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STATE OF OKLAHOMA
2nd Session of the 58th Legislature (2022)
SENATE BILL 1780 By: Jech
AS INTRODUCED
An Act relating to public finance; authorizing the
Oklahoma Capitol Improvement Authorit y to issue
obligations to provide funding f or repairs,
acquisition, refurbishments, and improvements to real
and personal property for the museums and sites of
Oklahoma Historical Society; providing for debt
retirement payments; direct ing how title is to b e
held and when it is to be transferred; authorizi ng
lease of property; authorizing the borrowing of
monies on certain credit and to issue negotiable
obligations in certain amount; authorizing Authority
to capitalize interest for certa in period; stating
legislative intent; authorizing payment of certain
costs contingent upon availability of funds;
providing methods for issuance of obligations;
authorizing hiring certain professionals for certain
purpose; providing f or sale of obligation s by certain
methods; authorizing the Authority to enter certain
agreements; limiting period of maturity of
obligations; providing for utilization of certain
interest earnings; providing tax exemption; providing
for investment of certa in monies; requiring
compliance with certa in statutory provisions;
requiring provision to ce ase the effect of law if
certain portion of proceeds authorized are obtained
in certain period; prohibiting the interpretation of
limiting certain liability of the Authority or
certain impairment of rights; providing for
codification; and providing an effe ctive date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Sec tion 312 of Title 73, unless there is
created a duplication in numb ering, reads as follows:
A. In addition to any other authorization provided by law, t he
Oklahoma Capitol Improvement Authority is authorized to issue
obligations to acquire real property, together with imp rovements
located thereon, and to acquire personal property, to develop and
construct buildings, parking facilities and other improveme nts to
real property, to provide funding for repairs, planning, staging,
and refurbishments for museums and sites of the Oklahoma Historical
Society in a total amount nece ssary to generate Forty-six Million
Dollars ($46,000,000.00) in project funds with de bt retirement
payments to be made as provi ded in this section.
B. The Authority may hold title to the real and personal
property and improvements until such time as any o bligations issued
for this purpose are retired or defeased and may lease the real
property and improvements and the tangible pe rsonal property the
acquisition of which or improvement or refurbishment of whi ch is
authorized by subsection A and subsection J of this section to the
Oklahoma Historical Society, museums, and sites. Upon final
redemption or defeasance of the obligations created pursuant to this
section, title to the real and personal property and improvements
shall be transferred from the Authori ty to the Oklahoma Historical
Society.
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C. For the purpose of paying the costs for acq uisition and
construction of the real property and improvemen ts and personal
property and making the repairs, planning, staging, refurbishments
and improvements to real a nd personal property, and for the purpose
authorized in subsection D of this section, the Authority is hereby
authorized to borrow monies on the cr edit of the income and revenues
to be derived from the leas ing of such real and personal property,
parking facilities and improvements and, in anticipation of the
collection of such income and re venues, to issue negotiable
obligations in a total amount nec essary to generate Forty-six
Million Dollars ($46,000,000.00) in project funds, whether issued in
one or more series. The Authority is authorized to capitalize
interest on the obligations issued pursuant to the authority granted
by this section for a peri od not to exceed two (2) years from the
date of issuance. Excluding any capitalized interest period, it is
the intent of the Legislature to appropriate to the Oklahoma
Historical Society sufficient monies to make rental payments for the
purposes of retiring the obligations created pu rsuant to this
section. To the extent funds are available from the proceeds of the
borrowing authorized by this subsection, the Authority shall provide
for the payment of professional fees and associated costs related to
the projects authorized in this ac t.
D. The Authority may iss ue obligations in one or more series
and in conjunction with other issues of the Authority. The
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Authority is authorized to hire bond coun sel, financial consultants,
and such other professionals as i t may deem necessary to provide for
the efficient sale of the obligations and may utilize a portion of
the proceeds of any borrowing to create such reserves as may be
deemed necessary and to pay costs associated with the issuance and
administration of such obligations.
E. The obligations authorized under this sec tion may be sold at
either competitive or negot iated sale, as determined by the
Authority, and in such form and at such prices as may be authorized
by the Authority. The Authority may enter into a greements with such
credit enhancers and liquidity provider s as may be determined
necessary to efficiently market the obligations. The obligations
may mature and have such provisions for redempt ion as shall be
determined by the Authority, but in no event shall the final
maturity of such obligations occur later th an twenty-five (25) years
from the first princi pal maturity date.
F. Any interest earnings on funds or accounts created for the
purposes of this section may be utilized as partial payment of the
annual debt service or for the purposes directed by the Auth ority.
G. The obligations issued u nder this section, the transfer
thereof and the interest earned on such obligations, including any
profit derived from the sale thereof, shall not be subject to
taxation of any kind by this state, or by any county, munici pality,
or political subdivision therein.
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H. The Authority may direct the investment of all monies in any
funds or accounts created in connection with the offering of the
obligations authorized under this section. Such investments shall
be made in a manner consistent with the investment guidelines of th e
State Treasurer. The Authority may place additional restrictions on
the investment of such monies if necessary to enhance the
marketability of the obligations.
I. Insofar as they are not in conflict wit h the provisions of
this section, the provisions o f Sections 151 through 186 of Title 73
of the Oklahoma Statutes shall apply to this section.
J. Unless at least fifty percent (50%) of the proceeds
authorized by the provisions of this section have been ob tained by
sale of obligations by the Authority wit hin three (3) years from the
effective date of this act, the provisions of this section shall
cease to have the force or effect of law w ith respect to any further
issuance of obligations by the Authority ot herwise authorized by
this section. The provision s of this subsection shall not be
construed to limit the liability of the A uthority with respect to
obligations issued pursuant to this section if the obligations were
issued prior to the termination of the remaining issuing capacity
nor shall the provisio ns of this subsection be construed in any way
to impair rights of any perso n or entity which has purchased any
obligations of the Author ity pursuant to the provisions of this
section which were authorized a t the time of such purchase.
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SECTION 2. This act shall become effective November 1, 2022.
58-2-3044 QD 1/20/2022 7:29:03 PM