A. Within one hundred eighty (180) days of the effective date of this act, the Oklahoma Capitol Improvement Authority shall fund an escrow account in an amount sufficient to provide for payment of principal and interest on obligations, as they become due, issued pursuant to Section 168.10 of Title 73 of the Oklahoma Statutes, Oklahoma Capitol Improvement Authority State Facilities Lease Revenue Bonds Series 2018A, for purposes of providing office space to the Oklahoma Tourism and Recreation Department. The escrow account shall be funded as provided in subsection C of this section and shall be in an amount sufficient to defease the obligations.
B. The Authority is authorized to employ agents as may be necessary to carry out the defeasance of the obligations issued pursuant to Section 168.10 of Title 73 of the Oklahoma Statutes including, but not limited to, legal counsel, escrow bidding agent, escrow verification agent, and a trustee or paying agent.
C. The Authority shall utilize all unspent proceeds of obligations issued pursuant to Section 168.10 of Title 73 of the Oklahoma Statutes and any investment earnings thereon to fund the escrow account. It is the intent of the Legislature to appropriate the remainder of monies necessary to defease the obligations.
D. As of the effective date of this act, the Authority is prohibited from disbursing the proceeds of obligations issued pursuant to Section 168.10 of Title 73 of the Oklahoma Statutes or any investment earnings thereon for any purpose other than the purpose authorized in subsection C of this section. Nor shall the Authority issue any additional obligations under the provisions of Section 168.10 of Title 73 of the Oklahoma Statutes.
Added by Laws 2020, c. 66, § 1, emerg. eff. May 19, 2020.