SB 791 Summary

• Authorizes the Oklahoma Capitol Improvement Authority (OCIA) to issue up to $40 million in bonds to acquire real and personal property, construct buildings, and fund improvements for a Native American Cultural Center and Museum operated by the Native American Cultural and Educational Authority.

• Requires matching funds from non-state sources before bond issuance: $13 million before first $12 million tranche (by March 1, 2011); $9 million additional before next $8 million tranche (by September 1, 2011); $20 million additional before final $20 million tranche (by April 1, 2012).

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

• Permits OCIA to hold property title with a lease to the authority; title transfers to the authority upon final redemption or defeasance of the bonds; bonds mature within 25 years with no state pledge of faith and credit.

• Declares an emergency to make the act effective immediately upon passage and approval.