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1 STATE OF OKLAHOMA
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2 1st Session of the 60th Legislature (2025)
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3 SENATE BILL 1000 By: Bergstrom
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6 AS INTRODUCED
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7 An Act relating to the Grand River Dam Authority;
7 amending 82 O.S. 2021, Section 870, as amended by
8 Section 1, Chapter 364, O.S.L. 2022 (82 O.S. Supp.
8 2024, Section 870), which relates to authorization of
9 bonds; increasing maximum bond capacity; updating
9 statutory language; updating statutory references;
10 making language gender neutral; and declaring an
10 emergency.
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13 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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14 SECTION 1. AMENDATORY 82 O.S. 2021, Section 870, as
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15 amended by Section 1, Chapter 364, O.S.L. 2022 (82 O.S. Supp. 2024,
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16 Section 870), is amended to read as follows:
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17 Section 870. The district shall have power and is hereby
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18 authorized to issue from time to time, as the need therefor arises,
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19 revenue bonds for its corporate purposes in such amount or amounts
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20 not to exceed One Billion Four Hundred Ten Million Dollars
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21 ($1,410,000,000.00), or in the event that the Oklahoma Department of
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22 Commerce has approved an application under the provisions of
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23 division (1) of subparagraph a of paragraph 1 of subsection E of
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24 Section 4 of the Large-scale Economic Activity and Development Act
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1 of 2022 not to exceed Two Billion Dollars ($2,000,000,000.00),
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2 outstanding at any time as are necessary, incidental or convenient
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3 to the exercise of the powers, rights, privileges and functions
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4 conferred upon it by this act Section 862 of this title, or any
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5 other act or law, and without limitations of the generality of the
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6 powers, rights and privileges heretofore granted, for acquiring a
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7 steam generating plant or plants and related facilities, and to
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8 extend, improve and reconstruct the same; and for constructing,
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9 installing and acquiring dams, reservoirs, hydroelectric power
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10 plants, or any electrical generating plant or plants or any other
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11 electrical power or generating facilities; or any plant or plants
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12 for the production of steam for heating and processing purposes; and
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13 all and any facilities of every kind necessary, incidental or
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14 convenient for the production and generation of electric power and
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15 energy; and for acquiring, constructing and installing transmission
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16 lines, substations and all facilities necessary, incidental or
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17 convenient to the sale, resale, interchange and distribution of
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18 electric power and energy; and for carrying on the business and
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19 functions of the district, as is now or hereafter may be authorized
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20 by law; and for acquiring additions and improvements to and
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21 extensions of facilities, at any time existing, of the district; and
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22 for the acquisition of lands and rights-of-way for such use as is
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23 now, or may be, authorized by law for the construction, replacement
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24 and repair of any dams, plants or other facilities of the district;
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1 and to enable it to finance, in cooperation with any "public agency"
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2 public agency, as defined under the Interlocal Cooperation Act,
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3 Sections 1001 through 1008 of Title 74 of the Oklahoma Statutes, any
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4 other agency of government, rural electric co-op cooperative
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5 corporation, or any private or public corporation, the development
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6 and utilization of electrical energy or the water resources and
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7 rights in waters vested in said the district for such purposes as
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8 are, or may be, authorized by the laws of Oklahoma, and for
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9 financing and refinancing present outstanding obligations of the
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10 district, including the payment of any claims, charges or interest
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11 on bonds required to be paid. The bonds herein authorized may
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12 either be (1) sold for cash, at public or private sale, at such
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13 price or prices as the Board shall determine with the advice and
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14 assistance of the State Bond Advisor, or (2) may be issued on such
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15 terms as the Board shall determine in exchange for property of any
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16 kind, real, personal or mixed, or any interest therein which the
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17 Board shall deem necessary, incidental or convenient for any such
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18 corporate purposes, or (3) may be issued in exchange for like
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19 principal amounts of other obligations of the district, matured or
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20 unmatured, or (4) may be issued in such principal amounts that when
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21 the proceeds thereof are invested in legal and qualified
