OK
Oklahoma House Bill HB4099

Oklahoma 2022 Regular Session

Oklahoma House Bill HB4099 Compare Versions

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1-An Act
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28+ENGROSSED SENATE AMENDMENT
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331 BILL NO. 4099 By: Frix, Mize, Moore, Burns,
432 Dobrinski, Humphrey, Strom,
533 Newton, Culver, Pfeiffer,
634 Kendrix, Sneed, Patzkowsky,
7-Luttrell, West (Josh),
8-Waldron, Rosecrants,
9-Blancett, and Munson of the
10-House
35+Luttrell, West (Josh) and
36+Waldron of the House
1137
1238 and
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14- Jech, Quinn, Bergstrom,
15-Coleman, David, Pemberton,
16-Daniels, Burns, Kirt, Kidd,
17-Pederson, Floyd, and
18-Stephens of the Senate
40+ Jech, Quinn and Bergstrom
41+of the Senate
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46+[ public finance - authorizing issuance of ce rtain
47+net amount of obligations by Oklahoma Capitol
48+Improvement Authority for funding of certain
49+projects for the Oklahoma Historical Society -
50+effective date ]
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55+AUTHOR: Add the following House Coauthor: Rosecrants
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57+AUTHOR: Add the following Senate Coauthors: Coleman, David,
58+Pemberton, Daniels, Burns, Kirt, Kidd, Pederson, Floyd, and
59+Stephens
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61+AMENDMENT NO. 1. Page 1, restore the title
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89+Passed the Senate the 25th day of April, 2022.
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93+ Presiding Officer of the Senate
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96+Passed the House of Representatives the ____ day of __________,
97+2022.
98+
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101+ Presiding Officer of the House
102+ of Representatives
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104+ENGR. H. B. NO. 4099 Page 1 1
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129+ENGROSSED HOUSE
130+BILL NO. 4099 By: Frix, Mize, Moore, Burns,
131+Dobrinski, Humphrey, Strom,
132+Newton, Culver, Pfeiffer,
133+Kendrix, Sneed, Patzkowsky,
134+Luttrell, West (Josh) and
135+Waldron of the House
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137+ and
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139+ Jech, Quinn and Bergstrom
140+of the Senate
19141
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25-An Act relating to public finance; authorizing
26-issuance of certain net amount of obli gations by
27-Oklahoma Capitol Improvement Authority for funding of
28-certain projects for the Oklahoma Historical Society;
29-providing for debt retirement payments; dir ecting how
30-title is to be held and w hen it is to be transferred;
31-authorizing capitalization of certain interest for
32-specified period of time; statin g legislative intent;
33-requiring Authority to pay certain fees and costs
34-under certain circumstances; providi ng methods of
35-issuance for obligatio ns; authorizing hiring of
36-certain professionals; authorizi ng payment of certain
37-costs by creating reserves; limi ting maturity of
38-obligations; providing for utilization of certain
39-interest earnings; providing tax exemptio n; providing
40-for investment of certa in monies; requiring
41-compliance with certain statutory pro visions;
42-providing for codification; and providing an
43-effective date.
147+[ public finance - authorizing issuance of ce rtain
148+net amount of obligations by Oklahoma Capitol
149+Improvement Authority for funding of certain
150+projects for the Oklahoma Historical Society -
151+effective date ]
44152
45153
46- ENR. H. B. NO. 4099 Page 2
47-SUBJECT: Public finance
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48155
49156 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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51157 SECTION 1. NEW LAW A new section of law to be codified
52158 in the Oklahoma Statutes as Section 391 of Title 73, unless there is
53159 created a duplication in numbering, reads as follows:
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55160 A. In addition to any other authorization provided by law, the
56161 Oklahoma Capitol Improvement Authority is authorized to issue
57162 obligations to acquire real property, together with improvements
58163 located thereon, and per sonal property, for purposes of
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59190 construction, repair and rehabilitation and improvements to real and
60191 personal property, of existing Oklahoma Historical Society
61192 facilities in a total amount necessary to generate net proceeds of
62193 Forty-six Million Dollars ($46,000,000.00) after providing for cost
63194 of issuance, credit enhancement, reserves, and other associated
64195 expenses related to th e financing. Provided, no proceeds authorized
65196 by this section shall be expended on the Oklahoma Museum of Popular
66197 Culture created by Section 2294 of Title 74 of the Oklahoma
67198 Statutes.
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69199 B. The Authority may hold title to the re al and personal
70200 property and improvements until such time any obligations issue d for
71201 this purpose are retired or defeased and may lease the real proper ty
72202 and improvements to the Oklahoma Historical Society. Upon final
73203 redemption or defeasance of the obligations created pursuant to this
74204 section, title to the real and personal property and improvements
75205 shall be transferred from the Authority to the Oklahoma Historical
76206 Society.
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78207 C. For the purpose of paying costs for acquisition and
79208 construction of the real p roperty and improvements and personal
80209 property and making the repairs, planning, staging, refurbi shments,
