Oklahoma 2022 Regular Session

Oklahoma House Bill HB3571 Compare Versions

Version 1 (Old)

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. 3571 Page 1 1
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	28	+	ENGROSSED SENATE AMENDMENT
	29	+	TO
	30	+	ENGROSSED HOUSE
	31	+	BILL NO. 3571 By: McBride of the House
	32	+
	33	+	and
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	35	+	Thompson of the Senate
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	37	+
	38	+
	39	+
	40	+	[ Oklahoma Capitol Improvement Authorit y -
	41	+	authorizing issuance of obligations - authorizing
	42	+	acquisition of title to certain assets by Oklahoma
	43	+	Capitol Improvement Authority - creating Jim Thorpe
	44	+	Repair Expenditure Oversight Committee -
	45	+	emergency ]
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	47	+
	48	+
	49	+
	50	+	AMENDMENT NO. 1. Page 1, restore the title
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	52	+	Passed the Senate the 28th day of April, 2022.
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	56	+	Presiding Officer of the Senate
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	59	+	Passed the House of Representatives the ____ day of __________,
	60	+	2022.
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	64	+	Presiding Officer of the House
	65	+	of Representatives
	66	+
	67	+	ENGR. H. B. NO. 3571 Page 1 1
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3	93		BILL NO. 3571 By: McBride of the House
4	94
5	95		and
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7	97		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 issui ng
41		-	capacity on previously issued obligations; creating
42		-	Jim Thorpe Repair Expenditure Oversight Committee;
43		-	providing for membership; specifying powers and
44		-	duties; requiring plans; providing for solicitation
45		-	of proposals; specifying content of final plan;
46		-	providing for oversight; imposing duty on Office of ENR. H. B. NO. 3571 Page 2
47		-	Management and Enterprise Services; providing for
48		-	codification; and declaring an emergency.
	104	+	[ Oklahoma Capitol Improvement Author ity -
	105	+	authorizing issuance of obligations - authorizing
	106	+	acquisition of title to certain assets by Oklahoma
	107	+	Capitol Improvement Authority - creating Jim Thorpe
	108	+	Repair Expenditure Oversight Committee -
	109	+	emergency ]
49	110
50	111
51		-	~~SUBJECT: Oklahoma Capitol Improvement Autho rity~~
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52	113
53	114		BE IT ENACTED BY THE PEOPLE OF THE STA TE OF OKLAHOMA:
54		-
55	115		SECTION 1. NEW LAW A new section of law to be codified
56	116		in the Oklahoma Statutes as Section 382 of Title 73, unless there is
57	117		created a duplication in numbering, reads as follows:
58		-
59	118		A. In addition to any other authoriza tion provided by law, the
60	119		Oklahoma Capitol Improvement Authority is authori zed to issue
61	120		obligations to acquire real propert y, together with improveme nts
62	121		located thereon, and personal property to construct improvements to
63	122		real property and to provide fundin g for repairs, refurbishments ,
64	123		and improvements to real and personal proper ty of the Jim Thorpe
	124	+
	125	+	ENGR. H. B. NO. 3571 Page 2 1
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65	150		Office Building and associated furniture, fixtures , and equipment in
66	151		a total amount not to exceed Seventy Million Dollars
67	152		($70,000,000.00). The funds shall be used for the renovation,
68	153		repair, and remodeling of the Jim Thorpe Office Bu ilding.
69		-
70	154		B. The Authority may hold title to the property and
71	155		improvements until such time as any obligations issued for this
72	156		purpose are retired or defeased and may lease the proper ty and
73	157		improvements to the Off ice of Management and Enterprise Services.
74	158		Upon final redemption or defeasance of the obliga tions created
75	159		pursuant to this section, title to the property and improvements
76	160		shall be transferred from the Oklahoma Capitol Improve ment Authority
77	161		to the Office of Management and Enterprise Services.
