HB 1515 Summary

• Authorizes the Oklahoma Capitol Improvement Authority (OCIA) to issue obligations not to exceed $40 million to acquire real and personal property and construct a Native American cultural center and museum for the Native American Cultural and Educational Authority.

• Requires the Native American Cultural and Educational Authority to secure matching funds from non-state sources before obligation issuance occurs: $15 million before issuing the first $12 million tranche, $10 million additional before issuing the next $8 million, and $20 million additional before issuing the final $23 million.

• Prohibits use of state appropriated funds for debt service payments until fiscal year beginning July 1, 2016, with obligations structured to require no principal or interest payments until that date.

• Upon final redemption or defeasance of the obligations, title to all real and personal property transfers from OCIA to the Native American Cultural and Educational Authority.

• Declares an emergency effective upon passage and approval, allowing OCIA to enter into necessary agreements with credit enhancers and financial professionals to efficiently market the obligations with final maturity not to exceed 25 years.