The Oklahoma Capitol Improvement Authority is hereby authorized to sell parcels of real property associated with the Lincoln Boulevard Renaissance Project in Oklahoma City, whether acquired from the proceeds of bonds issued pursuant to the provisions of paragraph 4 of subsection A of Section 301 of this title or from other sources; provided:

1. The Director of the Office of Management and Enterprise Services, with advice from the Construction and Properties Division of the Office, determines the parcel or parcels of land to be not useful for construction of a state office building because of lot size, location or other applicable factors;

2. The sale of the parcel or parcels is approved by the Oklahoma Capitol Improvement Authority;

3. Restrictions are placed on the use of any such parcel sold to assure it will not conflict with or be detrimental to the development of the remainder of the Lincoln Boulevard Renaissance Project;

4. The parcel or parcels are sold in compliance with procedures for sale of state land set forth in Sections 327 and 327.1 of Title 61 of the Oklahoma Statutes, or the parcels may be transferred for the purpose of further development to the Commissioners of the Land Office for no less than the appraised value and no less than the amount required to fully satisfy the proportionate amount of outstanding bonds on the parcels to be transferred; and

5. In the opinion of the State Bond Advisor, the sale of such land will not adversely affect the tax-exempt status of the Oklahoma Capitol Improvement Authority State Facilities Revenue Bonds, Series 1999A or any other bond issue, the proceeds of which were used to purchase or acquire such land.

Added by Laws 2007, c. 333, § 1, eff. July 1, 2007. Amended by Laws 2012, c. 304, § 689; Laws 2016, c. 300, § 2, eff. Nov. 1, 2016.