Section 304.2 - American Indian Cultural Center and Museum - Continuing construction - Issuance of obligationsA. In addition to any other authorization provided by law, and under the conditions herein expressed, the Oklahoma Capitol Improvement Authority (OCIA) is authorized to issue additional obligations to provide funding for improvements to real and personal property and for funding of further construction, improvements, development and enhancement of the American Indian Cultural Center and Museum (AICCM), to include personal property and exhibits with debt retirement payments to be made as provided herein; provided, however, that such obligations shall not be issued until the Director of the Office of Management and Enterprise Services (OMES) has certified that at least Ten Million Dollars ($10,000,000.00), in accordance with the requirements of paragraph 1 of subsection B of Section 1226.19 of Title 74 of the Oklahoma Statutes, has been deposited in the American Indian Cultural Center and Museum Completion Fund created by Section 1226.20 of Title 74 of the Oklahoma Statutes.B. The obligations authorized under this section shall be repaid from lease payments to be made by the Native American Cultural and Educational Authority (Authority) until its termination and thereafter by the American Indian Cultural Center and Museum Trust Authority (AICCMTA) created by Section 1226.21 of Title 74 of the Oklahoma Statutes or another designated state agency for deposit to the American Indian Cultural Center and Museum Postcompletion Revolving Fund created by Section 1226.22 of Title 74 of the Oklahoma Statutes, it being the express intent of the Legislature to appropriate funds to such agencies in sufficient amount to make lease payments which will provide for the repayment of such obligations.C. The obligations authorized under this section to provide additional funding for the AICCM may be issued by OCIA, in one or more series, in an aggregate amount sufficient to generate net proceeds of Twenty-five Million Dollars ($25,000,000.00) after providing for costs of issuance, credit enhancement, reserves and other associated expenses related to the financing. Net proceeds of the financing will be deposited into a construction fund to provide for the construction and acquisition of improvements described herein. It is the intent of the Legislature to appropriate to the Authority or, after its termination pursuant to Section 1226.2 of Title 74 of the Oklahoma Statutes, to the AICCMTA or another designated state agency for deposit to the American Indian Cultural Center and Museum Postcompletion Revolving Fund, sufficient monies to make payments for the 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 section, OCIA shall provide for the payment of professional fees and associated costs related to the projects authorized in subsection A of this section.D. OCIA is authorized to hire bond counsel, special tax 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 OCIA, and in such form and at such prices as may be authorized by OCIA. OCIA 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 OCIA, but in no event shall the final maturity of such obligations occur later than thirty (30) years from the first principal maturity date.F. Any interest earnings on funds or accounts created for the purposes of this section may be utilized as partial payment of the annual debt service or for the purposes directed by OCIA.G. The obligations issued under this section, the transfer thereof and the interest earned on such obligations, including any profit derived from the sale thereof, shall not be subject to taxation of any kind by the State of Oklahoma, or by any county, municipality or political subdivision therein.H. OCIA 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. OCIA may place additional restrictions on the investment of such monies if necessary to enhance the marketability of the obligations.I. Insofar as they are not in conflict with the provisions of this section, the provisions of Section 151 et seq. of this title shall apply to this section.J. The bonds or other obligations issued pursuant to this section shall not at any time be deemed to constitute a debt of the state or of any political subdivision thereof or a pledge of the faith and credit of the state or of any such political subdivision. Such bonds or other obligations shall contain on the face thereof a statement that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged, or may hereafter be pledged, to the payment of the principal of or the interest on such bonds.K. The requirements for issuance of the additional obligations described by this section shall be deemed to have been fully satisfied by actions which include certification by the Director of the Office of Management and Enterprise Services that at least Ten Million Dollars ($10,000,000.00) has been deposited in the American Indian Cultural Center and Museum Completion Fund, in accordance with the requirements of paragraph 1 of subsection B of Section 1226.19 of Title 74 of the Oklahoma Statutes.Okla. Stat. tit. 73, § 304.2
Amended by Laws 2017 , c. 373, s. 1, eff. 5/31/2017.Added by Laws 2015 , c. 339, s. 3, eff. 9/1/2015.