STATE OF OKLAHOMA

1st Session of the 54th Legislature (2013)

SENATE JOINT
RESOLUTION 9	By:	Loveless

AS INTRODUCED

A Joint Resolution relating to the American Indian Cultural Center and Museum; ordering a legislative referendum pursuant to the Oklahoma Constitution; authorizing the Oklahoma Capitol Improvement Authority to issue obligations for the cultural center and museum for the Native American Cultural and Educational Authority; stating purpose; providing for transfer of title upon occurrence of certain events; authorizing the borrowing of money for certain purposes; stating legislative intent; providing for payment of certain fees and costs; authorizing procedure for issuance and hiring of certain professionals; authorizing certain agreements; limiting maturity of certain obligations; providing for use of certain interest earnings; exempting certain obligations, transfers, and interest from taxation; providing for investment and oversight; clarifying status of obligations; providing for codification; providing ballot title; and directing filing.

BE IT RESOLVED BY THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE 1ST SESSION OF THE 54TH OKLAHOMA LEGISLATURE:
SECTION 1.  Pursuant to Section 3 of Article V of the Oklahoma Constitution, there is hereby ordered the following legislative referendum which shall be filed with the Secretary of State and addressed to the Governor of the state, who shall submit the same to the people for their approval or rejection at the next General Election.
SECTION 2.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 304.2 of Title 73, unless there is created a duplication in numbering, reads as follows:
A.  In addition to any other authorization provided by law, the Oklahoma Capitol Improvement Authority (OCIA) is authorized to issue obligations to acquire real property, together with improvements located thereon, and personal property, to construct buildings and other improvements to real property and to provide funding for improvements to real and personal property and for funding of further construction, improvements, development and enhancement of a Native American cultural center and museum for the Native American Cultural and Educational Authority ("American Indian Cultural Center"), to include personal property and exhibits in a total amount not to exceed Thirty-two Million Dollars ($32,000,000.00) with debt retirement payments to be made as provided herein.
B.  The OCIA may hold title to or a leasehold interest in the real and personal property and improvements until such time as any obligations issued for this purpose are retired or defeased and may lease the real property and improvements to the Native American Cultural and Educational Authority.  Upon final redemption or defeasance of the obligations created pursuant to this section, title to the real and personal property and improvements shall be transferred from the OCIA to the Native American Cultural and Educational Authority.
C.  For the purpose of paying the costs for acquisition and construction of the real property and improvements and personal property and making the improvements to real and personal property, and providing funding for the project authorized in subsection A of this section, the OCIA is hereby authorized to borrow monies on the credit of the income and revenues to be derived from the leasing of such real and personal property and improvements and, in anticipation of the collection of such income and revenues, to issue negotiable obligations, in one or more series, in an amount sufficient to generate net proceeds of Thirty-two Million Dollars ($32,000,000.00) after providing for costs of issuance, credit enhancement, reserves, and other associated expenses related to the financing.  Net proceeds of the financing will be deposited into a construction fund to provide for the construction and acquisition of improvements described herein.  It is the intent of the Legislature to appropriate to the Native American Cultural and Educational Authority sufficient monies to make rental payments for the purposes of retiring the obligations created pursuant to this section.  To the extent funds are available from the proceeds of the borrowing authorized by this subsection, the OCIA shall provide for the payment of professional fees and associated costs related to the projects authorized in subsection A of this section.
D.  The OCIA may issue obligations in one or more series and in conjunction with other issues of the OCIA.  The OCIA 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 OCIA, and in such form and at such prices as may be authorized by the OCIA.  The OCIA may enter into agreements with such 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 OCIA, but in no event shall the final maturity of such obligations occur later than twenty-five (25) 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 OCIA.
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, or by any county, municipality or political subdivision therein.
H.  The OCIA 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 OCIA may place additional restrictions on the investment of such monies if necessary to enhance the marketability of the obligations.
I.  Insofar as they are not in conflict with the provisions of this section, the provisions of Section 151 et seq. of Title 73 of the Oklahoma Statutes shall apply to this section.
J.  The bonds or other obligations issued pursuant to this section shall not at any time be deemed to constitute a debt of the state or of any political subdivision thereof or a pledge of the faith and credit of the state or of any such political subdivision.  Such bonds or other obligations shall contain on the face thereof a statement that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged, or may hereafter be pledged, to the payment of the principal of or the interest on such bonds.
SECTION 3.  The Ballot Title for the proposed act shall be in the following form:
BALLOT TITLE
Legislative Referendum No. ____	State Question No. ____
THE GIST OF THE PROPOSITION IS AS FOLLOWS:
This measure allows for the borrowing of up to Thirty-two Million Dollars ($32,000,000.00).  The borrowed funds will go to complete construction of the American Indian Cultural Center.  Repayment of the Bonds will be made by the Native American Cultural and Educational Authority out of revenues of the Authority.  The funds borrowed will be paid back within twenty-five (25) years.  The Bonds issued shall not constitute a debt of the State of Oklahoma.
SHALL THE PROPOSAL BE APPROVED?
FOR THE PROPOSAL — YES	_____________
AGAINST THE PROPOSAL — NO 	_____________
SECTION 4.  The President Pro Tempore of the Senate shall, immediately after the passage of this order for legislative referendum, prepare and file in accordance with Section 3 of Article V of the Oklahoma Constitution, one copy of this order for legislative referendum, including the Ballot Title set forth in SECTION 3, with the Secretary of State and one copy with the Attorney General.

54-1-148	AM	1/14/2013 1:49:12 PM