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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
SENATE BILL 2105 By: Pederson
AS INTRODUCED
An Act relating to the Oklahoma Capitol Improvement
Authority; amending 73 O.S. 2021, Section 371, which
relates to financing authority for construction,
repair and rehabilitation of Greer Center Facility;
authorizing the Department of Human Services to
sublease certain real property; granting certain
right to specified nonprofit organization; updating
statutory language; and declaring an emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 73 O.S. 2021, Section 371, is
amended to read as follows:
Section 371. A. 1. The Oklahoma Capitol Improvement Authority
is hereby authorized to acquire real property or interests therein,
together with improvements located thereon, and personal property
and invest capital into improvements for purposes of construction,
repair and rehabilitation of a the Greer Center Facility located on
the grounds of the Northern Oklahoma Resource Center of Enid in
Enid, Oklahoma.
2. The Authority may hold title to the real property and
improvements until such time as any obligations issued for this
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purpose are retired or defeased and may lease the real property and
improvements to the Department of Human Services. Upon final
redemption or defeasance of the obligations created pursuant to this
section, title to the real property and improvements shall be
transferred from the Authority to the Department of Human Services.
3. Prior to the final redemption or defeasance of the
obligations created pursuant to this section, the Department of
Human Services may sublease the real property or a portion of the
real property to a nonprofit organization exempt from federal income
tax under Section 501(c)(3) of the Internal Revenue Code of 1986, as
amended, for the purpose of construction and operation of a facility
to serve at-risk youth. If such facility is still in operation upon
the transfer of title to the real property from the Authority to the
Department as provided by paragraph 2 of this subsection, the
Department shall give the nonprofit organization right of first
refusal on such real property.
B. For the purpose of paying the costs for acquisition of the
real property and improvements and personal property authorized in
subsection A of this section, and for the purpose authorized in
subsection C of this section, the Authority is hereby authorized to
borrow monies on the credit of the income and revenues to be derived
from the leasing of such real property and improvements and, in
anticipation of collection of such income and revenues, issue
negotiable obligations in the amount sufficient to generate net
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proceeds of Sixteen Million Dollars ($16,000,000.00) after providing
for costs of issuance, credit enhancement, reserves and other
associated expenses related to the financing. The Authority is
authorized to capitalize interest on the obligations issued pursuant
to the authority granted by this section for a period not to exceed
one (1) year from the date of issuance. It is the intent of the
Legislature to appropriate to the Department of Human Services
sufficient monies to make rental payments for the purposes of
retiring the obligations created pursuant to this section.
C. To the extent funds are available, the Authority shall
provide for the payment of professional fees and associated costs
approved by the Authority.
D. The Authority may issue obligations in one or more series
and in conjunction with other issues of the Authority. The
Authority is authorized to hire bond counsel, financial consultants
and such other professionals as it may deem necessary to provide for
the efficient sale of the obligations and may utilize a portion of
the proceeds of any borrowing to create such reserves as may be
deemed necessary and to pay costs associated with the issuance and
administration of such obligations.
E. The obligations authorized under this section may be sold at
either competitive or negotiated sale, as determined by the
Authority, and in such form and at such prices as may be authorized
by the Authority. The Authority may enter into agreements with such
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credit enhancers and liquidity providers as may be determined
necessary to efficiently market the obligations. The obligations
may mature and have such provisions for redemption as shall be
determined by the Authority, but in no event shall the final
maturity of such obligations occur later than twenty (20) years from
the first principal maturity date.
F. Any interest earnings on funds or accounts created for the
purposes of this section may be utilized as partial payment of the
annual debt service or for the purposes directed by the Authority.
G. The obligations issued under this section, the transfer
thereof and the interest earned on such obligations including any
profit derived from the sale thereof, shall not be subject to
taxation of any kind by the State of Oklahoma this state, or by any
county, municipality or political subdivision therein.
H. The Authority may direct the investment of all monies in any
funds or accounts created in connection with the offering of the
obligations authorized under this section. Such investments shall
be made in a manner consistent with the investment guidelines of the
State Treasurer. The Authority may place additional restrictions on
the investment of such monies if necessary to enhance the
marketability of the obligations.
SECTION 2. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
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declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
60-2-2827 DC 1/15/2026 12:41:14 PM