Oklahoma City, Oklahoma 73105
For Immediate Release: February 19, 2014
Sen. Kyle Loveless
Senate committee advances plan to complete
American Indian Cultural Center and Museum
The Senate Appropriations Committee today approved
a proposal to complete the American Indian Cultural Center and Museum
with one-time monies from the state’s Unclaimed Property Fund.
The fund, which is comprised of lost and unclaimed monies and no
tax or fee revenue, will allow the project to be completed without
further obligating the taxpayers and without taking any federal
funds. Senate Bill 1651 will take $40 million out of the fund, which
will be matched by $40 million in private donations, to help pay
for completion of the project.
Loveless, who presented the measure, said the plan was the most
fiscally-responsible way to fund the project.
“Our proposal gives us the opportunity to complete an asset
that will serve as a source of pride for Oklahomans, without adding
debt,” said Loveless, R-Oklahoma City. “This project
will have a lasting cultural and economic impact on the state, and
allow us to share and better understand our unique history. Our
plan enables us to keep our commitment to this extraordinary facility,
and begin realizing a return on our investment.”
The bill will:
• Responsibly complete the project while maximizing private
• Eliminate the state agency structure and transfer into a
• Prohibit federal funding, which previously was authorized
• Provide structure for repayment of public indebtedness,
which previously was expended
Last year, the practice of using unclaimed property monies for ongoing
budget expenditures was ended.
“If we don’t complete this project, the state would
fail to capitalize on a projected $3.8 billion economic impact over
the next 20 years,” Loveless said. “As a conservative,
I believe it is critical that we scrutinize every expenditure, but
it’s also important that we understand our commitment to this
project is an investment. Finishing the facility with one-time monies
is a fiscally responsible approach to the management of this important
Senate Bill 1651 now advances to the full Senate.
For more information, contact:
Sen. Loveless: (405) 521-5618