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22 investments, the proceeds together with the resulting proceeds of
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23 such investments will be sufficient to retire the outstanding
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24 indebtedness or any portion thereof at maturity or at prior
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1 redemption or upon purchase or tender for purchase. The proceeds of
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2 sale of such bonds shall be deposited in such bank or banks or trust
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3 company or trust companies, and shall be paid out pursuant to such
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4 terms and conditions as may be agreed upon between the district and
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5 the purchasers of such bonds. All such bonds shall be authorized by
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6 resolutions of the Board concurred in by at least four of the
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7 members thereof, and shall bear such date or dates, mature at such
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8 time or times, bear interest at such rate or rates, at such time or
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9 times, be in such denominations, be in such form, either coupon or
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10 registered, carry such registration privileges as to principal only
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11 or as to both principal and interest, and as to exchange of coupon
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12 bonds for registered bonds or vice versa, and exchange of bonds of
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13 one denomination for bonds of other denominations, be executed in
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14 such manner and be payable at such place or places within or without
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15 the State of Oklahoma this state as such resolution or resolutions
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16 may provide. Any resolution or resolutions, including any related
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17 trust indenture or indentures, authorizing any bonds may contain
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18 provisions which shall be part of the contract between the district
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19 and the holders thereof from time to time (a) reserving the right to
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20 redeem such bonds at such time or times, in such amounts and at such
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21 prices as may be provided, (b) providing for the setting aside of
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22 sinking funds or reserve funds and the regulation and disposition
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23 thereof, (c) pledging to secure the payment of the principal of and
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24 interest on such bonds and of the sinking fund or reserve fund
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1 payments agreed to be made in respect of such bonds all or any part
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2 of the gross or net revenues thereafter received by the district in
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3 respect of the property, real, personal or mixed, to be acquired or
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4 constructed with such bonds or the proceeds thereof, or all or any
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5 part of the gross or net revenues thereafter received by the
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6 district from whatever source derived and monies and securities held
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7 under such resolutions or indentures or contract rights with respect
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8 to any of the foregoing, (d) prescribing the purposes to which such
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9 bonds or any bonds thereafter to be issued, or the proceeds thereof,
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10 may be applied, (e) agreeing to fix and collect rates and charges
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11 sufficient to produce revenues adequate to pay the items specified
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12 in subparagraphs (a), (b), (c), (d) and (e) of Section 868 of this
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13 title and prescribing the use and disposition of all revenues, and
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14 the investment of such revenues and other monies pending their
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15 expenditures in investments authorized or permitted by law, (f)
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16 prescribing limitations upon the issuance of additional bonds and
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17 upon the agreements which may be made with the purchasers and
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18 successive holders thereof, (g) with regard to the construction,
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19 extension, improvement, reconstruction, operation, maintenance and
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20 repair of the properties of the district, carrying of insurance upon
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21 all or any part of said the properties covering loss or damage or
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22 loss of use and occupancy resulting from specified risk, (h) fixing
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23 the procedure, if any, by which, if the district shall so desire,
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24 the terms of any contract with the holders of such bonds may be
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1 amended or abrogated, the amount of bonds the holders of which must
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2 consent thereto, and the manner in which such consent may be given,
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3 (i) for the execution and delivery by the district to a bank or
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4 trust company authorized by law to accept trusts, or to the United
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5 States of America or any office or agency thereof, of indentures and
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6 agreements for the benefit of the holders of such bonds setting
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7 forth any or all of the agreements herein authorized to be made with
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8 or from the benefit of the holders of such bonds and such other
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9 provisions as may be customary in such indentures or agreements, and
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10 (j) such other provisions, not inconsistent with the provisions of
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11 the act Section 861 et seq. of this title, as the Board may approve.
