HB 3168 Summary

• Oklahoma Capitol Improvement Authority authorized to issue up to $125,000,000 in obligations to fund renovation, repair, and remodeling of the State Capitol Building, including associated furniture, fixtures, and equipment.

• 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; property may be leased to that office during bond period.

• Interest earnings on funds capitalized for up to one year from issuance; first principal maturity no later than 18 months from delivery date; final maturity cannot exceed 20 years from first principal maturity date; no bonds deliverable before July 1, 2018.

• Obligations, transfers, and interest earnings exempt from state and local taxation; proceeds for Capitol repairs and improvements subject to approval by the State Capitol Repair Expenditure Oversight Committee.

• Authority authorized to hire bond counsel, financial consultants, and other professionals; may conduct competitive or negotiated sales; interest earnings may be used for annual debt service; Act effective November 1, 2016.