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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
HOUSE BILL 4312 By: Blair
AS INTRODUCED
An Act relating to public finance; authorizing
creation of a County Economic Development Closing
Fund; providing monies in fund deemed
appropriated; providing for budgeting and
expenditure; providing condition for
expenditures; prescribing procedures governing
expenditure from fund; requiring substantial
economic benefit; specifying benefits;
prescribing criteria for evaluation of proposed
expenditures; prescribing procedures related to
county excise board or county budget board;
providing for written agreements; prescribing
required content of agreement; providing for
disclosure of information related to fund
expenditures; prescribing procedures related to
certain capital expenditures; providing for
codification; and declaring an emergency.
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 339 of Title 62,
unless there is created a duplication in numbering, reads as
follows:
A. This act shall permit counties with an excise board as
per Section 3005.1 of Title 68 of the Oklahoma Statutes or
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budget board as per Section 1407 of Title 19 of the Oklahoma
Statutes to establish a County Economic Development Closing
Fund. The fund shall be a continuing fund, not subject to
fiscal year limitations, and shall consist of:
1. All monies apportioned or allocated to the fund pursuant
to law;
2. Any amounts appropriated by the board of county
commissioners to the fund;
3. Interest earned on the investment of money in the fund;
4. Gifts, grants, and other donations received for the fund
from public or private sources; and
5. Any other monies lawfully deposited into the fund.
B. All monies accruing to the credit of the fund are hereby
appropriated and may be budgeted and expended by the board of
county commissioners, or a county economic development authority
as designated by the board of county commissioners, for the
purposes of economic development and related infrastructure
development within the county. Expenditures from such funds
shall be made in instances in which the expenditure would likely
be a determining factor in locating or retaining a high-impact
business or project within the county.
C. Expenditures from the County Economic Development
Closing Fund shall be proposed by the board of county
commissioners, or the director of the designated county economic
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development authority, and shall only be proposed if it is
determined that such expenditures are expected to result in a
substantial economic benefit to the county through any of the
following:
1. The creation of new jobs within the county;
2. The maintenance of existing jobs within the county that
are at risk for termination;
3. Substantial investment in new real property, plant, or
equipment, or in the improvement or retooling of existing plant
or equipment within the county; or
4. Additional revenues in either ad valorem, sales, or use
taxes for the county and its associated political subdivisions.
D. In evaluating proposed expenditures from the fund, the
board of county commissioners or the designated county economic
development authority shall consider, but not be limited to, the
following factors:
1. The number of jobs to be created by a new business
establishment;
2. The number of jobs to be retained by an existing
business establishment;
3. The average salary of jobs to be created or retained by
the business establishment;
4. The total capital investment to be made by the business
establishment;
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5. The likelihood of other business establishments locating
or expanding within the county as a result of the business
activity to be conducted by the entity to receive payments from
the fund;
6. The overall impact on the economy of the area or
community in which the business activity of the applicant is or
will be conducted; and
7. Such other factors as the board of county commissioners
or the designated county economic development authority
determines to be relevant.
E. Upon receipt of an evaluation that recommends an
expenditure from the County Economic Development Closing Fund,
the board of county commissioners shall provide the evaluation
and recommendation to the county excise board, or budget board
if applicable, and the county treasurer for review and comment.
Final approval of an expenditure on a project shall be made by a
majority vote of the board of county commissioners at a public
meeting.
F. Upon approval by the board of county commissioners, the
county shall enter into a written agreement with the recipient
of the funds that sets forth the conditions for payment of
monies from the County Economic Development Closing Fund. Such
agreement shall specify:
1. The amount and schedule of payments;
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2. The performance measures the business establishment must
meet to receive and retain the funds, including job creation,
capital investment, or other economic benefits;
3. Provisions for repayment of funds if performance
measures are not met;
4. A requirement for the business establishment to provide
periodic reports to the county on its progress towards meeting
the agreed-upon performance measures; and
5. Any other terms and conditions deemed necessary by the
board of county commissioners to protect the county's interests
and ensure compliance with this act.
G. The county shall disclose, on its official website or
through other public means, the name of each business
establishment receiving payments from the fund, the amount of
the payments, and a description of the economic benefits
expected to be generated. This disclosure shall not include
proprietary information of the business establishment.
H. If an agreement for payment of monies from the fund
includes payments for a capital improvement, and if the capital
improvement is subsequently sold or ceases to be used for the
agreed-upon economic development purpose before the terms of the
agreement are fully met, the recipient of the award shall repay
the county the money awarded to pay for the capital improvement,
with interest at the rate and according to the other terms
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provided by the agreement and share with the county a
proportionate amount of any profit realized from the sale, as
specified in the agreement.
SECTION 2. 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.
60-2-14468 MAH 01/02/26