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ENGR. H. B. NO. 3429 Page 1
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ENGROSSED HOUSE
BILL NO. 3429 By: Wilk of the House
and
Green of the Senate
An Act relating to career technology; creating Career
Technology Business Partnership Pool; providing for
exclusive use of pool amounts; providing for issuance
of obligations; authorizing issuance of tax-exempt
obligations; requiring financial literacy curriculum;
prohibiting certain indebtedness; providing for
termination of program; amending 62 O.S. 2021,
Sections 891.3 and 891.15, which relate to the
Oklahoma Community Economic Development Pooled
Finance Act; modifying definitions; modifying
references; providing for codification; and providing
an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 891.8A of Title 62, unless there
is created a duplication in numbering, reads as follows:
A. The Authority shall be authorized to act as a conduit issuer
for the benefit of one or more career technology districts in
conjunction with one or more for-profit business entities for an
authorized economic development project using the Career Technology
Business Partnership Pool.
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B. The Authority shall be authorized to issue its obligations
in order to provide net proceeds on a pooled basis not to exceed
Fifty Million Dollars ($50,000,000.00) for the Career Technology
Business Partnership Pool. The Authority shall be authorized to
issue obligations within the limit prescribed by this subsection
based upon the defeasance of previously issued obligations.
C. Proceeds from the Career Technology Partnership Pool shall
be for the purpose of providing financing for one or more eligible
career technology districts in partnership with one or more for-
profit business entities for an authorized economic development
project located in this state.
D. Obligations issued pursuant to the provisions of this
section may be issued on a tax-exempt basis if the applicable
provisions of federal law governing private activity bonds allow
such issuance. Otherwise, the obligations issued pursuant to the
provisions of this section shall be issued on a taxable basis.
E. Any career technology district that utilizes the provisions
of this act shall have financial literacy as part of its course
offerings.
F. A career technology district that utilizes the provisions of
this act shall not have any outstanding indebtedness at any time
during which the district is participating in or otherwise
benefitting from the provisions of this act.
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G. No career technology district may utilize the provisions of
this act after June 30, 2032.
SECTION 2. AMENDATORY 62 O.S. 2021, Section 891.3, is
amended to read as follows:
Section 891.3. 1. "Authority" means the Oklahoma Development
Finance Authority;
2. "Bonds" means any form of obligation issued by the Oklahoma
Development Finance Authority pursuant to the Oklahoma Community
Economic Development Pooled Finance Act;
3. "Business entity" means a corporation, limited liability
company, general partnership, limited partnership or such other
entity conducting a lawful activity which is organized pursuant to
the laws of the state or which is authorized to do business in the
state if organized under the law of another jurisdiction;
4. "Career Technology Business Partnership Pool" means the
proceeds of obligations sold by the Authority to provide resources
for one or more eligible career technology districts in partnership
with one or more for-profit business entities to finance an eligible
economic development project or other purposes authorized by the
Oklahoma Community Economic Development Pooled Finance Act;
5. "Community Economic Development Pooled Finance Revolving
Fund" means the fund created pursuant to Section 891.15 of this
title;
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5. 6. "Conduit issuer" means the Oklahoma Development Finance
Authority acting for the benefit of either a combination of local
government entities or a local government entity or entities in
conjunction with a for-profit business entity pursuant to the
provisions of the Oklahoma Community Economic Development Pooled
Finance Act;
6. 7. "Credit Enhancement Reserve Fund" means that fund created
pursuant to Section 5063.3 of Title 74 of the Oklahoma Statutes;
7. 8. "Debt" means bonds, notes or other evidence of
indebtedness issued by the Oklahoma Development Finance Authority;
8. 9. "Department" means the Oklahoma Department of Commerce;
9. 10. "Economic Development Pool" means proceeds of
obligations sold by the Authority to provide resources for eligible
local government entities or a local government entity in
conjunction with a for-profit business entity to finance an eligible
economic development project or other purposes authorized by the
Oklahoma Community Economic Development Pooled Finance Act;
10. 11. "Eligible local government entity" means:
a. a city,
b. a town,
c. a county,
d. any combination of cities, towns or counties,
e. a public trust with a beneficiary or beneficiary which
is a city, town, county or some combination of such
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entities as authorized by Section 176 of Title 60 of
the Oklahoma Statutes, or
f. an entity subject to the jurisdiction of the State
Board of Career and Technology Education or the
Oklahoma State Regents for Higher Education;
11. 12. "Federal government defense entities" means U.S.