81210 and improvements to real and personal property, and providing
82211 funding for the project authorized in subsection A of this section,
83212 and for the purpose authorized in subsecti on D of this section, the
84213 Authority is hereby authorized to b orrow monies on the credit of the
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85240 income and revenues to be der ived from the leasing of such real and
86241 personal property, parking facilities, and im provements and, in
87242 anticipation of the collection of such income and revenues, to issue
88243 negotiable obligations in a total amount necessary to generate
89244 Forty-six Million Dollars ($46,000,000.00) in project funds, whether
90245 issued in one or more series. The Authority is authorized to
91-capitalize interest on the obligations issue d pursuant to the ENR. H. B. NO. 4099 Page 3
246+capitalize interest on the obligations issue d pursuant to the
92247 authority granted by this section f or a period not to exceed two (2)
93248 years from the date of issuance.
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95249 D. For the fiscal year ending June 30, 2023, and subsequent
96250 fiscal years, it is the intent of the Legislature to appropr iate to
97251 the Oklahoma Historical Society sufficient mon ies to make rental
98252 payments for the purposes of retiring the obli gations created
99253 pursuant to this section. To the extent funds are available from
100254 the proceeds of the borrowing authorized by subsection C of this
101255 section, the Authority shall provi de for the payment of pr ofessional
102256 fees and associated costs related to the projects authorized i n
103257 subsection A of this section.
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105258 E. The Authority may issue obligations in one or more series
106259 and in conjunction with other issues of the Authorit y. The
107260 Authority is authorized to hi re bond counsel, financial consultants,
108261 and such other professionals as it may deem necessary to provide for
109262 the efficient sale of the obligations and may utilize a portion of
110263 the proceeds of any borrowing to create such reserves as may be
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111290 deemed necessary and to pay costs associa ted with the issuance and
112291 administration of such obligations.
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114292 F. The obligations authorized under this sec tion may be sold at
115293 either competitive or negotiated sale, as determined by the
116294 Authority, and in such form and at such pric es as may be authorized
117295 by the Authority. The Authority may enter into agreements with such
118296 credit enhancers and liquidity providers as may be determined
119297 necessary to efficiently market the obligation s. The obligations
120298 may mature and have such provisions as shall be determined by the
121299 Authority, but in no event shall the final maturity of such
122300 obligations occur later than tw enty-five (25) years from the first
123301 principal maturity date.
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125302 G. Any interest earnings on funds or accounts created for the
126303 purposes of this section may be u tilized as partial payment of the
127304 annual debt service or for the purposes directed by the Authority .
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129305 H. The obligations issued under this section, the transfer
130306 thereof, and the interest earned on such obligations, in cluding any
131307 profit derived from the sale thereof, shall not be subject to
132308 taxation of any kind by the State of Oklahoma, or by a ny county,
133309 municipality, or political subdivisi on therein.
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135310 I. The Authority may direct the inve stment of all monies in any
136-funds or accounts created in connection with the offering of the ENR. H. B. NO. 4099 Page 4
311+funds or accounts cr eated in connection with the offering of the
137312 obligations authorized under this section. Such investments shall
138313 be made in a manner consistent with the investm ent guidelines of the
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139340 State Treasurer. The Authority may place additional restrictions on
140341 the investment of such monies if necessary to enhance the
141342 marketability of the obligations.
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143343 J. Insofar as they are not in conflict with the provisions of
144344 this section, the provisions of Section 151 et seq. of Title 73 of
145345 the Oklahoma Statutes shall apply to thi s section.
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147346 SECTION 2. This act shall become effective November 1, 2022.
148- ENR. H. B. NO. 4099 Page 5
149-Passed the House of Representatives the 20th day of May, 2022.
347+Passed the House of Representatives the 14th day of March, 2022.
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154352 Presiding Officer of the House
155353 of Representatives
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158-Passed the Senate the 25th day of April, 2022.
356+Passed the Senate the ___ day of __________ , 2022.
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167-OFFICE OF THE GOVERNOR
168-Received by the Office of the Governor this ____________________
169-day of ___________________, 20_______, at _______ o'clock _______ M.
170-By: _________________________________
171-Approved by the Governor of the State of Oklahoma this _____ ____
172-day of ___________________, 20_______, at _______ o'clock _______ M.
173-
174-
175- _________________________________
176- Governor of the State of Oklahoma
177-
178-OFFICE OF THE SECRETARY OF STATE
179-Received by the Office of the Secretary of State this __________
180-day of ___________________, 20_______, at _______ o'clock _______ M.
181-By: _________________________________
182-