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ENGROSSED SENATE
BILL NO. 1780 By: Jech, Daniels, Pemberton,
Murdock, Dossett (J.J.),
Pederson, David, Coleman,
Quinn, Rader, Floyd,
Bergstrom, Kirt, Kidd, and
Burns of the Senate
and
Frix, Dobrinski,
Patzkowsky, Luttrell, and
Mize of the House
[ public finance - Oklahoma Capitol Improvement
Authority 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 -
codification - effective date ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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 numbering, 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
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Society in a total amount necessary 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 s uch time as any obligations 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 Authority to the Oklahoma Historical
Society.
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 and 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 pro perty,
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
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Million Dollars ($46,000,000.00) in project funds, whether issu ed 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 interes t 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 serie s
and in conjunction with other issues of the Authority. The
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 negotiated 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
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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 principal 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 under 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.
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 the
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 of Sections 151 through 186 of Title 73
of the Oklahoma Statutes shall apply to this section.
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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 within 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 provisions 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 provisions 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.
SECTION 2. This act shall become effective November 1, 2022.
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Passed the Senate the 22nd day of March, 2022.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2022.
Presiding Officer of the House
of Representatives