Read the full stored bill text
Req. No. 14286 Page 1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
HOUSE BILL 4310 By: Blair
AS INTRODUCED
An Act relating to public finance; amending 62 O.S.
2021, Section 695.8, which relates to the powers and
duties of the Council of Bond Oversight; providing
for apportionment of fee to the State Treasurer
Revolving Fund; providing for expenditure of funds;
repealing 62 O.S. 2021, Section 695.8a, which relates
to the Bond Oversight Revolving Fund; providing for
disposition of fund balance; providing for
noncodification; providing an effective date; and
declaring an emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 2021, Section 695.8, is
amended to read as follows:
Section 695.8. A. The Council of Bond Oversight shall:
1. Make determinations as to whether the purposes for which
obligations proposed to be issued by a State Governmental Entity, in
conjunction with a State Governmental Entity Financing, are for the
furtherance and accomplishment of authorized and proper public
functions or purposes of the state or of any county or municipality,
Req. No. 14286 Page 2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
as specified in the statutes governing public trusts organized
pursuant to Title 60 of the Oklahoma Statutes;
2. Review proposed issuance of debt by State Governmental
Entities for compliance with any applicable provisions of federal,
state or other laws;
3. Review such other matters as the Council deems relevant to
the Application, including, without limitation, sources of repayment
and security for the obligation. However, the Council shall not
review the merits of the project. The Council shall only determine
that the project has a legal and beneficial purpose which can be
legitimately funded by bond or similar indebtedness, issued by a
State Governmental Entity or Local Governmental Entity;
4. a. Except as provided in subparagraph b of this
paragraph, review the findings of the Program
Development and Credit Review Committee to determine
if the Rules Regarding the Administration of the
Credit Enhancement Reserve Fund and related
regulations and policies as implemented by the
Oklahoma Development Finance Authority adequately and
sufficiently fulfill the intents and purposes of the
Credit Enhancement Reserve Fund Act, provided such
provision shall not apply to Credit Enhancement
Reserve Fund applications approved by the Bond
Oversight Commissions prior to May 30, 1990; and,
Req. No. 14286 Page 3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
except as provided in subparagraph b of this
paragraph, approve or disapprove any bonds or
indebtedness being issued by the Oklahoma Development
Finance Authority to the extent the bonds or
indebtedness are enhanced or supported pursuant to the
Credit Enhancement Reserve Fund Act.
b. The Council shall not be required to review or approve
individual projects or loans under the Small Business
Credit Enhancement Program created by Section 5063.4b
of Title 74 of the Oklahoma Statutes, or the Oklahoma
Beginning Agricultural Producer Pool Act, but may
approve a package of such projects or loans in
advance. Each project or loan shall be individually
listed in the package and the dollar amount of the
project or loan shall be specifically set out together
with the total dollar amount involved in the package.
The Council or the Deputy Treasurer for Debt
Management may, in their discretion, remove any such
individual project or loan from the package submitted,
for individual action. Should the Oklahoma
Development Finance Authority submit an application to
the Council for the approval of an obligation or
credit enhancement under these two programs, the
application shall be deemed approved if not
Req. No. 14286 Page 4
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
disapproved by the Council within forty-five (45) days
of filing such an application or, as to an individual
project or loan, removed from the submitted package
within such forty-five-day period.
c. The Council may establish maximum compensation levels
to be paid to individuals and firms acting in a
fiduciary capacity in connection with Credit
Enhancement Reserve Fund Program financings. The
Council may set such compensation levels for a one-
year period and such compensation will be applicable
to all individuals and firms participating in the
program for that period. Providers of such services
selected prior to making application may be employed
subject to the established maximum compensation
levels. Prior to December 31 of each year, the
Council shall review market conditions and set new
compensation levels for the program. Provided, such
compensation levels may not exceed the compensation
levels obtained by the Oklahoma Development Finance
Authority through its most recent invitation to bid
for the services of individuals and firms acting in a
fiduciary capacity in connection with Credit
Enhancement Reserve Fund Program financing; and
Req. No. 14286 Page 5
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
5. Adopt, amend and repeal rules to regulate affairs of the
Council and to implement the powers and purposes of the Council.
B. The Council and Deputy Treasurer for Debt Management, in
order to fulfill their duties pursuant to the Oklahoma Bond
Oversight and Reform Act, shall be authorized to charge and collect
a fee, in accordance with the rules of the Council, derived from
proceeds of bond issues approved by the Council. Such fees shall
accrue to the credit of the State Treasurer's Revolving Fund
established under Section 89.5 of this title. All monies collected
under this section accruing to the credit of said fund may be
budgeted and expended by the Office of the State Treasurer for
expenditures deemed necessary for the administration within the
Office of the State Treasurer.
SECTION 2. NEW LAW A new section of law not to be
codified in the Oklahoma Statutes reads as follows:
Any funds appropriated to, in the possession of, or allocated to
the Bond Oversight Revolving Fund established under Section 695.8a
of this title shall be deemed to be funds of and shall be
transferred to the State Treasurer's Revolving Fund.
SECTION 3. REPEALER 62 O.S. 2021, Section 695.8a, is
hereby repealed.
SECTION 4. This act shall become effective July 1, 2026.
SECTION 5. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
Req. No. 14286 Page 6
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
60-2-14286 MAH 01/14/26