KGOU

OCIA Begins Capitol Bond Process Monday

Aug 26, 2014

The Oklahoma Capitol Improvement Authority took the first steps Monday toward the issuance of the $120 million in bonds that will be used to fund State Capitol repairs and renovations.

Lt. Gov. Todd Lamb made the motion to allow OCIA staff to prepare and distribute requests for proposals for underwriters, bond counsel, printer and other necessary service providers for the $120 million that was authorized by HJR1033.

The resolution, by Rep. Jeff Hickman, R-Fairview, and Sen. Bryce Marlatt, R-Woodward, authorizes the Oklahoma Capitol Improvement Authority to issue up to $120 million of bonds for the renovation, repair and remodeling of the State Capitol.

The bill changes the final maturity date from 30 years to 10. The bill also creates the State Capitol Repair Expenditure Oversight Committee, which is tasked with preparing and approving a project programming plan for the repair of the State Capitol.