SB 1383 Summary

• Authorizes the Oklahoma Capitol Improvement Authority to issue obligations (bonds) up to $40 million to fund construction of the Oklahoma Popular Culture Museum for the Oklahoma Historical Society.

• Authority may hold title to the property and improvements until obligations are paid off; title transfers to Oklahoma Historical Society upon final redemption or defeasance of the debt.

• Authority authorized to capitalize interest on bonds for up to 2 years from issuance date and to hire bond counsel, financial consultants, and other professionals necessary for efficient sale of obligations.

• Obligations may be sold through competitive or negotiated sale with final maturity not to exceed 30 years; interest earnings on funds can be used for debt service or other Authority-directed purposes.

• Obligations and interest earned are exempt from state and local taxation; provisions of Section 151 et seq. of Title 73 apply to the extent not conflicting; effective November 1, 2012.