OK HB1677

Authorizes the Oklahoma Capitol Improvement Authority to issue up to $40 million in obligations to acquire real and personal property for the Native American Cultural and Educational Authority's cultural center and museum project.

Requires matching funds from other non-state sources ($13 million, $9 million, and $20 million in three tranches) before corresponding bond issuances can occur, with earliest issuance dates of March 1, 2011, September 1, 2011, and April 1, 2012 respectively.

Prohibits use of state-appropriated funds for debt service until fiscal year beginning July 1, 2016; obligations must be structured so no principal or interest payments are due before that date.

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

Declares obligations exempt from state and local taxation; specifies bonds are not a state debt or pledge of state credit; establishes emergency effective date.