Senate Bill 2044 Summary

• Authorizes the Oklahoma Capitol Improvement Authority to issue up to $160 million in obligations for acquiring property, constructing improvements, and funding repairs to the State Capitol Building.

• The Authority may hold title to the property and improvements until obligations are retired or defeased, then transfer title to the Office of Management and Enterprise Services upon final redemption.

• Authorizes borrowing money based on anticipated lease revenues from the Office of Management and Enterprise Services, with interest capitalization permitted for up to one year from issuance.

• Grants the Authority authority to hire bond counsel, financial consultants, and other professionals; establish reserves; and sell obligations through competitive or negotiated sale with credit enhancers as needed.

• Exempts the obligations, their transfers, and earned interest from state and local taxation; allows interest earnings to be used for debt service; and establishes a 30-year maximum final maturity period.