§ 345. Financing authority for State Capitol Building projects--State Capitol Repair Expenditur...
Oklahoma Statutes AnnotatedTitle 73. State Capital and Capitol Building
73 Okl.St.Ann. § 345
§ 345. Financing authority for State Capitol Building projects--State Capitol Repair Expenditure Oversight Committee
A. In addition to any other authorization provided by law, the Oklahoma Capitol Improvement Authority is authorized to issue obligations to acquire real property, together with improvements located thereon, and personal property to construct improvements to real property and to provide funding for repairs, refurbishments and improvements to real and personal property of the State Capitol Building in a total amount not to exceed One Hundred Twenty Million Dollars ($120,000,000.00). The funds shall be used for the renovation, repair and remodeling of the State Capitol Building.
B. The Authority may hold title to the property and improvements until such time as any obligations issued for this purpose are retired or defeased and may lease the property and improvements to the Office of Management and Enterprise Services. Upon final redemption or defeasance of the obligations created pursuant to this section, title to the property and improvements shall be transferred from the Oklahoma Capitol Improvement Authority to the Office of Management and Enterprise Services.
C. For the purposes of paying the costs for construction of the real property and improvements, and providing funding for the project authorized in subsection A of this section, and for the purpose authorized in subsection D of this section, the Authority is hereby authorized to borrow monies on the credit of the income and revenues to be derived from the leasing of such property and improvements and, in anticipation of the collection of such income and revenues, to issue negotiable obligations in a total amount not to exceed One Hundred Twenty Million Dollars ($120,000,000.00) whether issued in one or more series. The Authority is authorized to capitalize interest on the obligations issued pursuant to this section for a period of not to exceed one (1) year from the date of issuance. For subsequent fiscal years, it is the intent of the Legislature to appropriate to the Office of Management and Enterprise Services sufficient monies to make rental payments for the purpose 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 Oklahoma Capitol Improvement Authority shall provide for the payment of professional fees and associated costs related to the project 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 consultants, and such other professionals as it 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 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 ten (10) years from the first principal maturity date.
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. There is hereby created a State Capitol Repair Expenditure Oversight Committee. The proceeds from the sale of obligations issued pursuant to the provisions of this section and Section 1 of Enrolled House Bill No. 3168 of the 2nd Session of the 55th Oklahoma Legislature1 that are needed for repairs to the interior and exterior of the State Capitol shall be subject to the approval of the State Capitol Repair Expenditure Oversight Committee; provided, however, the expenditure of those proceeds shall be subject to a request for proposal process.
The Committee shall be composed of nine (9) members as follows:
Five members of the Committee shall constitute a quorum and the vote of five members shall be necessary for any action taken by the Committee. The Committee shall be staffed by employees of the Office of Management and Enterprise Services. The Committee shall be subject to the Oklahoma Open Meeting Act.2
M. Following delivery of the final plan, the Committee shall continue to oversee the expenditure of proceeds from the sale of obligations issued pursuant to the provisions of this section and Section 1 of Enrolled House Bill No. 3168 of the 2nd Session of the 55th Legislature, until completion of the renovation, repair and remodeling of the State Capitol. The Committee may also propose and approve amendments to the plan as it deems appropriate.
N. The Director of the Office of Management and Enterprise Services shall have responsibility to substantially implement the plan as presented by the Committee; provided, the President Pro Tempore of the Senate or the Speaker of the House of Representatives shall approve all proposed designs related to renovation, repair and remodeling of space within the State Capitol Building under the management and control of the Legislature and allocated to that officer's house of the Legislature pursuant to the provisions of Section 15.1 of this title, and any subsequent changes to such plans. Joint approval of the President Pro Tempore of the Senate and the Speaker of the House of Representatives shall be required for such plans for space under the management and control of the Legislature and not allocated to a specific house of the Legislature. Such approval shall be in writing.
Credits
2014 H.J.R. No. 1033, § 1; Laws 2016, c. 335, § 2.
73 Okl. St. Ann. § 345, OK ST T. 73 § 345
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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