Senate Bill 1387 Summary

• Extends deadline to January 15, 2016 (or 60 days from effective date with approval) for the Authority, City of Oklahoma City, and OMES to enter a written agreement regarding operation and transfer of the American Indian Cultural Center and Museum (AICCM).

• If agreement is not reached by deadline, authorization for Oklahoma Capitol Improvement Authority (OCIA) to issue $25,000,000 in obligations becomes null and void, and no additional state debt may be issued for AICCM construction.

• Requires transfer of Authority's unimproved real property to the City for commercial development with lease revenues supporting AICCM operations upon completion.

• Terminates the Authority no later than the first day AICCM opens to the public, or by July 1, 2020 if building construction is complete; transfers remaining functions and assets to American Indian Cultural Center and Museum Trust Authority (AICCMTA).

• Requires City to pay $9,000,000 toward AICCM completion and transfer 50% of revenues exceeding $7,000,000 annually to state until $25,000,000 total is repaid; OMES responsible for monitoring and auditing compliance.