§ 73-153 — Acquisition of land and erection of buildings - Negotiable

bonds. (a) The Authority is hereby authorized to acquire land for and to erect, equip, operate and maintain a building or buildings for the use of state and/or federal agencies and departments at any place or location within the State of Oklahoma, the place of erection to be selected by the Authority. Provided, however, that the place of erection to be selected by the Authority within the Capitol Improvement and Zoning District as defined by law and approved by the Capitol Improvement and Zoning Commission shall be in compliance with statutory designations as may be provided in this article. Provided further that in fulfilling the purpose of this act in acquiring land for the erection, equipping, operation and maintenance of any facilities, building or buildings at a location other than within the Capitol Improvement and Zoning District the Authority is hereby specifically empowered to: (1) For the purpose of paying the costs thereof the Authority is hereby authorized to borrow money on the credit of the income and revenues to be derived from the operation of said building and, in anticipation of the collection of such income and revenues, to issue negotiable bonds as may, in the opinion of the Authority, be necessary for such purposes, and to provide for the payment of such bonds and the rights of the holders thereof, as hereinafter provided. Said bonds may be issued in one or more series, may be sold in such manner and at such price or prices, may bear such date or dates, may mature at such time or times, not to exceed thirty (30) years from their date, may be in such denomination or denominations, may be in such form either coupon or registered, may carry such registration or conversion privileges, may be executed in such manner, may be payable in such medium of payments, at such place or places, may be subject to such terms of redemption, with or without premium, and may bear such rate or rates of interest not in excess of seven and one-half percent (7 1/2%) per annum, and shall be subject to such call for redemption as may be provided by resolution or resolutions to be adopted by the Authority. Such bonds shall have all of the qualities and incidents of negotiable paper; and the bonds and the interest earned on said bonds shall not be subject to taxation by the State of Oklahoma, or by any county, municipality or political subdivision therein. (2) The Authority may issue bonds hereunder for the purpose of refunding any obligation of the Authority payable from the revenues of said building, or may authorize and deliver a single issue of bonds hereunder for the purpose in part of refunding obligations of the Authority payable from the revenues derived from said building and in part for the making, equipping and furnishing of additions, improvements and extensions thereto or for an additional building or buildings. Where bonds are issued under this paragraph solely for refunding purposes, such bonds may either be sold as above provided or delivered in exchange for the outstanding obligations. If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof. Nothing herein contained shall be construed to authorize the refunding of any outstanding obligations which are not either maturing, callable for redemption under their terms, or voluntarily surrendered by their holders for cancellation, unless the Authority covenants that sufficient funds to pay all remaining interest and principal payments of the outstanding obligations when due will be placed in escrow for such purpose at the place or places where said bonds are payable. All bonds issued under this paragraph shall in all respects be authorized, issued and secured in the manner provided for other bonds issued under this act, and shall have all the attributes of such bonds. The Authority may provide any such refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded thereby. (3) The bonds issued hereunder shall not be an indebtedness of the State of Oklahoma or of the Authority herein, but shall be special obligations payable solely from the rents and revenues to be derived from the operation of the building, and the Authority is authorized and directed to pledge all or any part of such revenues to the payment of principal and interest on the bonds, the operation and maintenance of the building, and to create a reserve for such purposes. (4) The State Treasurer of the State of Oklahoma is hereby authorized to purchase from the Authority at private sale all or any part of said bonds, or interim bonds, as an investment of the public monies in his possession. It shall be the responsibility of the State Treasurer to invest only that portion of such public monies as it deems to be more than sufficient to meet current expenditures payable from public monies. The State Treasurer is authorized to buy and the Authority is authorized and required to sell to the State Treasurer at private sale, as provided in this section, so many of the bonds authorized by this act as may be safely purchased for investment of public monies by the State Treasurer without handicapping the State of Oklahoma in promptly meeting its obligations. In the event of such sale or sales, the Authority shall determine and fix the rate of interest the bonds so sold shall bear. (5) In the event any or all of the bonds are sold to the State Treasurer under the provisions of subparagraph (4) hereof and thereafter the uninvested cash on hand and in solvent banks falls short of demand orders on the State Treasury, it shall be the duty of the State Treasurer to sell such part or all of the bonds as are necessary to be converted into cash to meet such demands. (b) For the purpose of paying the costs thereof the Authority is hereby authorized to borrow money on the credit of the income and revenues to be derived from the operation of said building and, in anticipation of the collection of such income and revenues, to issue negotiable bonds not to exceed the sum of Ten Million Dollars ($10,000,000.00) as may, in the opinion of the Authority, be necessary for such purposes, and is authorized to provide for the payment of such bonds and the rights of the holders thereof, as hereinafter provided. Said bonds may be issued in one or more series, may be sold in such manner and at such price or prices, may bear such date or dates, may mature at such time or times, not to exceed thirty (30) years from their date, may be in such denomination or denominations, may be in such form either coupon or registered, may carry such registration or conversion privileges, may be executed in such manner, may be payable in such medium of payments, at such place or places, may be subject to such terms of redemption, with or without premium, and may bear such rate or rates of interest, not exceeding four percent (4%) per annum, as may be provided by resolution or resolutions to be adopted by the Authority. Such bonds shall have all of the qualities and incidents of negotiable paper, and shall not be subject to taxation by the State of Oklahoma, or by any county, municipality or political subdivision therein. All bonds maturing after ten (10) years from their dates shall be subject to call and redemption, in inverse order of maturity and bond numbers, at par and accrued interest, the detailed provisions for such call and redemption to be fixed by the Authority in the resolution or resolutions authorizing the issuance of said bonds. (c) The Authority may issue bonds hereunder for the purpose of refunding any obligation of the Authority payable from the revenues of said building, or may authorize and deliver a single issue of bonds hereunder for the purpose in part of refunding obligations of the Authority payable from the revenues derived from said building and in part for the making, equipping and furnishing of additions, improvements and extensions thereto or for an additional building or buildings. Where bonds are issued under this paragraph solely for refunding purposes, such bonds may either be sold as above provided or delivered in exchange for the outstanding obligations. If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof. Nothing herein contained shall be construed to authorize the refunding of any outstanding obligations which are not either maturing, callable for redemption under their terms, or voluntarily surrendered by their holders for cancellation, unless the Authority covenants that sufficient funds to pay all remaining interest and principal payments of the outstanding obligations when due will be placed in escrow for such purpose at the place or places where said bonds are payable. All bonds issued under this paragraph shall in all respects be authorized, issued and secured in the manner provided for other bonds issued under this act, and shall have all the attributes of such bonds. The Authority may provide any such refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded thereby. (d) The bonds issued hereunder shall not be an indebtedness of the State of Oklahoma or of the Authority herein, but shall be special obligations payable solely from the rents and revenues to be derived from the operation of the building, and the Authority is authorized and directed to pledge all or any part of such revenues to the payment of principal and interest on the bonds, the operation and maintenance of the building, and to create a reserve for such purposes.

Legislative History

Added by Laws 1959, p. 249, § 3, emerg. eff. June 27, 1959. Amended by Laws 1971, c. 328, § 1, emerg. eff. June 25, 1971; Laws 1989, c. 343, § 37, operative July 1, 1989.