SB 1384 Summary

• Authorizes the Oklahoma Capitol Improvement Authority to issue obligations (bonds) to provide funding for the state's contributions to endowed chairs, professorships, lectureships, and artist-in-residence positions at higher education institutions.

• Limits the total principal amount of outstanding obligations to $100 million for funding endowed chairs, with no obligations issued unless matching funds from private sources have been received.

• Authorizes the Oklahoma State Regents for Higher Education to enter into agreements with the Authority to secure any issued obligations and establish investment restrictions if needed.

• Allows the Authority to issue bonds through competitive or negotiated sales, with flexible terms including redemption provisions and final maturity no later than 20 years from first principal maturity date.

• Exempts obligations, transfers, interest earnings, and profits from state and local taxation, and allows interest earnings on fund accounts to be used for debt service or other Authority-directed purposes.