78		-
79	162		C. For the purposes of paying the costs for constructi on of the
80	163		real property and improvements, and providing funding for the
81	164		project authorized in subsection A of this section, and for t he
82	165		purpose authorized in subs ection D of this section, the Authority is
83	166		hereby authorized to borro w monies on the credit of the income and
84	167		revenues to be derived from the leasing of such property and
85	168		improvements and, in anticipation of the collection of s uch income
86	169		and revenues, to issue negotiable obligations in a total amount not
87	170		to exceed Seventy Million Dollars ( $70,000,000.00) whether issued in
88	171		one or more series. The Authority is authorized to capitalize
89	172		interest on the obligations issued pursuant t o this section for a
90	173		period of not to exceed one (1) year from the date of issuance. For
91		-	subsequent fiscal years, it is th e intent of the Legislature to ENR. H. B. NO. 3571 Page 3
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	200	+	subsequent fiscal years, it is th e intent of the Legislature to
92	201		appropriate to the Office of Management and Enterprise Services
93	202		sufficient monies to make rental payme nts for the purpose of
94	203		retiring the obligations created pursuant to this se ction. To the
95	204		extent funds are available from t he proceeds of the borrowing
96	205		authorized by this subsection, the Oklahoma Capitol Improvement
97	206		Authority shall provide for the payment of professional fees and
98	207		associated costs related to the project authorized in subsection A
99	208		of this section; provided, that no such fees or costs may be paid if
100	209		such payments would jeopardize the tax -advantaged status of the
101	210		bonds under federal law.
102		-
103	211		D. The Authority may issue obliga tions in one or more series
104	212		and in conjunction with other issues of the Authority. The
105	213		Authority is authorized to hire bond counsel, financial consultants,
106	214		and such other professionals as it may deem necessary to provide for
107	215		the efficient sale of the obli gations and may utilize a portion of
108	216		the proceeds of any borrowing to create such reserves as m ay be
109	217		deemed necessary and to pay costs associated with the issuance and
110	218		administration of such obligations.
111		-
112	219		E. The obligations auth orized under this section m ay be sold at
113	220		either competitive or negotiated sale, as determined by the
114	221		Authority, and in such form and at such prices as may be authorized
115	222		by the Authority. The Authority may enter into agre ements with such
116	223		credit enhancers and liquidity providers as m ay be determined
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	225	+	ENGR. H. B. NO. 3571 Page 4 1
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117	250		necessary to efficiently market the obligations. The obligatio ns
118	251		may mature and have such provisions for redemption as shall be
119	252		determined by the Authority, but in no event sha ll the final
120	253		maturity of such oblig ations occur later than t wenty-five (25) years
121	254		from the first principal maturity date.
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123	255		F. Any interest earnings on funds o r accounts created for the
124	256		purposes of this section may be utilized as partial payment of the
125	257		annual debt service or for the pu rposes directed by the Authority .
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127	258		G. The obligations issued under this section, the transfer
128	259		thereof, and the interest earned on such obligations, including any
129	260		profit derived from the sale thereof, shall not be subject to
130	261		taxation of any kind by the Stat e of Oklahoma, or by any county,
131	262		municipality, or political subdivision therein.
132		-
133	263		H. The Authority may direct the investment of a ll monies in any
134	264		funds or accounts created in connection with the offering of the
135	265		obligations authorized under this section. S uch investments shall
136		-	be made in a manner consistent with the investment guidelines of the ~~ENR. H. B. NO. 3571 Page 4~~
	266	+	be made in a manner consistent with the investment guidelines of the
137	267		State Treasurer. The Authority may pl ace additional restrictions on
138	268		the investment of such monies if necessary to enhance the
139	269		marketability of the obligations.
140		-
141	270		I. Insofar as they are not in conf lict with the provisions of
142	271		this section, the provisions of Section 151 et seq. of Title 73 of
143	272		the Oklahoma Statutes shall apply to this section.
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145	299		J. Unless at least fifty percent (50%) of the pro ceeds
146	300		authorized by the provisions of this section have bee n obtained by
147	301		sale of obligations by the Authority within three (3) years from the
148	302		effective date of this act, the provisions of this section shall
149	303		cease to have the force or effect of law with res pect to any further
150	304		issuance of obligations by the Authorit y otherwise authorized by
151	305		this section. The provisions of this subsection shall not be
152	306		construed to limit the liability of the Authority with respect to
153	307		obligations issued pursuant to this section if the obligations were
154	308		issued prior to the termination of the remaining issuing capacity
155	309		nor shall the provisions of this subsection be construed in any way
156	310		to impair rights of any person or entity which has purchased any
157	311		obligations of the Authority pur suant to the provisions of this
158	312		section which were authorized at the time of such purchase.
159		-
160	313		K. There is hereby created a Jim Thorpe Repair Expenditure
161	314		Oversight Committee. The proceeds from the sale of obligations
162	315		issued pursuant to the provisions of thi s section that are needed
163	316		for repairs to the interior and exte rior of the Jim Thorpe Office
164	317		Building shall be subject to the approval of the Jim Thorpe Repair
165	318		Expenditure Oversight Committee; provided, however, the expenditure
166	319		of those proceeds shall be subject t o a request for proposal
167	320		process.
