OklahomaHB 1549Oklahoma 2026 Regular SessionHouse

Public finance; private activity bond allocation; definitions; pools; application; effective date.

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Bill Overview

Analyzed Economic Effects

7 provisions identified: 1 benefits, 1 costs, 5 mixed.

More bond capacity for business projects

Oklahoma reserves 25% of its annual bond limit for economic development, up from 12%. The Oklahoma Commerce Director must recommend each allocation, and the Council of Bond Oversight must approve it. The Council must find that the project creates Oklahoma manufacturing jobs or supports a state economic development goal. More financing capacity does not guarantee jobs or household gains.

New housing and general bond pools

Oklahoma reserves 40% of its annual bond limit for a Housing Pool covering qualified single-family bonds, multifamily bonds, and mortgage credit certificates. A new Discretionary Pool receives 25% for qualified private activity bonds outside the housing, student loan, and economic development pools. Before June 30, the Deputy Treasurer for Debt Management can transfer up to 10% of the state limit from this pool to those three pools, with Council of Bond Oversight approval. The law removes separate pools for small issue bonds, beginning farmers, exempt facilities, state issuers, and local single-family, metropolitan-area, and rural-area housing. Those projects can still seek allocations through other pools, but no longer have those separate allocation channels.

Smaller bond pool for student loans

Oklahoma’s Student Loan Pool receives 10% of the annual bond limit, down from 15.5%. This set-aside applies from January 1 through June 30. Only eligible state issuers can use it for qualified student loan bonds. The change does not itself alter student loan eligibility, balances, or repayment terms.

Bond applicants get review and appeal protections

The Deputy Treasurer for Debt Management chooses the allocation pool when a project qualifies for one or more pools. The choice cannot intentionally deny or delay an allocation by selecting a pool without enough capacity. Issuers can appeal that choice to the Council of Bond Oversight. Beginning November 1, 2025, the Deputy Treasurer can defer applications while retaining priority, or deny confirmation, for incomplete, premature, or insufficient demand information. Applicants denied an application or confirmation must receive a brief written explanation within five business days.

Bond application fees and cheaper records

Beginning November 1, 2025, initial pool applications have no fee; Consolidated Pool applications cost 0.005% of the requested amount. Carryforward applications cost 0.01% of the requested amount. A Consolidated Pool application held because its request exceeded available pool capacity has no application fee. Reapplying after missing the 120-day issuance deadline requires the applicable Consolidated Pool or carryforward fee. The law also removes the $15 fee for state and local issuers requesting confirmation records in writing.

Earlier bond deadlines with priority protections

Beginning November 1, 2025, bond and mortgage credit certificate confirmations expire each December 1, replacing December 20. Final certification of issuance is due to the Deputy Treasurer for Debt Management by 9:00 a.m. on December 1. Missing the 120-day issuance deadline requires reapplication, a new priority date, and the applicable fee. Requests exceeding available pool capacity can retain priority for remaining Consolidated Pool amounts; oversized carryforward requests can be reduced without losing priority. Other priority-date limits include August 1 and December 20, depending on allocation type; eligible carryforward allocations remain at the Deputy Treasurer’s discretion.

Unused bond capacity gets shared limits

On July 1, unused amounts in the specified bond pools move into the Consolidated Pool. State and local issuers are considered in order of completed applications received after January 1 that have not received allocations. A project or issuer generally cannot receive more than 25% of the annual state limit under this rule. An issuer can receive later allocations after its earlier allocations have resulted in issued bonds. By 9:00 a.m. on December 1, failed-to-issue allocations and remaining amounts are reclaimed or reserved for projects eligible under federal carryforward rules.

Sponsors & Cosponsors

Sponsor

Mark Lepak
Republican • House

Cosponsors

Micheal Bergstrom
Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 158 • No: 6

Senate vote • 5/6/2025

THIRD READING

Yes: 46 • No: 0

Senate vote • 4/14/2025

Committee vote: Revenue & Taxation

Yes: 11 • No: 0

House vote • 3/17/2025

THIRD READING

Yes: 78 • No: 6

House vote • 3/6/2025

DO PASS

Yes: 15 • No: 0

House vote • 2/19/2025