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
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2 1st Session of the 60th Legislature (2025)
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3 SENATE BILL 1124 By: Sacchieri
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6 AS INTRODUCED
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7 An Act relating to sinking funds; requiring rate of
7 certain levy to be sufficient for redemption of bond
8 in certain period; requiring a reduction of the rate
8 of certain levy for certain period upon the
9 redemption of certain bond before the date of
9 maturity; prohibiting the issuance of certain
10 obligation for certain period; requiring the State
10 Auditor and Inspector to enforce certain provisions;
11 authorizing the promulgation of rules; requiring the
11 transfer of certain funds for noncompliance;
12 providing for codification; and providing an
12 effective date.
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15 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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16 SECTION 1. NEW LAW A new section of law to be codified
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17 in the Oklahoma Statutes as Section 452 of Title 62, unless there is
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18 created a duplication in numbering, reads as follows:
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19 A. For every sinking fund created for bonds issued by any
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20 school district, not including technology center school districts,
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21 for which an ad valorem tax is levied for the redemption of such
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22 obligations, the millage rate shall be sufficient for the redemption
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23 of the bond and the payment of interest or judgment in the same
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24 period for which the bond was proposed by the district.
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Req. No. 421 Page 1
1 B. If the revenues collected from the levy and deposited to the
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2 sinking fund are in amounts that provide for redemption of the bond
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3 prior to the date of maturity and such bond is redeemed below par
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4 prior to the date of maturity of the obligation, the tax levied for
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5 the redemption of such bond shall be reduced to zero for at least
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6 one (1) full tax year subsequent to the year in which such bond was
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7 redeemed. The district shall not issue any new bond, for the same
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8 purpose or by the same authorization for which the previous bond
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9 redeemed below par prior to the date of maturity was issued, for at
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10 least one (1) year from the date the previous bond was redeemed.
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11 C. The State Auditor and Inspector shall enforce the provisions
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12 of this section. The State Auditor and Inspector may promulgate
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13 rules and require the submission of certain documentation to enforce
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14 the provisions of this section.
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15 D. Any school district that does not comply with the provisions
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16 of subsection B of this section shall transfer ten percent (10%) of
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17 the allocation of State Aid of such district, pursuant to the
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18 provisions of Section 18-200.1 of Title 70 of the Oklahoma Statutes,
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19 to the Education Reform Revolving Fund, created pursuant to Section
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20 18-400 of Title 70 of the Oklahoma Statutes, for the school year
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21 subsequent to the year of noncompliance. Provided, for a
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22 noncompliant school district that does not receive an allocation of
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23 State Aid, no issuance of any bond or obligation shall exceed an
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24 amount that would necessitate the levy of a tax exceeding a rate
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Req. No. 421 Page 2
1 equal to fifty percent (50%) of the maximum levy rate authorized by
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2 the district for such levy, until such time the district becomes
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3 compliant.
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4 SECTION 2. This act shall become effective November 1, 2025.
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6 60-1-421 QD 1/16/2025 3:57:04 PM
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Req. No. 421 Page 3Every fact on this page links to its source, starting with the official bill record.