A. The Oklahoma Capitol Improvement Authority shall provide for the funding for repairs, refurbishments and improvements to Oklahoma Tourism and Recreation Department properties and facilities, and may hold title to or a leasehold interest in the facilities until such time as the indebtedness created pursuant to this section shall be retired or defeased and shall lease such facilities to the Department. Upon the retirement of the indebtedness created pursuant to this section, the title to the facilities and improvements thereon shall be transferred from the Oklahoma Capitol Improvement Authority to the Oklahoma Tourism and Recreation Department. Project costs are allocated in the following amounts:
PARKAMOUNT
Langley (below dam)
9 hole golf course$1,285,240.00
Clubhouse/maintenance barn154,000.00
15 RV super sites132,000.00
Sewer, water, and electric utility systems134,000.00
Contingency100,000.00
1 comfort station with shower60,500.00
Roads and Parking75,000.00
Eucha
Comfort station with shower and sewer system55,000.00
Natural Falls - Colcord
Community Building, RV Rally Area, and sewer system238,700.00
Dripping Springs - Okmulgee
Comfort station with showers, 25 RV sites, Sewer System, and Visitor center/park store255,200.00
Texoma
18 hole championship golf course3,025,000.00
Clubhouse with grill445,500.00
Roman Nose
9 hole golf course expansion767,525.00
Welcome Center
Thackerville575,000.00
Welcome Center
Catoosa500,000.00
Welcome Center
Midwest City500,000.00
Quartz Mountain Resort Park
Lodge - 100 Rooms with banquet facilities and meeting rooms 3,500,000.00
TOTAL$11,802,665.00
B. For the purpose of paying the costs of the projects authorized in subsection A 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 projects and, in anticipation of the collection of such income and revenues, to issue negotiable or competitive bonds not to exceed the sum of Twelve Million Six Hundred Eighty-five Thousand Dollars ($12,685,000.00) as may be determined by the Authority. It is the intent of the Legislature to appropriate to the Oklahoma Tourism and Recreation Department sufficient monies to make rental payments for purposes of retiring the debt created pursuant to this section.
C. The Authority may issue the bonds in one or more series and in conjunction with other issues of the Authority.
D. Insofar as they are not in conflict with the provisions of this section, the provisions of Section 151 et seq. of this title shall apply to this section.
E. The Oklahoma Tourism and Recreation Commission may revise such charges directly associated with such improvements from time to time whenever necessary to maximize revenues so as to contribute to the payment of principal of and interest on such bonds. All revenues generated pursuant to the provisions of this section not otherwise committed for other lawful purposes shall be placed in the 1995 Tourism Bond Revolving Fund, as created in Section 179 of this title.
F. All interest earned on any reserve funds created by such bonds held by the State Treasurer, as collected, shall be paid into the General Revenue Fund.
G. If any of the lodge facilities involved are sold to private entities, at any time in the future, prior to the payment of the bonds issued by virtue of this act, the amount received shall first be used to pay any unredeemed bonds for such facilities.
H. Provided that the security for these bonds is not adversely affected, certain project cost allocations, as identified in this section, may be used for the following expanded purpose:
Langley - contingency of One Hundred Thousand Dollars ($100,000.00) may also be used to fund any overage amount associated with the projects listed in this section for Langley State Park.
Added by Laws 1995, c. 334, § 1, emerg. eff. June 8, 1995. Amended by Laws 1996, c. 348, § 1, eff. July 1, 1996; Laws 1997, c. 157, § 3, eff. July 1, 1997; Laws 2002, c. 343, § 16, emerg. eff. May 30, 2002.