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STATE OF OKLAHOMA
2nd Session of the 59th Le gislature (2024)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 2893 By: Wallace and Caldwell (Tre y)
of the House
and
Hall and Rosino of the
Senate
COMMITTEE SUBSTITUTE
An Act relating to the Oklahoma Capitol Improvement
Authority; providing for allocation of funds f rom the
Legacy Capital Financing Fund; authorizing
utilization of certain amount for the purpose of
benefitting Oklahoma State University ; requiring
certain recapitalization payments from the Oklahoma
State University Medical Au thority; authorizing
certain distributions; authorizing and limiting
utilization of memoranda of understanding; and
providing for codification ; providing an effective
date; 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 187A-9 of Title 73, unless there
is created a duplication in numbering, reads as follows:
A. In addition to any other authorization provided by law, the
Oklahoma Capitol Improvement Authority is authorized to utilize
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available funds from the Legacy Capital Financing Fund created by
Section 187B of Title 73 of the Oklahoma Statutes, in the amount of
Eighty Million Dollars ( $80,000,000.00) for the benefit of Oklahoma
State University to construct, refurbish , or expand facilities
utilized to provide education in the fields of life sciences .
B. LCF Recapitalization Payments shall be made by Oklahoma
State University related to the distribution of proceeds provided in
subsection A of this act, in accordan ce with the provisions of the
Legacy Capital Financing Act.
C. The Authority may distribute funds authorized pursuant to
subsection A in one or more tranches.
D. The Authority may enter memoranda of understanding with
agencies, departments, and subdivisions of the state as needed, to
facilitate the provisions of this act, provided that such memoranda
of understanding do not constitute a legal obligation of the State
of Oklahoma or impede the administration of the provisions of the
Legacy Capital Financing Act.
SECTION 2. This act shall become effective July 1, 2024.
SECTION 3. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof thi s act shall take effect and
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be in full force from and after its passage and approval.
59-2-11194 JM 05/27/24