Title 62, Title 62 — Public Finance

A. The Council of Bond Oversight shall: 1. Make determinations as to whether the purposes for which obligations proposed to be issued by a State Governmental Entity, in conjunction with a State Governmental Entity Financing, are for the furtherance and accomplishment of authorize…

There is hereby created in the State Treasury a revolving fund for the Office of the State Treasurer, to be designated the "Bond Oversight Revolving Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of fees collected pursuant to…

OS 62-695.9v1 (SB 1050, Laws 2021, c. 204, § 14). OS 62-695.9v2 (SB 1049, Laws 2021, c. 203, § 11).

issuance of obligations. A. No State Governmental Entity or Local Governmental Entity shall issue any State Governmental Entity Financing obligations unless such obligations have been approved by the Council of Bond Oversight as provided for in Section 695.8 of this title; provid…

issuance of obligations. A. No State Governmental Entity or Local Governmental Entity shall issue any State Governmental Entity Financing obligations unless such obligations have been approved by the Council of Bond Oversight as provided for in Section 695.8 of this title; provid…

This act shall be known and may be cited as the "Incentive Evaluation Act". Added by Laws 2015, c. 184, § 1, eff. Nov. 1, 2015.

As used in this act, "incentive" means a tax credit, tax exemption, tax deduction, tax expenditure, rebate, grant, or loan that is intended to encourage businesses to locate, expand, invest, or remain in Oklahoma, or to hire or retain employees in Oklahoma. Added by Laws 2015, c.…

Committee. A. There is hereby established the Incentive Evaluation Commission consisting of: 1. A certified public accountant appointed by the Oklahoma Accountancy Board whose term shall expire on December 31, 2025; 2. The Chair of Select Oklahoma an Economic Development Partners…

A. For calendar years 2024 through 2027 and every four (4) years thereafter, the Incentive Evaluation Commission shall ensure that each incentive is evaluated within the four-year evaluation period unless the Commission determines that the incentive is exempt from evaluation. The…

Criteria – Records disclosure. A. The Commission may contract with a private company, nonprofit, or academic institution to assist with evaluation of each incentive. The Commission shall develop a scope of services for a request for proposals issued pursuant to the Oklahoma Centr…

depositories - Relationship with financial institutions - Limitations on deposits - Reports. A. The State Treasurer is authorized and directed to select a number of banks, savings banks or savings and loan associations and credit unions within the State of Oklahoma as depositorie…

A. There is hereby created the Invest in Oklahoma Board. The Board shall consist of five (5) members as follows: 1. The Governor, or designee; 2. The Lieutenant Governor, or designee; 3. The State Treasurer, or designee; 4. An appointee of the Speaker of the House of Representati…

The State Treasurer is authorized to purchase software, hardware, and associated services to assist the State Treasurer in the Treasurer's duties related to the control, custody, deposit, transfer disbursement, management and investment of funds and securities held by the state. …

Sections 5 through 11 of this act shall be known and may be cited as the "Security for Public Deposits Act". Added by Laws 1987, c. 194, § 5, operative July 1, 1987.

As used in the Security for Public Deposits Act, "financial institution" means banks, savings banks, savings and loan associations and credit unions. Added by Laws 1987, c. 194, § 6, operative July 1, 1987.

All public deposits made by the State Treasurer in financial institutions shall be secured as provided for in the Security for Public Deposits Act. As used in this section, "public deposits" shall not include those types of investments specified in paragraphs 1, 3, 4, 5, 6, 7 and…

A. The State Treasurer shall require that financial institutions deposit collateral securities or instruments to secure the deposits of the state in each such institution. The amount of collateral securities or instruments to be pledged for the security of public deposits shall b…

A. To the extent that public trusts that have the state or any city, town or county as a beneficiary deposit monies in financial institutions, the public trust shall place its monies only in collateralized or insured certificates of deposit and other evidences of deposit. To the …

A. For purposes of securing public deposits, the State Treasurer may accept as collateral only those securities and other instruments listed below. To insure the safety of public funds, the State Treasurer may establish standards which restrict, or limit further, any of the types…

In the event of a default or insolvency of a public depository, the State Treasurer shall implement the following procedures: 1. In cooperation with the State Department of Banking and other regulatory officials, the State Treasurer shall ascertain the amount of public funds on d…

public depository. When public deposits are made in accordance with the Security for Public Deposits Act, the State Treasurer shall not be liable for any loss resulting from the default or insolvency of a public depository in the absence of negligence, malfeasance, misfeasance or…

boards and commissions - Bonds of treasurer. The State Treasurer is hereby designated and made the official depository for all monies, funds, rentals, penalties, costs, proceeds of sale of property, fees, fines, forfeitures and public charges of every kind that may be received by…

Sections 1 through 12 of this act shall be known and may be cited as the "General Obligation Public Securities Refunding Act". Added by Laws 1984, c. 255, § 1, emerg. eff. May 30, 1984.

