HB 1537 Summary

• Authorizes the Oklahoma Capitol Improvement Authority to issue bonds/notes generating $44 million in net proceeds for relocating the Oklahoma Department of Veterans Affairs office facilities to a new location as part of the Lincoln Boulevard Renaissance Project.

• Authorized funds to be used for construction of buildings, landscaping, moving costs, developing veteran memorials, creating a Veterans' Memorial Plaza, and constructing an amphitheater for veterans.

• Authority retains title to real and personal property until debt obligations are retired, then transfers title to the Office of Management and Enterprise Services; Authority may lease facilities to Veterans Affairs and other state agencies needing Capitol area office space.

• Authorizes investment earnings on construction funds to be used for the project, debt service payments, or other Authority-approved purposes; allows hiring of bond counsel, financial consultants, and other professionals for debt issuance.

• Bonds and interest earned are exempt from Oklahoma state and local taxation; bill becomes effective November 1, 2013.