OK HB1513

Authorizes the Oklahoma Capitol Improvement Authority (OCIA) to issue obligations up to $3 million per fiscal year (net proceeds) for deferred maintenance costs of the Department of Central Services for 15 years (FY 2011–FY 2025).

Limits the maximum balance of net proceeds to $6 million and requires the State Treasurer to invest proceeds in the Deferred Maintenance Revolving Fund; obligations shall not exceed 15 years maturity.

Allows OCIA to hold title to real and personal property until obligations are retired, then transfer title to the Department of Central Services; authorizes leasing arrangements with governmental entities.

Exempts obligations and related interest from state and local taxation; permits use of interest earnings for debt service or other Authority-directed purposes; appropriates fund revenues for asset repairs and maintenance.

Becomes effective July 1, 2011; declares an emergency to allow immediate effect upon passage and approval.