Senate Bill 525 Summary

• Authorizes the Oklahoma Capitol Improvement Authority to issue bonds not exceeding $25 million to acquire real property and construct a nursing school building at Langston University's Tulsa campus.

• The Authority holds title to the property until bonds are retired or defeased, then transfers title to Langston University; the Board of Regents for Oklahoma A&M Colleges may lease the property during this period.

• Bond proceeds may be used to pay for real estate acquisition, construction, professional fees, and associated costs; remaining construction fund earnings apply to debt service.

• Bonds are exempt from state and local taxation; the Legislature intends to appropriate sufficient funds through the State Regents for Higher Education to make rental payments for bond retirement.

• Authorizes bonds to be issued at competitive or negotiated sale with maturity not exceeding 30 years from first principal payment; allows hiring of bond counsel and financial consultants; effective November 1, 2013.