capacity
152		-	nor shall the provision s of this subsection be construed in any way
153		-	to impair rights of any person or entity which has purchased any
154		-	obligations of the Authority pur suant to the provisions of this
155		-	section which were authorized at the time of such purchase.
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157		-	SECTION 2. It being immediately necessary for the pr eservation
158		-	of the public peace, health or safety, an emergency is hereby
159	146		declared to exist, by reason whereof this act shall take effect and
160	147		be in full force from and after its passage and approval.
161		-	ENR. H. B. NO. 3567 Page 5
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163		-	Passed the House of Representatives the 20th day of May, 2022.
	148	+	Passed the House of Representatives the 14th day of March, 2022.
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168	153		Presiding Officer of the House
169	154		of Representatives
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172		-	Passed the Senate the ~~20th~~ day of ~~May~~, 2022.
	157	+	Passed the Senate the ___ day of __________, 2022.
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177	162		Presiding Officer of th e Senate
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181		-	OFFICE OF THE GOVERNOR
182		-	Received by the Office of the Governor this ____________________
183		-	day of ___________________, 20_______, at _______ o'clock _______ M.
184		-	By: _________________________________
185		-	Approved by the Governor of the State of Oklahoma this _____ ____
186		-	day of ___________________, 20_______, at _______ o'clock _______ M.
187		-
188		-
189		-	_________________________________
190		-	Governor of the State of Oklahoma
191		-
192		-	OFFICE OF THE SECRETARY OF STATE
193		-	Received by the Office of the Secretary of State this __________
194		-	day of ___________________, 20_______, at _______ o'clock _______ M.
195		-	By: _________________________________