	321	+	The Committee shall be composed of nine (9 ) members as follows:
168	322
169		-	The Committee shall be composed of nine (9 ) members as follows:
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171	348		1. Three persons to be appointed by the Governor, on e of whom
172	349		shall serve as chair of the Committee;
173		-
174	350		2. Three legislators to be appointed by the Speaker of the
175	351		Oklahoma House of Representatives, two of whom shall be members of
176	352		the majority political party and one of whom shall be a member of
177	353		the minority political party; and
178		-
179	354		3. Three legislators to be appointed by the President Pro
180	355		Tempore of the Oklahoma State Senate, two of whom shall be members
181		-	of the majority political party and one of whom shall be a member of ~~ENR. H. B. NO. 3571 Page 5~~
	356	+	of the majority political party and one of whom shall be a member of
182	357		the minority political party. Five membe rs of the Committee shall
183	358		constitute a quorum and the vote of five members shall be necessary
184	359		for any action taken by the C ommittee. The Committee shall be
185	360		staffed by employees of the Office of Mana gement and Enterprise
186	361		Services. The Committee shall be s ubject to the Oklahoma Op en
187	362		Meeting Act.
188		-
189	363		L. The Committee shall deliver a preliminary plan for the
190		-	renovation, repair, and remodeling of the Jim Thorpe Office Building
	364	+	renovation, repair and remodeling of the Jim Thorpe Office Building
191	365		to the Director of the Office of Manag ement and Enterprise S ervices
192	366		no later than Decemb er 31, 2022. The preliminary plan shall include
193	367		the following components:
194		-
195	368		1. Establishment of the Office of Management and Enter prise
196	369		Services' goal and criteria for use b y the vendor; and
197		-
198	370		2. Selection criteria for the design -build team vendor to be
199	371		selected through a Request For Prop osal process.
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200	397
201	398		M. Following receipt of the preliminary plan as approved by the
202	399		Committee, the Office of Management and Enterprise Services sh all
203	400		solicit Requests For Proposal s to select the vendor for the project.
204		-
205	401		N. The Committee shall deliver a final pl an to the Director of
206	402		the Office of Management and Enterprise Services no later than June
207	403		30, 2023. The final plan shall include the followi ng components:
208		-
209	404		1. Approval of the final scope of work developed by the vendor;
210	405		and
211		-
212	406		2. Approval of the project pha sing developed by the vendor.
213		-
214	407		O. Following delivery of the final plan, the Committee shall
215	408		continue to oversee the expenditure of proceeds f rom the sale of
216	409		obligations issued pursuant to the prov isions of this section until
217		-	completion of the renovation, r epair, and remodeling of the Jim
	410	+	completion of the renovation, r epair and remodeling of the Jim
218	411		Thorpe Office Building. The Committee may also propose and appro ve
219	412		amendments to the plan as it deems appropriate.
220		-
221	413		P. The Director of the O ffice of Management and Enterprise
222	414		Services shall have responsibility to substantia lly implement the
223	415		plan as presented by the Committee .
224		-
225	416		SECTION 2. It being immediatel y necessary for the preservation
226		-	of the public peace, health or safety, an emergency is hereby ~~ENR. H. B. NO. 3571 Page 6~~
	417	+	of the public peace, health or safety, an emergency is hereby
227	418		declared to exist, by reason whereof this act shall take eff ect and
228	419		be in full force from and after its passage an d approval.
229		-	ENR. H. B. NO. 3571 Page 7
230		-	Passed the House of Representatives the 18th day of May, 2022.
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	447	+	Passed the House of Representative s the 21st day of March, 2022.
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234	451
235	452		Presiding Officer of the House
236	453		of Representatives
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239		-	Passed the Senate the ~~28th~~ day of ~~April~~, 2022.
	456	+	Passed the Senate the ___ day of __________, 2022.
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244	461		Presiding Officer of the Senate
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248		-	OFFICE OF THE GOVERNOR
249		-	Received by the Office of the Governor this ____________________
250		-	day of ___________________, 20_______, at _______ o'clock _______ M.
251		-	By: _________________________________
252		-	Approved by the Governor of the State of Oklahoma this _____ ____
253		-	day of ___________________, 20_______, at _______ o'clock _______ M.
254		-
255		-
256		-	_________________________________
257		-	Governor of the State of Oklahoma
258		-
259		-	OFFICE OF THE SECRETARY OF STATE
260		-	Received by the Office of the Secretary of State this __________
261		-	day of ___________________, 20_______, at _______ o'clock _______ M.
262		-	By: _________________________________
263		-