Bill Summary: SJR86

• Authorizes the Oklahoma Capitol Improvement Authority (OCIA) to issue up to $40,000,000 in obligations to acquire property, construct buildings, and fund improvements for the American Indian Cultural Center and Museum.

• Bonds will mature within 25 years from first principal maturity date, with no state appropriated funds available for debt service until fiscal year 2016.

• Phased funding approach requiring the Native American Cultural and Educational Authority to commit matching funds from non-state sources before each tranche of bonds can be issued ($13M, $9M, and $20M respectively).

• Upon final bond redemption, title transfers from OCIA to the Native American Cultural and Educational Authority; State of Oklahoma prohibited from providing additional capital funding without voter approval.

• Proposes a legislative referendum to be submitted to voters at the next general election.