Now that our regular legislative session has ended, I've turned my attention to several renovation projects happening at the State Capitol and surrounding state buildings.
I was appointed by House Speaker Charles McCall to serve on the Jim Thorpe Repair Expenditure Oversight Committee, which has members appointed by the speaker, the president pro tem of the Senate and the governor. As such, I attended a meeting this past week to hear details of work being planned for the 84-year-old Jim Thorpe Building, which houses the Oklahoma Department of Public Safety, the Corporation Commission and other tenants. Over the next three years, $70 million will be spent for upgrades to this building.
I also was appointed by the speaker to serve as a member on the overall State Capitol Repair Expenditure Oversight Committee. In the coming week, I plan to attend a meeting on a renovation project of the Capitol complex tunnel system; $19 million is planned for this work.
The funding for these and other projects comes from the newly created Legacy Capital Financing Fund, which was approved by the Legislature this year as part of our overall state budget package.
The fund exists to increase self-financing options to the state in order to support capital projects, such as the ones mentioned above. Relieving the state of the financing and interest costs associated with private financing through bonds will save taxpayer dollars.
In addition to the projects already mentioned, the Legacy Capital Financing Fund will be used to create an Oklahoma Wireless Information Network within the Department of Public Safety as well as a training center for the department and renovations to Oklahoma Highway Patrol facilities. An animal teaching hospital and related facilities at Oklahoma State University Veterinary Medicine Authority and facilities used by the state Department of Libraries and for the Council on Law Enforcement Education and Training are other recipients of this fund. Renovations of the Kelly Building and its annex, also owned by the state, will receive funding as well.
In a market experiencing rising interest rates, the Legacy Capital Financing Fund is a great way for the Legislature to strategically use nonrecurring state revenue for these one-time capital and infrastructure projects that promise a great return on investment.
State agencies utilizing the fund, will reimburse distributions over the course of 20 years. This reimbursement will allow for future uses approved by the Legislature, and will keep us from incurring bond debt. This also allows us great flexibility to fill future funding gaps in the event of an economic downturn.
Please remember, if I can help you with something, do not hesitate to reach out. You also can follow my House Facebook page or call or email anytime at (405) 557-7407.