A. The Oklahoma Capitol Improvement Authority may provide for the funding for equipment and furnishings for properties and facilities located in the Food Processing Center located at Oklahoma State University in Stillwater, Oklahoma, and may hold title to or a leasehold interest in the equipment and furnishings until such time as the indebtedness created pursuant to this section shall be retired or defeased. Upon the retirement of the indebtedness created pursuant to this section, the title to the equipment and furnishings shall be transferred from the Oklahoma Capitol Improvement Authority to Oklahoma State University.

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 the equipment and furnishings and, in anticipation of the collection of such income and revenues, to issue negotiable or competitive bonds not to exceed the sum of Two Million One Hundred Twenty-five Thousand Dollars ($2,125,000.00) as may be determined by the Authority. The maximum term for such bonds shall be five (5) years. It is the intent of the Legislature that Oklahoma State University establish fees to offset the costs of the projects authorized in subsection A of this section. It is the intent of the Legislature to appropriate to the Oklahoma State Regents for Higher Education sufficient monies to make lease payments to the Authority 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 Title 73 of the Oklahoma Statutes shall apply to this section.

E. 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.

Added by Laws 1995, c. 334, § 5, emerg. eff. June 8, 1995.