The Authority first issued bonds to finance the construction of four (4) state office buildings directly north of the State Capitol building. Thereafter, the Authority has provided financing for facilities for the use and occupancy of various departments and agencies of the State. As of June 30, 2023 the Authority has 27 series of bonds and a TIFIA loan outstanding in the aggregate principal amount of $1,438,517,057. Each of these series is subject to annual appropriation and each provides for a lease or other agreement between the Authority and the State agency or department which was authorized to use the proceeds of the bonds for one or more of its projects. These Agreement require the particular department or agency to make periodic payments to the Authority, which are accumulated by the Authority to pay debt service. Because different departments and agencies are involved, nearly all Authority bonds are separately secured and not issued on parity.
Of the outsstanding bonds series, OCIA currently has 8 active construction projects. The projects, from museums, roads, and to prison facilities, vary as much as the location of the capital improvements currently being made.
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 in order to facilitate advanced financing for current and future capital needs of the state's agenices, departments, and subdivisions...". Through the Legacy Capital Financing Fund, OCIA is authorized to expend funds for capital projects specifically and exclusively as authorized by law.