OK SB980

Authorizes the Oklahoma Capitol Improvement Authority to issue up to $40 million in obligations for the Native American Cultural Center and Museum.

Requires matching funds commitment from non-state sources ($13 million for initial $12 million obligation, $9 million for additional $8 million, and $20 million for additional $20 million) before corresponding obligations can be issued.

Prohibits use of state appropriated funds for debt service payments until fiscal year beginning July 1, 2016; all principal and interest through June 30, 2016 must be covered through bond proceeds or alternative structuring.

Title transfers to the Native American Cultural and Educational Authority upon final redemption or defeasance of all obligations issued under this section.

Prohibits any further state financing or funding for the American Indian Cultural Center capital needs after this authorization without a vote of the people.