SB985 Summary

• Amends Section 1 of Enrolled Senate Bill No. 980 to authorize the Oklahoma Capitol Improvement Authority to issue up to $40 million in obligations for acquisition, construction, and improvement of a Native American Cultural Center and museum, with debt service deferred until fiscal year 2016.

• Requires matching funds from non-state sources before obligations can be issued in three tranches: $13 million committed before issuing $12 million in bonds, $9 million additional before issuing $8 million more, and $20 million additional before issuing final $20 million tranche.

• Creates the American Indian Cultural Center Indebtedness Retirement Revolving Fund and redirects sales tax revenues generated from property owned or leased by the Native American Cultural and Educational Authority to this fund for debt repayment.

• Modifies 68 O.S. 2001, Section 1353 to establish apportionment of sales tax revenues to the new Indebtedness Retirement Revolving Fund and allows such revenues to be pledged toward payment of bond principal and interest.

• Subjects the Native American Cultural and Educational Authority to the Taxpayer Transparency Act and declares an emergency effective date, contingent upon Enrolled Senate Bill No. 980 becoming effective as law.