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An Act
ENROLLED HOUSE
BILL NO. 2775 By: Caldwell (Trey) and Kane of
the House
and
Hall and Haste of the
Senate
An Act relating to the Oklahoma Capitol Improvement
Authority; providing for allocation of funds from the
Legacy Capital Financing Fund; authorizing
utilization of certain amount for the purpose of
benefitting the Military Department of the State of
Oklahoma; requiring certain recapitalization payments
over certain period; authorizing certain
distributions; authorizing and limiting utilization
of memoranda of understanding; and providing for
codification.
SUBJECT: Oklahoma Capitol Improvement Authority
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 187A-13 of Title 73, unless
there is created a duplication in numbering, reads as follows:
A. In addition to any other authorization provided by law, the
Oklahoma Capitol Improvement Authority is authorized to utilize
available funds from the Legacy Capital Financing Fund created by
Section 187B of Title 73 of the Oklahoma Statutes, in the amount of
Forty-one Million Six Hundred Thousand Dollars ($41,600,000.00) for
the benefit of the Military Department of the State of Oklahoma to
construct, refurbish, or expand military related facilities in
Oklahoma.
B. LCF Recapitalization Payments shall be made related to the
distribution of proceeds provided in subsection A of this section,
in accordance with the provisions of the Legacy Capital Financing
Act, provided that the twenty-year recapitalization period and
ENR. H. B. NO. 2775 Page 2
associated recapitalization payments shall not begin until the state
fiscal year beginning July 1, 2026.
C. The Authority may distribute funds authorized pursuant to
subsection A of this section in one or more tranches.
D. The Authority may enter memoranda of understanding with
agencies, departments, and subdivisions of the state as needed, to
facilitate the provisions of this act, provided that such memoranda
of understanding do not constitute a legal obligation of the State
of Oklahoma or impede the administration of the provisions of the
Legacy Capital Financing Act.
ENR. H. B. NO. 2775 Page 3
Passed the House of Representatives the 20th day of May, 2025.
Presiding Officer of the House
of Representatives
Passed the Senate the 22nd day of May, 2025.
Presiding Officer of the Senate
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this ____________________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________
Approved by the Governor of the State of Oklahoma this _________
day of ___________________, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this __________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________