Department of Defense installations in the State of Oklahoma
including Fort Sill, Tinker Air Force Base, Altus Air Force Base,
Vance Air Force Base and McAlester Army Ammunition Plant;
12. 13. "For-profit business" means any lawful activity
conducted by a business entity with the goal or expectation of
selling goods, services or other property at a price greater than
the actual costs incurred by the business;
13. 14. "Infrastructure" means:
a. county roads,
b. county bridges,
c. municipal streets,
d. municipal bridges,
e. any railway or utility system owned by an eligible
local government entity,
f. water treatment facilities,
g. solid waste management facilities,
h. water treatment and distribution systems,
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i. any asset or project identified by the eligible local
government entities necessary for essential government
functions if the asset is owned by a local government
entity or entities, or
j. any asset or project that is owned or operated by an
eligible local government entity that provides a
specific industry focused training program that:
(1) is collaboratively developed with major industry
employers in this state to meet the occupational
and skill demands in its workforce, and
(2) the delivery of instruction may be a
collaboration between or among entities under the
jurisdiction of the State Department of
Education, the State Board of Career and
Technology Education and the Oklahoma State
Regents for Higher Education;
14. 15. "Infrastructure Pool" means proceeds of obligations
sold by the Authority to provide resources for eligible local
government entities to provide financing for infrastructure or other
purposes authorized by the Oklahoma Community Economic Development
Pooled Finance Act;
15. 16. "Pooled financing" means an agreement, pursuant to the
provisions of the Oklahoma Community Economic Development Pooled
Finance Act or pursuant to the Interlocal Cooperation Act, among two
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or more eligible local governmental entities or involving a local
government entity or entities in conjunction with a for-profit
business entity to use proceeds from a tax levy or other authorized
source of revenue to make payments of principal, interest and other
related costs in connection with an obligation issued by the
Oklahoma Development Finance Authority for the benefit of the
entities entering into such agreement according to the terms of the
agreement and according to the requirements of any ballot submitted
to the voters of the respective eligible local governmental
entities. Pooled financing does not mean or include the use of any
ad valorem tax revenues derived from a levy imposed pursuant to
Section 26 of Article X of the Oklahoma Constitution;
16. 17. "Private activity bonds" means those obligations the
interest income from which may be exempt from federal income tax
pursuant to the provisions of the Internal Revenue Code of 1986, as
amended; and
17. 18. "Public-Private Partner Development Pool" means
proceeds of obligations sold by the Oklahoma Development Finance
Authority to provide resources for eligible local government
entities to provide financing for infrastructure in conjunction with
for-profit business entities and federal government defense entities
or any other purpose authorized by the Oklahoma Community Economic
Development Pooled Finance Act.
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SECTION 3. AMENDATORY 62 O.S. 2021, Section 891.15, is
amended to read as follows:
Section 891.15. There is hereby created in the State Treasury a
revolving fund for the Oklahoma Development Finance Authority to be
designated the "Community Economic Development Pooled Finance
Revolving Fund". The fund shall be a continuing fund, not subject
to fiscal year limitations, and shall consist of all monies received
by the Oklahoma Development Finance Authority from revenues derived
from levies imposed by counties, cities, towns or combinations of
such local governmental entities as provided by this act in addition
to any withholding tax revenues as provided by Section 891.12 of
this title, or Section 5 891.5 of this act title or Section 1 of
this act. All monies accruing to the credit of said fund are hereby
appropriated and may be budgeted and expended by the Oklahoma
Development Finance Authority for the purpose of paying principal,
interest and other costs of borrowing by the Authority as authorized
by this act. Expenditures from said fund shall be made upon
warrants issued by the State Treasurer against claims filed as
prescribed by law with the Director of the Office of Management and
Enterprise Services for approval and payment.
SECTION 4. This act shall become effective November 1, 2026.
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Passed the House of Representatives the 11th day of March, 2026.
Presiding Officer of the House
of Representatives
Passed the Senate the _____ day of __________, 2026.
Presiding Officer of the Senate