SB479 Summary

• Authorizes Oklahoma Capitol Improvement Authority to issue up to $120,000,000 in obligations for renovation, repair, and remodeling of the State Capitol Building under Section 345, with funds to be repaid through leases to the Office of Management and Enterprise Services.

• Authorizes Oklahoma Capitol Improvement Authority to issue up to $125,000,000 in obligations for State Capitol improvements including associated furniture, fixtures, and equipment under Section 346, with a maximum maturity of 20 years from first principal maturity date and no delivery before July 1, 2018.

• Removes all provisions related to the State Capitol Repair Expenditure Oversight Committee from both sections, including its 9-member composition, approval authority over Capitol repair expenditures, and requirements to deliver preliminary and final renovation plans.

• Obligations issued are exempt from state, county, municipal, and political subdivision taxation; interest capitalization is allowed for up to one year from issuance.

• Effective date: November 1, 2025.