Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB1780 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	SB1780 HFLR Page 1
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	3	+	ENGR. S. B. NO. 1780 Page 1 1
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29		-	HOUSE OF REPRESENTATIVES - FLOOR VERSION
30		-
31		-	STATE OF OKLAHOMA
32		-
33		-	2nd Session of the 58th Legislature (2022)
34		-
35		-	COMMITTEE SUBSTITUTE
36		-	FOR ENGROSSED
37		-	SENATE BILL NO. 1780 By: Jech, Daniels, Pemberton,
	28	+	ENGROSSED SENATE
	29	+	BILL NO. 1780 By: Jech, Daniels, Pemberton,
38	30		Murdock, Dossett (J.J.),
39	31		Pederson, David, Coleman,
40	32		Quinn, Rader, Floyd,
41	33		Bergstrom, Kirt, Kidd, and
42	34		Burns of the Senate
43	35
44	36		and
45	37
46	38		Frix, Dobrinski,
47		-	Patzkowsky, Luttrell, Mize,
48		-	Moore, Culver, Strom,
49		-	Newton, Rosecrants, Burns,
50		-	West (Josh), Kendrix,
51		-	Sneed, Blancett, Munson,
52		-	and McBride of the House
	39	+	Patzkowsky, Luttrell, and
	40	+	Mize of the House
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56		-
57		-	~~COMMITTEE SUBSTITUTE~~
58		-
59		-	~~[ public finance – Oklahoma Capitol Improvement~~
60		-	~~Authority –~~ museums – Oklahoma Historical Society –
61		-	~~obligations –~~ effective date ]
	44	+	[ public finance - Oklahoma Capitol Improvement
	45	+	Authority to issue obligations to provide funding f or
	46	+	repairs, acquisition, refurbishments, and
	47	+	improvements to real and personal property for the
	48	+	museums and sites of Oklahoma Historical Society -
	49	+	codification - effective date ]
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66	54		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
67	55		SECTION 1. NEW LAW A new section of law to be codified
68	56		in the Oklahoma Statutes as Sec tion 312 of Title 73, unless there is
69	57		created a duplication in numbering, reads as follows:
	58	+	A. In addition to any other authorization provided by law, t he
	59	+	Oklahoma Capitol Improvement Authority is authorized to issue
	60	+	obligations to acquire real property, together with imp rovements
	61	+	located thereon, and to acquire personal property, to develop and
	62	+	construct buildings, parking facilities and other improveme nts to
	63	+	real property, to provide funding for repairs, planning, staging,
	64	+	and refurbishments for museums and sites of the Oklahoma Historical
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71		-	SB1780 HFLR Page 2
72		-	BOLD FACE denotes Committee Amendments. 1
	66	+	ENGR. S. B. NO. 1780 Page 2 1
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97		-	A. In addition to any other authorization provided by law, the
98		-	Oklahoma Capitol Improvement Authority is authorized to issue
99		-	obligations to acquire real property, together with improvements
100		-	located thereon, and personal property, for purposes of
101		-	construction, repair and rehabilitation, and improvements to real
102		-	and personal property, of existing Oklahoma Historical Society
103		-	facilities in a total amount necessary to generate net proceeds of
104		-	Forty-six Million Dollars ($46,000,000.00) after providing for cost
105		-	of issuance, credit enhancement, reserves, and other associated
106		-	expenses related to the financing. Provided, no proceeds authorized
107		-	by this section shall be expended on the Oklahoma Museum of Popular
108		-	Culture created by Section 2294 of Title 74 of the Oklahoma
109		-	Statutes.
	91	+	Society in a total amount necessary to generate Forty-six Million
	92	+	Dollars ($46,000,000.00) in project funds with de bt retirement
	93	+	payments to be made as provi ded in this section.
