Current Construction Projects
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, 2021, the Authority had 24 series of bonds outstanding in the aggregate principal amount of $1,331,252,059. Each of these series of bonds is subject to annual appropriation and each provides for a lease or other agreement between the Authority and the State department or agency 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 on the applicable bond issues. Because different departments and agencies are involved, nearly all Authority bonds are separately secured and not issued on parity.
Of the active bonds series, OCIA currently has 9 active construction projects. The projects, from museums to prison facilities, vary as much as the location of the capital improvements currently being made.