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STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
SENATE BILL 842 By: Thompson
AS INTRODUCED
An Act relating to public finance; creating the
Oklahoma Museum of Popular Culture under the Oklahoma
Historical Society; authorizing the Oklahoma
Historical Society to do certain construction ,
maintenance, repair, operation and completion;
authorizing the Oklahoma C apitol Improvement
Authority to issue obligations to provide funding for
construction of the Oklahoma Museum of Popular
Culture for the Oklahoma Historical Society;
providing for debt retirement payments; directing how
title is to be held and when it is to be transferred;
authorizing capitalization of certain interest;
stating legislative intent; authorizing payment of
certain costs; providing methods for issuance of
obligations; authorizing hiring certain professionals
for certain purpose; providing for sa le of
obligations by certain me thods; limiting maturity of
obligations; providing for utilization of certain
interest earnings; providing tax exemption; providing
for investment of certain monies; requiring
compliance with certain statutory provisions;
providing for codification; and declaring an
emergency.
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 Section 302.2 of Title 73, unless there
is created a duplication in numbering, reads as follows:
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A. The Oklahoma Capitol Improvement Authority is author ized to
issue obligations to acquire real property, toge ther with
improvements located thereon, and personal property, to construct
buildings, parking facilities and other improvements to real
property, and to provide funding for repairs, planning, staging ,
refurbishments and improvements to real and personal property, and
for funding for construction and completion of the Oklahoma Museum
of Popular Culture for the Oklahoma Historical Society in a total
amount necessary to generate Eight Million Dollars ($8,000,000.00)
in project funds with debt retirement payments to be made as
provided in this section.
B. The Authority may hold title to the real and personal
property and improvements until such time as any obligations issued
for this purpose are retired o r defeased and may lease the real
property and improvements to t he Oklahoma Historical Society. Upon
final redemption or defeasance of the obligations created pursuant
to this section, title to the real and personal property and
improvements shall be tran sferred from the Authority to the Oklahoma
Historical Society.
C. For the purpose of paying the costs for acquisition and
construction of the real property and improvements and personal
property and making the repairs, planning, staging, refurbishments
and improvements to real and personal property, and providing
funding for the project authorized in subsection A of this section,
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and for the purpose authorized in subsection D of this section, the
Authority is hereby authorized to borrow monies on the credi t of the
income and revenues to be derived from the leasing of su ch real and
personal property, parking facilities and improvements and, in
anticipation of the collection of such income and revenues, t o issue
negotiable obligations in a total amount necess ary to generate Eight
Million Dollars ($8,000,000.00) in project funds, whether i ssued in
one or more series. The Authority is authorized to capitalize
interest on the obligations issued pursuant to t he authority granted
by this section for a period not t o exceed two (2) years from the
date of issuance. For the fiscal year ending Jun e 30, 2021, and
subsequent fiscal years, it is the intent of the Legislature to
appropriate to the Oklahoma Historical S ociety sufficient monies to
make rental payments for th e purposes of retiring the obligations
created pursuant 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 subsection A
of this section.
D. The Authority may issue obligations in one or more series
and in conjunction with other issues of the Authority. The
Authority is authorized to hire bond counsel, financial consul tants,
and such other professionals as it may deem necessary t o provide for
the efficient sale of the obligations and may utilize a portion of
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the proceeds of any borrowing to create such reserves as m ay be
deemed necessary and to pay costs associated with the issuance and
administration of such obligations.
E. The obligations authorized under this section 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 agreements with such
credit enhancers and liquidity providers as may be determined
necessary to efficiently market the obligations. The obligations
may mature and have such provisions for redemption as shall be
determined by the Authority, but in no event shall the final
maturity of such obligations occur later than fifteen years from the
first principal maturity date.
F. Any interest earnings on funds or account s created for the
purposes of this section may be utili zed as partial payment of the
annual debt service or for the p urposes directed by the Authority.
G. The obligations issued under this section, the transfer
thereof and the interest earned on such obli gations including any
profit derived from the sale ther eof, shall not be subject to
taxation of any kind by this state, or by any county, municipality
or political subdivision therein.
H. The Authority may direct the investment of all monies i n any
funds or accounts created in connection with the offering of the
obligations authorized under this section. Such investments shall
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be made in a manner consistent with the investment guidelines of the
State Treasurer. The Authority may place additio nal restrictions on
the investment of such monies if necessary to e nhance the
marketability of the obligations.
I. The Legislature expects that the Oklahoma Historical Society
will make the rental payments for the purpose of retiring the
obligations created pursuant to the provisions of this section from
current appropriations received by the Oklahoma Historical Society.
J. Insofar as they are not in conflict with the provisions of
this section, the provisions of Section 151 et seq. of Title 73 of
the Oklahoma Statutes shall apply to this section.
SECTION 2. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
58-1-351 MR 1/21/2021 3:47:07 PM