110	94		B. The Authority may hold title to the real and personal
111	95		property and improvements until s uch time as any obligations issued
112	96		for this purpose are retired or defeased and may lease the real
113	97		property and improvements and the tangible pe rsonal property the
114	98		acquisition of which or improvement or refurbishment of whi ch is
115	99		authorized by subsection A and subsection J of this section to the
116	100		Oklahoma Historical Society, museums, and sites. Upon final
117	101		redemption or defeasance of the obligations created pursuant to this
118	102		section, title to the real and personal property and improvements
119	103		shall be transferred from the Authority to the Oklahoma Historical
120	104		Society.
	105	+	C. For the purpose of paying the costs for acq uisition and
	106	+	construction of the real property and improvemen ts and personal
	107	+	property and making the repairs, planning, staging, refurbishments
	108	+	and improvements to real and personal property, and for the purpose
	109	+	authorized in subsection D of this section, the Authority is hereby
	110	+	authorized to borrow monies on the cr edit of the income and revenues
	111	+	to be derived from the leas ing of such real and personal pro perty,
	112	+	parking facilities and improvements and, in anticipation of the
	113	+	collection of such income and re venues, to issue negotiable
	114	+	obligations in a total amount nec essary to generate Forty-six
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122		-	SB1780 HFLR Page 3
123		-	BOLD FACE denotes Committee Amendments. 1
	116	+	ENGR. S. B. NO. 1780 Page 3 1
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148		-	C. For the purpose of paying the costs for acquisition and
149		-	construction of the real property and improvem ents and personal
150		-	property and making the repairs, planning, staging, refurbishments
151		-	and improvements to real and personal property, and for the purpose
152		-	authorized in subsection D of this section, the Authority is hereby
153		-	authorized to borrow monies on the credit of the income and revenues
154		-	to be derived from the leasing of such real and personal property,
155		-	parking facilities and improvements and, in anticipation of the
156		-	collection of such income and revenues, to issue negotiable
157		-	obligations in a total amount n ecessary to generate Forty -six
158	141		Million Dollars ($46,000,000.00) in project funds, whether issu ed in
159	142		one or more series. The Authority is authorized to capitalize
160	143		interest on the obligations issued pursuant to the authority granted
161	144		by this section for a peri od not to exceed two (2) years from the
162	145		date of issuance. Excluding any capitalized interes t period, it is
163	146		the intent of the Legislature to appropriate to the Oklahoma
164	147		Historical Society sufficient monies to make rental payments for the
165	148		purposes of retiring the obligations created pu rsuant to this
166	149		section. To the extent funds are available from the proceeds of the
167	150		borrowing authorized by this subsection, the Authority shall provide
168	151		for the payment of professional fees and associated costs related to
169	152		the projects authorized in this ac t.
170	153		D. The Authority may iss ue obligations in one or more serie s
171	154		and in conjunction with other issues of the Authority. The
	155	+	Authority is authorized to hire bond coun sel, financial consultants,
	156	+	and such other professionals as i t may deem necessary to provide for
	157	+	the efficient sale of the obligations and may utilize a portion of
	158	+	the proceeds of any borrowing to create such reserves as may be
	159	+	deemed necessary and to pay costs associated with the issuance and
	160	+	administration of such obligations.
	161	+	E. The obligations authorized under this sec tion may be sold at
	162	+	either competitive or negotiated sale, as determined by the
	163	+	Authority, and in such form and at such prices as may be authorized
	164	+	by the Authority. The Authority may enter into a greements with such
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173		-	SB1780 HFLR Page 4
174		-	BOLD FACE denotes Committee Amendments. 1
	166	+	ENGR. S. B. NO. 1780 Page 4 1
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199		-	Authority is authorized to hire bond counsel, financial consultants,
200		-	and such other professionals as it may deem necessary to provide for
201		-	the efficient sale of the obligations and may utilize a portion of
202		-	the proceeds of any borrowing to create such reserves as may be
203		-	deemed necessary and to pay costs associated with the issuance and
204		-	administration of su ch obligations.
