SB1752 Summary

• Authorizes the Oklahoma Capitol Improvement Authority to issue notes and bonds to finance a central office building for the Oklahoma Department of Veterans Affairs, with net proceeds deposited into a construction fund.

• Permits investment earnings from the construction fund to be used for the authorized project or other purposes approved by the Authority.

• Establishes that the Authority may hold title to the real and personal property until obligations are retired, then transfer title to the Department of Veterans Affairs; the Department will make lease payments to retire the obligations.

• Authorizes the Authority to issue negotiable obligations, hire professionals for bond sales, establish reserves, and conduct competitive or negotiated sales with final maturity not exceeding 30 years from first principal maturity.

• Exempts the issued obligations and related interest earnings from state, county, municipal, and political subdivision taxation, and establishes that existing Capitol Improvement Authority provisions apply except where in conflict with this section.