OK SB983

Authorizes the Oklahoma Capitol Improvement Authority to issue bonds or obligations up to $40 million (net proceeds) to finance a central office building for the Department of Veterans Affairs.

Authority may hold title to the property and improvements until all obligations are retired or defeased, at which point title transfers to the Department of Veterans Affairs.

Authorizes the Authority to lease the property to the Department of Veterans Affairs and directs the Legislature to appropriate sufficient funds to make rental payments for debt service.

Bonds and interest earnings are exempt from state, county, municipal, and political subdivision taxation.

Declares an emergency, making the act effective immediately upon passage and approval.