Old	New	Differences
1	1
2	2
3	3
4	4	Req. No. 351 Page 1 1
5	5	2
6	6	3
7	7	4
8	8	5
9	9	6
10	10	7
11	11	8
12	12	9
13	13	10
14	14	11
15	15	12
16	16	13
17	17	14
18	18	15
19	19	16
20	20	17
21	21	18
22	22	19
23	23	20
24	24	21
25	25	22
26	26	23
27	27	24
28	28	1
29	29	2
30	30	3
31	31	4
32	32	5
33	33	6
34	34	7
35	35	8
36	36	9
37	37	10
38	38	11
39	39	12
40	40	13
41	41	14
42	42	15
43	43	16
44	44	17
45	45	18
46	46	19
47	47	20
48	48	21
49	49	22
50	50	23
51	51	24
52	52
53	53	STATE OF OKLAHOMA
54	54
55	55	1st Session of the 58th Legislature (2021)
56	56
57	57	SENATE BILL 842 By: Thompson
58	58
59	59
60	60
61	61
62	62
63	63	AS INTRODUCED
64	64
65	65	An Act relating to public finance; creating the
66	66	Oklahoma Museum of Popular Culture under the Oklahoma
67	67	Historical Society; authorizing the Oklahoma
68	68	Historical Society to do certain construction ,
69	69	maintenance, repair, operation and completion;
70	70	authorizing the Oklahoma C apitol Improvement
71	71	Authority to issue obligations to provide funding for
72	72	construction of the Oklahoma Museum of Popular
73	73	Culture for the Oklahoma Historical Society;
74	74	providing for debt retirement payments; directing how
75	75	title is to be held and when it is to be transferred;
76	76	authorizing capitalization of certain interest;
77	77	stating legislative intent; authorizing payment of
78	78	certain costs; providing methods for issuance of
79	79	obligations; authorizing hiring certain professionals
80	80	for certain purpose; providing for sa le of
81	81	obligations by certain me thods; limiting maturity of
82	82	obligations; providing for utilization of certain
83	83	interest earnings; providing tax exemption; providing
84	84	for investment of certain monies; requiring
85	85	compliance with certain statutory provisions;
86	86	providing for codification; and declaring an
87	87	emergency.
88	88
89	89
90	90
91	91
92	92
93	93	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
94	94	SECTION 1. NEW LAW A new section of law to be codified
95	95	in the Oklahoma Statutes as Section 302.2 of Title 73, unless there
96	96	is created a duplication in numbering, reads as follows:
97	97
98	98
99	99	Req. No. 351 Page 2 1
100	100	2
101	101	3
102	102	4
103	103	5
104	104	6
105	105	7
106	106	8
107	107	9
108	108	10
109	109	11
110	110	12
111	111	13
112	112	14
113	113	15
114	114	16
115	115	17
116	116	18
117	117	19
118	118	20
119	119	21
120	120	22
121	121	23
122	122	24
123	123	1
124	124	2
125	125	3
126	126	4
127	127	5
128	128	6
129	129	7
130	130	8
131	131	9
132	132	10
133	133	11
134	134	12
135	135	13
136	136	14
137	137	15
138	138	16
139	139	17
140	140	18
141	141	19
142	142	20
143	143	21
144	144	22
145	145	23
146	146	24
147	147
148	148	A. The Oklahoma Capitol Improvement Authority is author ized to
149	149	issue obligations to acquire real property, toge ther with
150	150	improvements located thereon, and personal property, to construct
151	151	buildings, parking facilities and other improvements to real
152	152	property, and to provide funding for repairs, planning, staging ,
153	153	refurbishments and improvements to real and personal property, and
154	154	for funding for construction and completion of the Oklahoma Museum
155	155	of Popular Culture for the Oklahoma Historical Society in a total
156	156	amount necessary to generate Eight Million Dollars ($8,000,000.00)
157	157	in project funds with debt retirement payments to be made as
158	158	provided in this section.
159	159	B. The Authority may hold title to the real and personal
160	160	property and improvements until such time as any obligations issued
161	161	for this purpose are retired o r defeased and may lease the real
162	162	property and improvements to t he Oklahoma Historical Society. Upon
163	163	final redemption or defeasance of the obligations created pursuant
164	164	to this section, title to the real and personal property and
165	165	improvements shall be tran sferred from the Authority to the Oklahoma
166	166	Historical Society.