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12 Any such resolution and any indenture or agreement entered into
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13 pursuant thereto may provide that in the event that (a) default
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14 shall be made in the payment of the interest on any or all bonds
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15 when and as the same shall become due and payable, or (b) default
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16 shall be made in the payment of the principal of any or all bonds
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17 when and as the same shall become due and payable, whether at the
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18 maturity thereof, by call for redemption or otherwise, or (c)
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19 default shall be made in the performance for any agreement made with
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20 the purchasers or successive holders of any bonds, and such default
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21 shall have continued such period, if any, as may be prescribed by
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22 said the resolution in respect thereof, the trustee under the
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23 indenture or indentures entered into in respect of the bonds
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24 authorized thereby, or if there shall be no such indenture, a
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1 trustee appointed in the manner provided in such resolution or
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2 resolutions by the holders of twenty-five percent (25%) in aggregate
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3 principal amount of the bonds authorized thereby and at the time
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4 outstanding may, and, upon the written request of the holders of
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5 twenty-five percent (25%) in aggregate principal amount of the bonds
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6 authorized by such resolution or resolutions at the time
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7 outstanding, shall, in his, her, or its own name, but for the equal
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8 and proportionate benefit of the holders of all of such bonds, and
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9 with or without possession thereof,
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10 (1) By mandamus or other suit, action or proceeding at law or
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11 in equity, enforce all rights of the holders of such bonds,
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12 (2) Bring suit upon such bonds and/or the appurtenant coupons,
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13 (3) By action or suit in equity, require the district to
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14 account as if it were the trustee of an express trust for the
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15 bondholders,
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16 (4) By action or suit in equity, enjoin any acts or things
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17 which may be unlawful or in violation of the rights of the holders
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18 of such bonds, and/or
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19 (5) After such notice to the district as such resolution may
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20 provide, declare the principal of all of such bonds due and payable,
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21 and if all defaults shall have been made good, then with the written
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22 consent of the holder or holders of twenty-five percent (25%) in
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23 aggregate principal amount of such bonds at the time outstanding
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24 annul such declaration and its consequence; provided, however, that
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1 the holders of more than a majority in principal amount of the bonds
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2 authorized thereby and at the time outstanding by instrument or
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3 instruments in writing delivered to such trustee have the right to
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4 direct and control any and all action taken or to be taken by such
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5 trustee under this paragraph. Any such resolution, indenture or
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6 agreement may provide that in any such suit, action or proceeding,
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7 any such trustee, whether or not all of such bonds shall have been
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8 declared due and payable, and with or without possession of any
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9 thereof, shall be entitled as of right to the appointment of a
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10 receiver who may enter and take possession of all or any part of the
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11 properties of the district and operate and maintain the same, and
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12 fix, collect and receive rates and charges sufficient to provide
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13 revenues adequate to pay the items set forth in subparagraphs (a),
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14 (b), (c), (d) and (e) of Section 868 of this title and the costs and
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15 disbursements of such suit, action or proceeding, and to apply such
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16 revenues in conformity with the provisions of Section 861 et seq. of
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17 this title and the resolution or resolutions authorizing such bonds.
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18 In any suit, action or proceeding by any such trustee, the
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19 reasonable fees, counsel fees and expense of such trustee and of the
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20 receiver or receivers, if any, shall constitute taxable
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21 disbursements and all costs and disbursements, and all costs and
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22 disbursements allowed by the court shall be a first charge upon any
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23 revenues pledged to secure the payment of such bonds. Subject to
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24 the provisions of the Oklahoma Constitution of the State of
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1 Oklahoma, the courts of the County of Craig, or other county wherein
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2 the domicile may be situated, shall have jurisdiction of any such
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3 suit, action or proceeding by any such trustee on behalf of the
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4 bondholders and of all property involved therein. In addition to
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5 the powers hereinabove specifically provided for, each such trustee
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6 shall have and possess all powers necessary or appropriate for the
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7 exercise of any thereof, or incident to the general representation
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8 of the bondholders in the enforcement of their right.
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9 Before any bonds shall be sold by the district, a certified copy
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10 of the proceedings for the issuance thereof, including the form of
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11 such bonds, together with any other information which the Attorney
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12 General of the State of Oklahoma this state may require, shall be
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13 submitted to the Attorney General and if he or she shall find that
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14 such bonds have been issued in accordance with law he or she shall
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15 approve such bonds and execute a certificate to that effect which
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16 shall be filed in the Office of the State Auditor and Inspector of
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17 the State of Oklahoma this state and be recorded in a record kept
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18 for that purpose. No bonds shall be issued until the same shall
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19 have been registered by the State Auditor and Inspector, who shall
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20 so register the same if the Attorney General shall have filed with
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21 the State Auditor and Inspector his or her certificate approving the
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22 bonds and the proceedings for the issuance thereof as hereinabove
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23 provided. All bonds approved by the Attorney General as aforesaid,
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24 and registered by the State Auditor and Inspector as aforesaid, and
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1 issued in accordance with the proceedings so approved shall be valid
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2 and binding obligations of the district and shall be incontestable
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3 for any cause from and after the time of such registration.
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4 SECTION 2. It being immediately necessary for the preservation
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5 of the public peace, health or safety, an emergency is hereby
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6 declared to exist, by reason whereof this act shall take effect and
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7 be in full force from and after its passage and approval.
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Req. No. 98 Page 10Every fact on this page links to its source, starting with the official bill record.