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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
HOUSE BILL 4308 By: Blair
AS INTRODUCED
An Act relating to the Oklahoma Capitol Improvement
Authority; amending 73 O.S. 2021, Sections 159, 161,
as last amended by Section 1, Chapter 68, O.S.L.
2024, and Section 2, Chapter 1, 1st Extraordinary
Session, O.S.L. 2023, as amended by Section 1,
Chapter 393, O.S.L. 2024 (73 O.S. Supp. 2025, Section
161 and 187B), which relate to public finance
programs; modifying provisions related to investment
of certain monies; modifying provisions related to
powers of Oklahoma Capitol Improvement Authority;
modifying provisions related to administration of the
Legacy Capital Fund; providing an effective date; and
declaring an emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 73 O.S. 2021, Section 159, is
amended to read as follows:
Section 159. The bonds shall be delivered to the purchaser
thereof only upon payment of par and accrued interest to the date of
delivery thereof, together with any premium bid, if any. The
proceeds of the sale of said bonds shall be deposited in the State
Treasury of the State of Oklahoma, in a fund which is hereby created
and designated the "Oklahoma Capitol Improvement Authority Fund",
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where they shall remain subject to disposition to be provided for by
the Authority, provided that the State Treasurer of the State of
Oklahoma shall invest said monies in interest bearing direct
obligations of the United States of America as public funds under
Section 89.2 of Title 62 of the Oklahoma Statutes, or of the State
of Oklahoma, and provided further that all such investments of said
monies must be so made that the same may be liquidated in time to
enable the Authority to pay, in due course, the valid indebtedness
incurred by the Authority for the purposes set forth in this act.
Interest income derived from the investment of monies in the fund
shall be credited to and placed in the fund.
SECTION 2. AMENDATORY 73 O.S. 2021, Section 161, as last
amended by Section 1, Chapter 68, O.S.L. 2024 (73 O.S. Supp. 2025,
Section 161), is amended to read as follows:
Section 161. In addition to all other powers expressly
conferred, the Authority is hereby authorized and empowered:
1. To adopt bylaws for the regulation of its affairs and the
conduct of its business;
2. To adopt an official seal and alter the same at pleasure;
3. To fix and revise from time to time rent for the use of any
Authority building; provided, that the rents when so fixed, plus
revenues derived from other sources, shall produce sufficient
revenue:
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a. to pay the annual cost of the operation, maintenance,
and repair of such building,
b. to pay as and when due the principal and interest on
the bonds issued to pay for such building, and
c. to accumulate and maintain reserves for such purposes;
4. To acquire, hold, improve, and dispose of real and personal
property in the exercise of its powers and the performance of its
duties under this act, and on behalf of other agencies of the state
as provided for in memoranda of understanding entered into between
the Authority and such agency or agencies of the state;
5. To acquire by purchase or otherwise, on such terms and
conditions and in such manner as it may deem proper, or by the
exercise of the power of condemnation in the manner hereinafter
provided, such public or private property and interests therein as
it may deem necessary for carrying out the provisions of this act.
The exercise of the power of condemnation shall be in accordance
with and subject to the provisions of any and all existing laws and
statutes applicable to the exercise of the power of condemnation of
property for public use. In any condemnation proceedings the court
having jurisdiction of the suit, action or proceeding may make such
orders as may be just to the Authority and to the owners of the
property to be condemned and may require an undertaking or other
security to secure such owners against any loss or damage by reason
of the failure of the Authority to accept and pay for the property,
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but neither such undertaking or security nor any act or obligation
of the Authority shall impose any liability upon the state or the
Authority except such as may be paid from the funds provided under
the provisions of the act;
6. To make and enter into all contracts and agreements
necessary or incidental to the performance of its duties and the
execution of its powers under this act, and particularly to make and
enter into contracts and agreements with the departments and
agencies of the State of Oklahoma and/or federal government relating
to the rent, amortization of cost, and use of the building by such
departments and agencies, or relating to the construction,
improvement, repair, and maintenance of the highway infrastructure
in this state;
7. To employ employees from the Office of the State Treasurer
and agents as may be necessary in its judgment, including, but not
limited to, legal counsel and such other professionals as may be
needed for the issuance and administration of bonds issued under the
provisions of this title and to fix their compensation; provided,
that all such expenses shall be payable solely from the proceeds of
bonds issued under this act or from revenues derived from the
building;
8. To receive and accept from any federal agency grants or
payments for or in aid of the construction of any project, and to
receive and accept aid or contributions from any source of either
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money, property, labor, or other things of value to be held, used,
and applied only for the purposes for which such grants and
contributions may be made;
9. To do any and all things necessary to comply with rules,
regulations, or requirements of any state or federal agency
administering any law enacted by the Congress of the United States
to aid or encourage the construction or use of such building;
