Fund State Building Projects & Improvements with the Office of the State Treasurer
Announcing Success of New Self-Financing Structure
By State Treasurer Todd Russ
The office of the State Treasurer announces the completion in the first inaugural, Legacy Capital Financing Fund from the Oklahoma Capitol Improvement Authority or “OCIA”. The act creating the states self-financing structure passed during the First Special Session of the 2023 Legislature, marking a new era of capital project funding for the state of Oklahoma.
With this new way of funding, OCIA is no rookie. The agency has issued bonds for 65 years, equaling more than $4.2 billion in bonds. With direct access to capital markets and strong credit ratings, along with favorable interest rates over the last decade, we provide attractive mechanisms to fund state capital needs. Surplus state revenues have created opportunities to finance state projects and maintenance at zero percent interest, something capital markets can never beat.
Jamie Manoles, Director of OCIA for the Legacy Capital Financing Fund said, “OCIA staff worked tirelessly to create a Memoranda of Understanding to structure and monitor the projects authorized through the Legacy Capital Fund and to keep with the goals of the legislation, reducing financing and interest costs to accelerating the project timelines.”
New projects currently with the fund include the Capitol complex tunnels, Jim Thorpe Memorial Building, Oklahoma Library facilities and more. Manoles stated, “policies and procedures were also implemented to prudently monitor spending of taxpayer dollars.”
“As this fund is a direct display of legislative and executive powers for the state of Oklahoma, I want to thank the Governor and all authority members from the Senate and House of Representatives,” said Oklahoma State Treasurer, Todd Russ.