205		-	E. The obligations authorized under this section may be sold at
206		-	either competitive or negoti ated sale, as determined by the
207		-	Authority, and in such form and at such prices as may be authorized
208		-	by the Authority. The Authority may enter into agreements with such
209	191		credit enhancers and liquidity provider s as may be determined
210	192		necessary to efficiently market the obligations. The obligations
211	193		may mature and have such provisions for redempt ion as shall be
212	194		determined by the Authority, but in no event shall the final
213	195		maturity of such obligations occur later th an twenty-five (25) years
214	196		from the first principal maturity date.
215	197		F. Any interest earnings on funds or accounts created for the
216	198		purposes of this section may be utilized as partial payment of the
217	199		annual debt service or for the purposes directed by the Auth ority.
218	200		G. The obligations issued under this section, the transfer
219		-	thereof, and the interest earned on such obligations, including any
	201	+	thereof, and the interest earned on such obligations including any
220	202		profit derived from the sale thereof, shall not be subject to
221	203		taxation of any kind by this state, or by any county, munici pality,
222	204		or political subdivision therein.
	205	+	H. The Authority may direct the investment of all monies in any
	206	+	funds or accounts created in connection with the offering of the
	207	+	obligations authorized under this section. Such investments shall
	208	+	be made in a manner consistent with the investment guidelines of the
	209	+	State Treasurer. The Authority may place additional restrictions on
	210	+	the investment of such monies if necessary to enhance the
	211	+	marketability of the obligations.
	212	+	I. Insofar as they are not in conflict wit h the provisions of
	213	+	this section, the provisions of Sections 151 through 186 of Title 73
	214	+	of the Oklahoma Statutes shall apply to this section.
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224		-	SB1780 HFLR Page 5
225		-	BOLD FACE denotes Committee Amendments. 1
	216	+	ENGR. S. B. NO. 1780 Page 5 1
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250		-	H. The Authority may direct the investment of all monies in any
251		-	funds or accounts created in connection with the offering of the
252		-	obligations authorized under this section. Such investments shall
253		-	be made in a manner consistent with the investment guidelines of the
254		-	State Treasurer. The Authority may place additional restrictions on
255		-	the investment of such monies if necessary to enhance the
256		-	marketability of the obligations.
257		-	I. Insofar as they are not in conflict with the provisions of
258		-	this section, the provision s of Sections 151 through 186 of Title 73
259		-	of the Oklahoma Statutes shall apply to this section.
260	241		J. Unless at least fifty percent (50%) of the proceeds
261	242		authorized by the provisions of this section have been ob tained by
262	243		sale of obligations by the Authority within three (3) years from the
263	244		effective date of this act, the provisions of this section shall
264	245		cease to have the force or effect of law w ith respect to any further
265	246		issuance of obligations by the Authority ot herwise authorized by
266	247		this section. The provisions of this subsection shall not be
267	248		construed to limit the liability of the A uthority with respect to
268	249		obligations issued pursuant to this section if the obligations were
269	250		issued prior to the termination of the remaining issuing capacity
270	251		nor shall the provisions of this subsection be construed in any way
271	252		to impair rights of any perso n or entity which has purchased any
272	253		obligations of the Author ity pursuant to the provisions of this
273	254		section which were authorized a t the time of such purchase.
	255	+	SECTION 2. This act shall become effective November 1, 2022.
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275		-	SB1780 HFLR Page 6
276		-	BOLD FACE denotes Committee Amendments. 1
	257	+	ENGR. S. B. NO. 1780 Page 6 1
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301		-	~~SECTION 2.~~ ~~This act shall become effective November 1~~, 2022.
	282	+	Passed the Senate the 22nd day of March, 2022.
302	283
303		-	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET , dated
304		-	04/11/2022 - DO PASS, As Amended and Coauthored.
	284	+
	285	+
	286	+	Presiding Officer of the Senate
	287	+
	288	+
	289	+	Passed the House of Representatives the ____ day of __________,
	290	+	2022.
	291	+
	292	+
	293	+
	294	+	Presiding Officer of the House
	295	+	of Representatives
	296	+