SB482 Summary

• Authorizes Oklahoma Capitol Improvement Authority (OCIA) to issue up to $32 million in obligations to finance construction and improvements of the American Indian Cultural Center for the Native American Cultural and Educational Authority.

• OCIA holds title to real and personal property until obligations are fully retired or defeased, at which point ownership transfers to the Native American Cultural and Educational Authority.

• Requires certified commitment of matching funds from other sources before issuance of first series of bonds; subsequent bond series require similar certifications from state-chartered banks insured by FDIC.

• Bonds are not state debt and contain a statement that neither the faith and credit nor taxing power of the state is pledged for repayment; obligations mature in no more than 30 years from first principal payment date.

• Effective November 1, 2013; allows OCIA to utilize borrowing proceeds to pay professional fees and associated issuance costs related to the project.