OK SB839

Creates the Oklahoma Museum of Popular Culture under the supervision of the Oklahoma Historical Society, which is authorized to construct, maintain, repair, and operate the museum and its facilities.

Authorizes the Oklahoma Capitol Improvement Authority to issue obligations up to $25,000,000 to fund acquisition, construction, and improvements for the museum project.

Allows the Authority to capitalize interest on obligations for up to 2 years from issuance and directs the Legislature to appropriate sufficient funds to the Oklahoma Historical Society for rental payments to retire the obligations beginning in fiscal year 2017.

Permits the Authority to hold title to real and personal property until obligations are retired or defeased, at which point title transfers to the Oklahoma Historical Society.

Obligations are exempt from state and local taxation, may be sold competitively or through negotiated sale, and cannot have final maturity later than 30 years from the first principal maturity date; act becomes effective November 1, 2015.