Read the full stored bill text
An Act
ENROLLED HOUSE
BILL NO. 3979 By: Caldwell (Trey), Hill,
Staires, and Eaves of the
House
and
Hall of the Senate
An Act relating to public finance; amending 62 O.S.
2021, Sections 891.7 and 891.8, which relate to the
Oklahoma Economic Development Pooled Finance Act;
increasing Infrastructure Pool cap amount; increasing
Economic Development Pool cap amount; providing an
effective date; and declaring an emergency.
SUBJECT: Public finance
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 2021, Section 891.7, is
amended to read as follows:
Section 891.7. A. The Authority shall be authorized to act as
a conduit issuer for the benefit of two or more eligible local
government entities for an authorized infrastructure project using
the Infrastructure Pool.
B. The Authority shall be authorized to issue its obligations
in order to provide net proceeds on a pooled basis not to exceed One
Hundred Million Dollars ($100,000,000.00) One Hundred Twenty-five
Million Dollars ($125,000,000.00) for the Infrastructure 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. Except as otherwise provided by subsection F of this
section, proceeds from the Infrastructure Pool shall be for the
purpose of providing financing for two or more eligible local
ENR. H. B. NO. 3979 Page 2
government entities for an authorized infrastructure project located
in this state involving a pooled financing.
D. Sixty-five percent (65%) of the net proceeds from the
Infrastructure Pool shall be used by the Authority for the benefit
of eligible local government entities the population of which,
according to the most recent Federal Decennial Census, does not
exceed three hundred thousand (300,000) persons for any
participating municipality.
E. Thirty-five percent (35%) of the net proceeds from the
Infrastructure Pool may be used by the Authority for the benefit of
any and all eligible local government entities regardless of
population.
F. The proceeds from the Infrastructure Pool may also be used
for the purposes authorized by Section 891.8 of this title.
SECTION 2. AMENDATORY 62 O.S. 2021, Section 891.8, is
amended to read as follows:
Section 891.8. A. The Authority shall be authorized to act as
a conduit issuer for the benefit of one or more eligible local
government entities or for the benefit of one or more local
government entities in conjunction with a for-profit business entity
for an authorized economic development project using the Economic
Development Pool.
B. The Authority shall be authorized to issue its obligations
in order to provide net proceeds on a pooled basis not to exceed One
Hundred Million Dollars ($100,000,000.00) One Hundred Twenty-five
Million Dollars ($125,000,000.00) for the Economic Development 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. Except as otherwise provided by subsection G of this
section, proceeds from the Economic Development Pool shall be for
the purpose of providing financing for an eligible local government
entity or entities or for the benefit of a business entity for an
authorized economic development project located in this state.
D. Sixty-five percent (65%) of the net proceeds from the
Economic Development Pool shall be used by the Authority for the
benefit of eligible local government entities the population of
ENR. H. B. NO. 3979 Page 3
which, according to the most recent Federal Decennial Census, does
not exceed three hundred thousand (300,000) persons for any
participating municipality.
E. Thirty-five percent (35%) of the net proceeds from the
Economic Development Pool may be used by the Authority for the
benefit of any and all eligible local government entities regardless
of population.
F. 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.
G. The proceeds from the Economic Development Pool may also be
used for the purposes authorized by Section 891.7 of this title.
SECTION 3. This act shall become effective July 1, 2026.
SECTION 4. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
ENR. H. B. NO. 3979 Page 4
Passed the House of Representatives the 6th day of May, 2026.
Presiding Officer of the House
of Representatives
Passed the Senate the 29th day of April, 2026.
Presiding Officer of the Senate
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this ____________________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________
Approved by the Governor of the State of Oklahoma this _________
day of ___________________, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this __________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________