Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
2 2nd Session of the 60th Legislature (2026)
3 HOUSE BILL 4310 By: Blair
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6 AS INTRODUCED
7 An Act relating to public finance; amending 62 O.S.
2021, Section 695.8, which relates to the powers and
8 duties of the Council of Bond Oversight; providing
for apportionment of fee to the State Treasurer
9 Revolving Fund; providing for expenditure of funds;
repealing 62 O.S. 2021, Section 695.8a, which relates
10 to the Bond Oversight Revolving Fund; providing for
disposition of fund balance; providing for
11 noncodification; providing an effective date; and
declaring an emergency.
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15 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
16 SECTION 1. AMENDATORY 62 O.S. 2021, Section 695.8, is
17 amended to read as follows:
18 Section 695.8. A. The Council of Bond Oversight shall:
19 1. Make determinations as to whether the purposes for which
20 obligations proposed to be issued by a State Governmental Entity, in
21 conjunction with a State Governmental Entity Financing, are for the
22 furtherance and accomplishment of authorized and proper public
23 functions or purposes of the state or of any county or municipality,
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1 as specified in the statutes governing public trusts organized
2 pursuant to Title 60 of the Oklahoma Statutes;
3 2. Review proposed issuance of debt by State Governmental
4 Entities for compliance with any applicable provisions of federal,
5 state or other laws;
6 3. Review such other matters as the Council deems relevant to
7 the Application, including, without limitation, sources of repayment
8 and security for the obligation. However, the Council shall not
9 review the merits of the project. The Council shall only determine
10 that the project has a legal and beneficial purpose which can be
11 legitimately funded by bond or similar indebtedness, issued by a
12 State Governmental Entity or Local Governmental Entity;
13 4. a. Except as provided in subparagraph b of this
14 paragraph, review the findings of the Program
15 Development and Credit Review Committee to determine
16 if the Rules Regarding the Administration of the
17 Credit Enhancement Reserve Fund and related
18 regulations and policies as implemented by the
19 Oklahoma Development Finance Authority adequately and
20 sufficiently fulfill the intents and purposes of the
21 Credit Enhancement Reserve Fund Act, provided such
22 provision shall not apply to Credit Enhancement
23 Reserve Fund applications approved by the Bond
24 Oversight Commissions prior to May 30, 1990; and,
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1 except as provided in subparagraph b of this
2 paragraph, approve or disapprove any bonds or
3 indebtedness being issued by the Oklahoma Development
4 Finance Authority to the extent the bonds or
5 indebtedness are enhanced or supported pursuant to the
6 Credit Enhancement Reserve Fund Act.
7 b. The Council shall not be required to review or approve
8 individual projects or loans under the Small Business
9 Credit Enhancement Program created by Section 5063.4b
10 of Title 74 of the Oklahoma Statutes, or the Oklahoma
11 Beginning Agricultural Producer Pool Act, but may
12 approve a package of such projects or loans in
13 advance. Each project or loan shall be individually
14 listed in the package and the dollar amount of the
15 project or loan shall be specifically set out together
16 with the total dollar amount involved in the package.
17 The Council or the Deputy Treasurer for Debt
18 Management may, in their discretion, remove any such
19 individual project or loan from the package submitted,
20 for individual action. Should the Oklahoma
21 Development Finance Authority submit an application to
22 the Council for the approval of an obligation or
23 credit enhancement under these two programs, the
24 application shall be deemed approved if not
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1 disapproved by the Council within forty-five (45) days
2 of filing such an application or, as to an individual
3 project or loan, removed from the submitted package
4 within such forty-five-day period.
5 c. The Council may establish maximum compensation levels
6 to be paid to individuals and firms acting in a
7 fiduciary capacity in connection with Credit
8 Enhancement Reserve Fund Program financings. The
9 Council may set such compensation levels for a one-
10 year period and such compensation will be applicable
11 to all individuals and firms participating in the
12 program for that period. Providers of such services
13 selected prior to making application may be employed
14 subject to the established maximum compensation
15 levels. Prior to December 31 of each year, the
16 Council shall review market conditions and set new
17 compensation levels for the program. Provided, such
18 compensation levels may not exceed the compensation
19 levels obtained by the Oklahoma Development Finance
20 Authority through its most recent invitation to bid
21 for the services of individuals and firms acting in a
22 fiduciary capacity in connection with Credit
23 Enhancement Reserve Fund Program financing; and
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1 5. Adopt, amend and repeal rules to regulate affairs of the
2 Council and to implement the powers and purposes of the Council.
3 B. The Council and Deputy Treasurer for Debt Management, in
4 order to fulfill their duties pursuant to the Oklahoma Bond
5 Oversight and Reform Act, shall be authorized to charge and collect
6 a fee, in accordance with the rules of the Council, derived from
7 proceeds of bond issues approved by the Council. Such fees shall
8 accrue to the credit of the State Treasurer's Revolving Fund
9 established under Section 89.5 of this title. All monies collected
10 under this section accruing to the credit of said fund may be
11 budgeted and expended by the Office of the State Treasurer for
12 expenditures deemed necessary for the administration within the
13 Office of the State Treasurer.
14 SECTION 2. NEW LAW A new section of law not to be
15 codified in the Oklahoma Statutes reads as follows:
16 Any funds appropriated to, in the possession of, or allocated to
17 the Bond Oversight Revolving Fund established under Section 695.8a
18 of this title shall be deemed to be funds of and shall be
19 transferred to the State Treasurer's Revolving Fund.
20 SECTION 3. REPEALER 62 O.S. 2021, Section 695.8a, is
21 hereby repealed.
22 SECTION 4. This act shall become effective July 1, 2026.
23 SECTION 5. It being immediately necessary for the preservation
24 of the public peace, health or safety, an emergency is hereby
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1 declared to exist, by reason whereof this act shall take effect and
2 be in full force from and after its passage and approval.
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4 60-2-14286 MAH 01/14/26
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Req. No. 14286 Page 6Every fact on this page links to its source, starting with the official bill record.