The Oklahoma Capitol Improvement Authority is authorized to issue bonds, notes or other obligations to finance construction of buildings or other facilities for the State of Oklahoma, its departments and agencies. OCIA may also issue refunding bonds to refinance its existing obligations, if economically feasible. Powers and duties of OCIA are set out in its enabling statutes at Title 73, Oklahoma Statutes, Sections 151 and following, as amended. OCIA exists to finance, construct and provide adequate and suitable office space and other needed facilities for departments and agencies of state government. In addition, OCIA helps provide financing for highway infrastructure for continued economic development in the state. Its enabling laws allow OCIA to purchase land for, and to erect, maintain and operate buildings for the use of state and federal agencies. Such improvements are generally financed through issuance of long-term OCIA obligations, which are in turn retired by rental payments made by agencies occupying the facilities. Members of the OCIA governing board are determined by statute.
In 2023, the Legacy Capital Financing Act was established in Title 73 O.S. 187A . The purpose of the fund is to "provide increased self-financing and liquidity options to the state...". Through the Legacy Capital Financing Fund, OCIA is authorized to expend funds for capital projects specifically and exclusively as authorized by law.
The State Treasurer's office oversees the staff designated to administer OCIA affairs. By statute, the Office of the Attorney General provides legal counsel to OCIA. The Deputy Treasurer for Debt Management provides services to OCIA related to issuance of bonds and other obligations.