OK SB1488

Oklahoma Capitol Improvement Authority authorized to issue notes and bonds to generate $6,000,000 in net proceeds for financing a facility providing inpatient and outpatient services for the State Department of Mental Health and Substance Abuse Services.

Bonds cannot be issued until the Department of Mental Health and Substance Abuse Services receives at least $6,000,000 in private donations designated for facility construction.

Authority may hold title to real and personal property and improvements until obligations are retired or defeased, then transfer title to the Department; Authority may lease the facility to the Department.

Authority authorized to borrow money, hire professionals, sell obligations at competitive or negotiated sale, and invest monies from created funds consistent with State Treasurer guidelines.

Obligations and interest earnings are exempt from state, county, municipal, and political subdivision taxation; act effective July 1, 2010, with emergency clause for immediate effect.