167	167	C. For the purpose of paying the costs for acquisition and
168	168	construction of the real property and improvements and personal
169	169	property and making the repairs, planning, staging, refurbishments
170	170	and improvements to real and personal property, and providing
171	171	funding for the project authorized in subsection A of this section,
172	172
173	173
174	174	Req. No. 351 Page 3 1
175	175	2
176	176	3
177	177	4
178	178	5
179	179	6
180	180	7
181	181	8
182	182	9
183	183	10
184	184	11
185	185	12
186	186	13
187	187	14
188	188	15
189	189	16
190	190	17
191	191	18
192	192	19
193	193	20
194	194	21
195	195	22
196	196	23
197	197	24
198	198	1
199	199	2
200	200	3
201	201	4
202	202	5
203	203	6
204	204	7
205	205	8
206	206	9
207	207	10
208	208	11
209	209	12
210	210	13
211	211	14
212	212	15
213	213	16
214	214	17
215	215	18
216	216	19
217	217	20
218	218	21
219	219	22
220	220	23
221	221	24
222	222
223	223	and for the purpose authorized in subsection D of this section, the
224	224	Authority is hereby authorized to borrow monies on the credi t of the
225	225	income and revenues to be derived from the leasing of su ch real and
226	226	personal property, parking facilities and improvements and, in
227	227	anticipation of the collection of such income and revenues, t o issue
228	228	negotiable obligations in a total amount necess ary to generate Eight
229	229	Million Dollars ($8,000,000.00) in project funds, whether i ssued in
230	230	one or more series. The Authority is authorized to capitalize
231	231	interest on the obligations issued pursuant to t he authority granted
232	232	by this section for a period not t o exceed two (2) years from the
233	233	date of issuance. For the fiscal year ending Jun e 30, 2021, and
234	234	subsequent fiscal years, it is the intent of the Legislature to
235	235	appropriate to the Oklahoma Historical S ociety sufficient monies to
236	236	make rental payments for th e purposes of retiring the obligations
237	237	created pursuant to this section. To the extent funds are available
238	238	from the proceeds of the borrowing authorized by this subsection,
239	239	the Authority shall provide for the payment of professional fees and
240	240	associated costs related to the projects authorized in subsection A
241	241	of this section.
242	242	D. The Authority may issue obligations in one or more series
243	243	and in conjunction with other issues of the Authority. The
244	244	Authority is authorized to hire bond counsel, financial consul tants,
245	245	and such other professionals as it may deem necessary t o provide for
246	246	the efficient sale of the obligations and may utilize a portion of
247	247
248	248
249	249	Req. No. 351 Page 4 1
250	250	2
251	251	3
252	252	4
253	253	5
254	254	6
255	255	7
256	256	8
257	257	9
258	258	10
259	259	11
260	260	12
261	261	13
262	262	14
263	263	15
264	264	16
265	265	17
266	266	18
267	267	19
268	268	20
269	269	21
270	270	22
271	271	23
272	272	24
273	273	1
274	274	2
275	275	3
276	276	4
277	277	5
278	278	6
279	279	7
280	280	8
281	281	9
282	282	10
283	283	11
284	284	12
285	285	13
286	286	14
287	287	15
288	288	16
289	289	17
290	290	18
291	291	19
292	292	20
293	293	21
294	294	22
295	295	23
296	296	24
297	297
298	298	the proceeds of any borrowing to create such reserves as m ay be
299	299	deemed necessary and to pay costs associated with the issuance and
300	300	administration of such obligations.
301	301	E. The obligations authorized under this section may be sold at
302	302	either competitive or negotiated sale, as determined by the
303	303	Authority, and in such form and at such prices as may be authorized
304	304	by the Authority. The Authority may enter into agreements with such
305	305	credit enhancers and liquidity providers as may be determined
306	306	necessary to efficiently market the obligations. The obligations
307	307	may mature and have such provisions for redemption as shall be
308	308	determined by the Authority, but in no event shall the final
309	309	maturity of such obligations occur later than fifteen years from the
310	310	first principal maturity date.
311	311	F. Any interest earnings on funds or account s created for the
312	312	purposes of this section may be utili zed as partial payment of the
313	313	annual debt service or for the p urposes directed by the Authority.
314	314	G. The obligations issued under this section, the transfer
315	315	thereof and the interest earned on such obli gations including any
316	316	profit derived from the sale ther eof, shall not be subject to
317	317	taxation of any kind by this state, or by any county, municipality
318	318	or political subdivision therein.
319	319	H. The Authority may direct the investment of all monies i n any
320	320	funds or accounts created in connection with the offering of the
321	321	obligations authorized under this section. Such investments shall
322	322
323	323
324	324	Req. No. 351 Page 5 1
325	325	2
326	326	3
327	327	4
328	328	5
329	329	6
330	330	7
331	331	8
332	332	9
333	333	10
334	334	11
335	335	12
336	336	13
337	337	14
338	338	15
339	339	16
340	340	17
341	341	18
342	342	19
343	343	20
344	344	21
345	345	22
346	346	23
347	347	24
348	348	1
349	349	2
350	350	3
351	351	4
352	352	5
353	353	6
354	354	7
355	355	8
356	356	9
357	357	10
358	358	11
359	359	12
360	360	13
361	361	14
362	362	15
363	363	16
364	364	17
365	365	18
366	366	19
367	367	20
368	368	21
369	369	22
370	370	23
371	371	24
372	372
373	373	be made in a manner consistent with the investment guidelines of the
374	374	State Treasurer. The Authority may place additio nal restrictions on
375	375	the investment of such monies if necessary to e nhance the
376	376	marketability of the obligations.
377	377	I. The Legislature expects that the Oklahoma Historical Society
378	378	will make the rental payments for the purpose of retiring the
379	379	obligations created pursuant to the provisions of this section from
380	380	current appropriations received by the Oklahoma Historical Society.
381	381	J. Insofar as they are not in conflict with the provisions of
382	382	this section, the provisions of Section 151 et seq. of Title 73 of
383	383	the Oklahoma Statutes shall apply to this section.
384	384	SECTION 2. It being immediately necessary for the preservation
385	385	of the public peace, health or safety, an emergency is hereby
386	386	declared to exist, by reason whereof this act shall take effect and
387	387	be in full force from and after its passage and approval.
388	388
389	389	58-1-351 MR 1/21/2021 3:47:07 PM

Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB842 Compare Versions