Legacy Capital Financing Fund

The Legacy Capital Financing (LCF) Fund is a fund created in 2023 by the Oklahoma Legislature to provide increased self-financing and liquidity options for the state’s current and future capital needs. The Fund is administered by the the Oklahoma Capitol Improvement Authority (OICA). According to a memo from House staff, the Fund was created as a way to use one-time cash that the state had available to finance capital projects as an alternative to debt financing. State agencies are provided up-front, interest-free money to achieve major construction projects with an agreement to repay the capital outlays to LCF over 20 years.

The LCF Fund received an initial $600 million appropriation in 2023, of which $351 million was immediately allocated to support ten projects. The Legislature appropriated an additional $177 million for the Legacy Capital Financing Fund in 2024; along with money carried over from the previous year, the 2024 appropriation was intended to finance $371.5 million for seven projects at universities and law enforcement agencies.