The Oklahoma Capitol Improvement Authority, in cooperation with the State Treasurer, is hereby authorized to create and administer a state agency equipment leasing and finance program. The Authority may issue notes or other obligations, the proceeds of which may be used to acquire equipment required by state agencies. The Authority may lease the equipment to state agencies and pledge the revenues from the leases to secure the notes or obligations. The notes or obligations shall not be debts of the State of Oklahoma but shall be payable solely from the revenue derived from the leases. Provided, the Authority is further authorized to notify the Office of Management and Enterprise Services of any default by an agency leasing equipment under the program. If the Office of Management and Enterprise Services determines that the defaulting agency has funds lawfully available to pay the defaulted lease payment, the Office of Management and Enterprise Services is authorized and directed to generate the payment to the Authority and reduce the spending authority of the defaulting agency by a corresponding amount. The State Treasurer is authorized to purchase the notes or obligations from the Authority as an investment at rates comparable with other state investments. The Attorney General shall review and approve all documentation necessary to carry out the program. The Authority may authorize a total maximum authorized amount of notes and obligations to be used for the program on a fiscal year basis, and it shall not be necessary to adopt a resolution for each individual note or obligation secured by a state agency lease. Not more than Five Million Dollars ($5,000,000.00) of such notes or obligations for this purpose may be issued in any single fiscal year.
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