A. There is hereby created a body corporate and politic to be known as the "Oklahoma Capitol Improvement Authority" and by that name the Authority may sue and be sued and plead and be impleaded. The Authority is hereby constituted an instrumentality of the state and the exercise by the Authority of the powers conferred by Sections 151 through 214 of this title, in the construction, equipping, operation, and maintenance of the state building or buildings hereinafter referred to as the "building", and in the construction, improvement, repair, and maintenance of the highway infrastructure in this state, shall be deemed and shall be held to be an essential governmental function of the state.

B. The Authority shall consist of eight (8) members, including the Governor of the state, who shall be Chairman of the Authority, the State Treasurer, the Lieutenant Governor, who shall be Vice Chairman of the Authority, the Director of Central Services, the Director of Human Services, the Secretary-Member of the Oklahoma Tax Commission, the Director of the Oklahoma Department of Tourism and Recreation, and the Director of Oklahoma Department of Transportation.

C. The Authority shall elect one of its members as Secretary. Four members of the Authority shall constitute a quorum and the vote of four members shall be necessary for any action taken by the Authority. No vacancy in the membership of the Authority shall impair the rights of a quorum to exercise and perform all of the rights and duties of the Authority. The members of the Authority shall not be entitled to compensation for their services, but each member shall be reimbursed for actual expenses necessarily incurred in the performance of official duties.

D. Before the issuance of any revenue bonds pursuant to the provisions of Sections 151 through 214 of this title, each member of the Authority shall execute a surety bond in the sum of Twenty-five Thousand Dollars ($25,000.00), each such bond to be conditioned upon the faithful performance of the duties of the office, as such member, to be executed by a surety company authorized to transact business in the State of Oklahoma, as surety, and to be approved by the Governor and filed in the office of the Secretary of State.

Added by Laws 1959, p. 249, § 2, emerg. eff. June 27, 1959. Amended by Laws 1979, c. 241, § 8, operative July 1, 1979; Laws 1982, c. 318, § 3, emerg. eff. June 1, 1982; Laws 1983, c. 304, § 86, eff. July 1, 1983; Laws 1997, c. 329, § 5, eff. July 1, 1997; Laws 2003, c. 472, § 26.