A. The Oklahoma Capitol Improvement Authority is hereby authorized to acquire land for and to erect, operate and maintain a building or buildings for the use of the Department of Human Services for the operation of a rehabilitation facility on a tract of land containing approximately thirteen and two-tenths (13.2) acres located in the Northwest (NW) Corner of Section Twenty-nine (29) of Township Fourteen North (T14N) of Range Thirteen East (R13E) of the Indian Meridian in Okmulgee County, Oklahoma.
B. For the purpose of paying the costs of the project authorized in subsection A of this section, the Authority is hereby authorized to borrow money on the credit of the income and revenues to be derived from such project and, in anticipation of the collection of such income and revenues, to issue negotiable bonds not to exceed the sum of Five Million Dollars ($5,000,000.00) as may be necessary for such purpose as determined by the Authority. The Authority may retain such legal counsel as it deems necessary for this purpose.
C. The interest rate on the bonds issued pursuant to this section shall not exceed ten percent (10%) per annum.
D. Insofar as they are not in conflict with the provisions of this section, the provisions of Sections 151 et seq. of Title 73 of the Oklahoma Statutes shall apply to this section.
Added by Laws 1985, c. 312, § 49, emerg. eff. July 25, 1985.