10. To do all things necessary or convenient to carry out the
powers expressly granted in this act; and
11. To administer the Legacy Capital Financing Act.
SECTION 3. AMENDATORY Section 2, Chapter 1, 1st
Extraordinary Session, O.S.L. 2023, as amended by Section 1, Chapter
393, O.S.L. 2024 (73 O.S. Supp. 2025, Section 187B), is amended to
read as follows:
Section 187B. A. There is hereby created in the State Treasury
a revolving fund for the Oklahoma Capitol Improvement Authority to
be designated the "Legacy Capital Financing Fund". The fund shall
be a continuing fund, not subject to fiscal year limitations, and
shall consist of all monies received by the Oklahoma Capitol
Improvement Authority eligible under law and directed for deposit.
All monies accruing to the credit of said fund are hereby
appropriated and may be budgeted and expended by the Oklahoma
Capitol Improvement Authority for capital projects specifically and
exclusively as authorized by law. Such budgeting and expenditure
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shall strictly adhere to the specific terms, limitations, purposes,
and requirements described in such authorizations and in this act.
Expenditures from said fund shall be made upon warrants issued by
the State Treasurer against claims filed as prescribed by law with
the Director of the Office of Management and Enterprise Services for
approval and payment.
B. 1. The Oklahoma Capitol Improvement Authority shall be
authorized to enter into memoranda of understanding with agencies,
departments, and subdivisions of the state as provided by law and as
deemed necessary by the Authority to administer expenditures from
and deposits to the Legacy Capital Financing Fund; provided that
such memoranda of understanding do not conflict with or impede the
administration of capital projects specifically authorized by law.
Such memoranda of understanding shall not constitute a legal
obligation of the State of Oklahoma.
2. a. Unless specified otherwise in the applicable
authorizing legislation, all distributions from the
Legacy Capital Financing Fund shall be returned to the
Fund over a twenty-year period. Such distributions
shall be returned in the form of LCF Recapitalization
Payments as provided in subparagraph b of this
paragraph.
b. The annual LCF Recapitalization Payment required of
entities in receipt of Legacy Capital Financing Fund
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distributions shall be equal to one-twentieth (1/20)
of the amount distributed to the entity. Such payment
shall be collected by the Oklahoma Capitol Improvement
Authority in equal monthly installments and deposited
to the Legacy Capital Financing Fund; provided, that
in the year of initial distribution no monthly payment
shall be made until the second month after such
distribution. Upon such second month, all monthly
payments for such state fiscal year up to that point
shall become payable.
c. (1) By authorizing distributions from the Legacy
Capital Financing Fund and making recipients of
such funds responsible for LCF Recapitalization
Payments, the Legislature voluntarily subjects
itself to the moral obligation that the
Legislature shall appropriate to recipient state
agencies, otherwise receiving legislative
appropriations, the first annual required LCF
Recapitalization Payment for the state fiscal
year for which the distribution was authorized,
and that such appropriated amount shall remain in
the agency's appropriation base for the duration
of the LCF Recapitalization period for such
project.
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(2) The Legislature, as it deems necessary for the
best interests of the state, may suspend or
restructure for a period of time such LCF
Recapitalization Payments through the adoption of
a concurrent resolution.
C. Limited to the extent required for projects specifically
authorized through the Legacy Capital Financing Act, the Oklahoma
Capitol Improvement Authority shall be authorized to:
1. Acquire real property together with improvements located
thereon and personal property;
2. Provide for the construction of improvements to real
property and to provide funding for repairs, refurbishments, and
improvements to real and personal property;
3. Hold title to property and improvements as necessary to
comply with legal directives and authorizations; and
4. Lease, transfer, and otherwise legally dispose of property
and improvements as necessary to comply with legal directives and
authorizations.
D. No later than January 15 annually, the Oklahoma Capitol
Improvement Authority shall submit electronically to the Governor,
the Speaker of the Oklahoma House of Representatives, the President
Pro Tempore of the Oklahoma State Senate, the Appropriations and
Budget Chair of the Oklahoma House of Representatives, and the
Appropriations Chair of the Oklahoma State Senate a report detailing
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impacts to the balance of the Legacy Capital Financing Fund
occurring in the prior calendar year, including, but not limited to,
all distributions, expenditures, collections, deposits and
investment returns of the Legacy Capital Financing Fund.
E. Notwithstanding any provision of law to the contrary, all
interest and income derived from deposits to the Legacy Capital
Financing Fund shall be credited to the Legacy Capital Financing
Fund and may be budgeted and expended by the Oklahoma Capitol
Improvement Authority for the administration of those capital
projects specifically and exclusively authorized by law.
SECTION 4. This act shall become effective July 1, 2026.
SECTION 5. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
60-2-14289 MAH 01/14/26