HB3541 Summary

• Authorizes Oklahoma Capitol Improvement Authority to issue up to $40 million in obligations to acquire real and personal property for an office building to be used by the Oklahoma Department of Veterans Affairs and the Oklahoma Department of Mental Health and Substance Abuse Services.

• Authority may hold title to the property and lease it to the departments until obligations are retired or defeased, at which point title transfers to the Office of Management and Enterprise Services.

• Authorizes capitalization of interest for up to one year from issuance date, with legislative intent to appropriate funds to the departments in subsequent years for rental payments to retire the obligations.

• Directs proceeds from sale of specified real property owned by the Department of Veterans Affairs and Department of Mental Health and Substance Abuse Services to be used exclusively to offset construction costs of the office building.

• Effective date is July 1, 2014, with an emergency declaration for immediate implementation.