As used in the General Obligation Public Securities Refunding Act: 1. "Escrow supplement" means any legally available funds or moneys, other than bond proceeds, of a public body, which are placed in an escrow or trust account established pursuant to the provisions of the General …

public accountant - Accomplishment of refunding without election. A. A refunding of outstanding obligations of a public body pursuant to the provisions of the General Obligation Public Securities Refunding Act shall only occur for the following purposes: 1. Avoiding or terminatin…

have certain effects. The issuance of general obligation refunding bonds pursuant to the General Obligation Public Securities Refunding Act, to refund all or any portion of outstanding general obligation bonds shall not have the effect of extinguishing the requirements of either …

Competitive bidding - Excluded bidders - Conditions of refunding - Escrow supplements - Issuance of refunding bond. A. Any general obligation bonds issued or incurred by any public body may be refunded by the public body issuing or incurring the general obligations or any success…

of bond issue - Notice. Prior to voting on refunding or altering the original terms of the bond issue involved, the entity involved must hold a public hearing to advise the public of the terms, conditions, fees and expenses involved. Notice of such hearing must be given at least …

Redemption - Recitals. A. The principal amount of the refunding bonds may be less than, more than, or the same as the principal amount of the obligations being refunded, if there is a provision for the payment in full and discharge of such refunded obligations. The principal amou…

accounts. A. The proceeds derived from the issuance of refunding bonds pursuant to the provisions of the General Obligation Public Securities Refunding Act, together with other legally available funds, if any, of the public body, shall either be immediately applied to the payment…

- Sufficiency. A. Moneys placed in any escrow or trust account shall not necessarily be limited to proceeds of refunding bonds but may include other moneys legally available for that purpose. B. Any moneys in an escrow or trust account, pending use for their intended purpose, may…

Any refunding bonds and bonds for any other purpose authorized by law may, in the discretion of the governing body, be issued separately or in combination in one or more series by the public body, subject to the same limitations provided for in subsection C of Section 4 of this a…

complied with. The determination of the governing body that the provisions and limitations contained in the General Obligation Public Securities Refunding Act and in any other applicable law and imposed upon the issuance of any bonds pursuant to the provisions of the General Obli…

All general obligation refunding bonds issued pursuant to the provisions of the General Obligation Public Securities Refunding Act shall be examined by the Attorney General as ex officio Bond Commissioner in the manner provided for by law for general obligation bonds. Added by La…

transactions prohibited. Nothing in the General Obligation Public Securities Refunding Act shall be construed so as to impair the obligations of any refunding bonds issued or any refunding transaction consummated by a public body prior to the effective date of this act, or otherw…

The powers conferred by the General Obligation Public Securities Refunding Act are in addition to and supplemental to and are not in substitution for the powers conferred by any other law. Bonds may be issued pursuant to the provisions of the General Obligation Public Securities …

state treasury - Report to State Auditor and Inspector. All monies that shall be received during any calendar month by any state officer, state board, state commission or the members or employees of either thereof, accruing as a part of state's general revenue or any other approp…

It shall be the duty of the State Treasurer and he is hereby empowered to institute in the name of the state the necessary suits, actions and proceedings to enforce the provisions of this act, and in the event of the neglect, failure or refusal of the State Treasurer to bring suc…

This act shall be known and may be cited as the "Municipal and County Economic and Community Development Bonds Act". Added by Laws 1991, c. 142, § 1, emerg. eff. May 1, 1991. Amended by Laws 2003, c. 433, § 1, eff. July 1, 2003.

The Legislature hereby finds and declares that there is a need to establish terms regarding the purposes for which bonds may be issued under Section 35 of Article X of the Oklahoma Constitution and terms under which such bonds may be sold and issued by municipalities and counties…

A. There is hereby created within the Legislature the Legislative Office of Fiscal Transparency (LOFT). The purpose of the Office shall be to assist the Legislature in performing its constitutional and statutory function of ensuring that government funds are expended in a fiscall…

A. The Legislative Office of Fiscal Transparency (LOFT) shall: 1. Gather information regarding the proposed budgets of executive branch agencies each fiscal year; 2. Analyze the information and evaluate the extent to which the agency budget does or does not fulfill the agency’s p…

A. There is hereby created within the Legislature a committee to oversee the operations of the Legislative Office of Fiscal Transparency. The committee shall consist of fourteen (14) members, as follows: 1. Seven members of the Senate, at least two of whom shall be members of the…

cooperate. A. Each agency or institution of the state shall, upon request, furnish and make available to the Legislative Office of Fiscal Transparency all records, documents, materials, personnel, information or other resources as the Office deems necessary to conduct performance…

The Legislative Office of Fiscal Transparency shall prepare and submit to the oversight committee a report of its findings for each performance evaluation or independent comprehensive performance audit conducted. Such reports shall be available to the public, other than with resp…

A. The Legislative Office of Fiscal Transparency (LOFT) shall provide independent and reliable economic analysis to assist the Legislature in reviewing proposed administrative rules of state agencies classified as major rules pursuant to the Administrative Procedures Act. Unless …

As used in the Municipal and County Economic and Community Development Bonds Act: 1. "Amortization" means the reduction of bonded indebtedness by making annual or fiscal year payments of principal and interest sufficient to pay off bonds by their stated maturity; 2. "Annual matur…

registration of advisers and brokers. Whenever any municipality or county of this state votes any bonds or refunding bonds pursuant to Section 35 of Article X of the Oklahoma Constitution, such bonds shall be subject to the following requirements: 1. At least ninety percent (90%)…

for bids - Acceptance of bids - Contestability. Except as otherwise provided in the Municipal and County Economic and Community Development Bonds Act, bonds sold pursuant to Section 35 of Article X of the Oklahoma Constitution shall be issued pursuant to the following terms: 1. B…

Any official or employee thereof or any member or employee of any state board or state commission who shall fail, neglect or refuse to comply with the requirements of Section two (2) hereof, or any other provision of this act, shall forfeit and pay to the use of the State of Okla…