OK SB872

Oklahoma Capitol Improvement Authority (OCIA) is authorized to issue bonds generating net proceeds of $25,000,000 to fund construction and improvements to the American Indian Cultural Center and Museum (AICCM), including personal property and exhibits.

Bonds may not be issued until the Director of the Office of Management and Enterprise Services certifies that at least $10,000,000 in nonstate and nonfederal donations have been deposited into the American Indian Cultural Center and Museum Completion Fund.

Requirements for bond issuance are deemed fully satisfied by OMES certification that $10,000,000 in private donations have been deposited, removing a previous deadline of January 15, 2016.

Bonds will be repaid through lease payments from the Native American Cultural and Educational Authority until its termination, then by the American Indian Cultural Center and Museum Trust Authority or another designated state agency.

The act declares an emergency and takes effect immediately upon passage and approval.