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SENATE FLOOR VERSION - SB817 SFLR Page 1
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SENATE FLOOR VERSION
March 3, 2025
AS AMENDED
SENATE BILL NO. 817 By: Sacchieri of the Senate
and
Maynard of the House
[ debt obligations - provisions - issuance of bonds -
effective date ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 2021, Section 896.1, is
amended to read as follows:
Section 896.1. A. At least thirty (30) days after the approval
for a vote on a bond or other evidence of indebtedness to be issued
by the local government entities described in subsection C of this
section, the governing board of such entity shall cause to be
published on that local government website:
1. A description of the projects or assets that will be
acquired, improved or repaired with the proceeds from the issuance
of the bonds;
2. A description of any unpaid or unfinished bond approved by
the voters of that jurisdiction preceding the date of the vote on
the bonds to be issued; and
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3. A detailed description of the use of the previous bond
proceeds. If the bond proceeds were used to acquire or improve real
property, the description shall include a physical address using a
street number or some other method by which the location of the
property can be identified.
B. If the local government entity does not have a website, then
it shall make the information accessible through some other method
using the Internet to persons who reside in the geographic area of
the local government entity. Should there be no reasonable method
as described in this section, the entity shall cause the information
to be published at least once in a newspaper of general circulation
in the geographic area in which the voters of the local government
jurisdiction reside.
C. The provisions of subsection A of this section shall be
applicable to any bond or other evidence of indebtedness the
repayment of which requires either a sinking fund millage rate
pursuant to Section 26 of Article X of the Oklahoma Constitution, or
bonds issued pursuant to the authority of Section 35 of Article X of
the Oklahoma Constitution or pursuant to any provisions contained in
any other provision of Article X of the Oklahoma Constitution to the
extent not otherwise specifically identified in this section, which
shall include:
1. Counties;
2. Cities;
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3. Towns;
4. Common school districts;
5. Career technology districts;
6. Emergency Medical Service Districts; and
7. Solid waste management districts.
D. The provisions of this section shall not be applicable to
include obligations issued by a trust organized pursuant to the
provisions of Section 176 et seq. of Title 60 of the Oklahoma
Statutes for the benefit of a local government entity described in
subsection C of this section, whereby the proceeds of such
obligations were expended by the local government entity for
projects, assets, or property described in subsection A of this
section.
E. Any local government entity that fails to comply with the
provisions of this section shall not issue any bonds or other
obligations until the entity comes into compliance with the
provisions of this section.
SECTION 2. This act shall become effective November 1, 2025.
COMMITTEE REPORT BY: COMMITTEE ON REVENUE AND TAXATION
March 3, 2025 - DO PASS AS AMENDED