Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB1343 Compare Versions

Version 1 (Old)

Version 2 (New)

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4		-	An Act
5		-	ENROLLED SENATE
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	2nd Session of the 58th Legislature (2022)
	34	+
	35	+	ENGROSSED SENATE
6	36		BILL NO. 1343 By: Howard and Hall of the
7	37		Senate
8	38
9	39		and
10	40
11	41		Moore of the House
12		-
13	42
14	43
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16	45		An Act relating to municipal and county bonds ;
17	46		amending 19 O.S. 2021, Section 781, which relates to
18	47		authorization of county bonds; providing exceptio n;
19	48		updating statutory language; amending 63 O.S. 2021,
20	49		Section 1-719, which relates to bonds of counties,
21	50		cities, and towns; providing exception; amending 62
22	51		O.S. 2021, Section 802, which relates to definitions;
23	52		modifying definition of qualified economic o r
24	53		community development purpose to include certain
25	54		governmental and public health faci lities; and
26	55		providing an effective date .
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31		-	SUBJECT: Bonds
32	60
33	61		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
34		-
35	62		SECTION 1. AMENDATORY 19 O.S. 2021, Section 781, is
36	63		amended to read as follows:
37		-
38	64		Section 781. All counties in the State of Oklahoma this state
39	65		are hereby authorized to issue bonds for the purpose of purch asing
40	66		sites, erecting and c onstructing county hospitals , including
41	67		alterations, addition s to, and enlargements of existing hospi tal
42	68		buildings in such the county, such bonds to be issued as hereinafter
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	70	+	SB1343 HFLR Page 2
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43	96		provided, except as provided in the Municipal and Count y Economic
44	97		and Community Development Bonds Act pursuant to Section 800 et seq.
45	98		of Title 62 of the Oklahoma Statutes.
46		-
47		-
48		-	ENR. S. B. NO. 1343 Page 2
49	99		SECTION 2. AMENDATORY 63 O.S. 2021, Section 1 -719, is
50	100		amended to read as follows:
51		-
52	101		Section 1-719. Any county, city, or town is hereby author ized
53	102		to issue bonds for construct ing and equipping a hospital , community
54	103		mental health facility, public health center, or related health
55	104		facility, to be owned and o perated by such county, city, or town in
56	105		accordance with standard s approved by the State Com missioner of
57	106		Health; provided, th at such bonds may be issued to construct a
58	107		jointly owned and operated hospital, community mental health
59	108		facility, public health cen ter, or related health facility, by two
60	109		or more counties, or by o ne or more counties and a c ity or cities,
61	110		or by two or more cities. Such Except as provided in the Municipal
62	111		and County Economic and Community Development Bonds Act pursuant to
63	112		Section 800 et seq. of Title 62 of the Oklahoma Statutes , the bonds
64	113		shall be issued upon the assent there to of three-fifths (3/5) of the
65	114		voters of the subdivision issuing the bonds, voting at an election
66	115		held for that purpose. The proposition voted on shall state
67	116		specifically the type of h ospital facility to be constructed. Such
68	117		election shall be called by t he governing board or managing b ody of
69	118		such subdivision. Notice of the election shall be published for two
70	119		(2) successive weeks in a weekly or daily newspaper, having a
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71	147		general circulation in the subdivision. The bonds shall b e made to
72	148		mature serially as now provided by law, and shall be sold at an
73	149		advertised sale under existing laws. The rate of interest shall not
74	150		exceed eight percent (8%) per annum. The bonds shall be submitted
75	151		to the Attorney General for his approval as ex officio Bond
76	152		Commissioner of the state.
77		-
78	153		SECTION 3. AMENDATORY 62 O.S. 2021, Section 802, is
79	154		amended to read as follows:
80		-
81	155		Section 802. As used in the Municipal and County Economic and
82	156		Community Development Bonds Act:
83		-
84	157		1. “Amortization” means the reduction of bonded indebtedness by
85	158		making annual or fiscal year payments of principal and interest
86	159		sufficient to pay off bonds by their stated maturity;
87		-
88	160		2. “Annual maturing principal plus interest shall be as nearly
89	161		equal as practicable throughout the term of the is sue” means that
90	162		the total annual or fiscal year debt service, except for short
91		-
92		-	ENR. S. B. NO. 1343 Page 3
93	163		periods, must be approximately equal for every annual or fiscal
94	164		period, provided each net annual or fiscal year debt service payment
95	165		in relation to all other net annual or fisca l year payments must be
96	166		made within a dollar amount range not to exceed twice the stated
97	167		denomination of the bonds;
98		-
99	168		3. “Debt service” means money required, pursuant to the terms
100	169		of issuance, for payments of principal and int erest due on
101	170		outstanding bonds;
102	171
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103	198		4. “Level principal debt servi ce payments” means the amount of
104	199		principal retired annually or during a fisca l year with respect to
105	200		outstanding bonds shall be equal;
106		-
107	201		5. “Qualified economic or community development purpose ” means
108	202		the use of bond proceeds f or the acquisition, construction ,
109	203		development and/or equipping of the following projects or programs:
110		-
111	204		a. industrial facilities, including manufacturing,
112	205		maintenance, servicing, warehouse , wholesale
113	206		distribution, and transport ation facilities,
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115	207		b. tourism facilities, including recreation o r
116	208		entertainment facilities, theme parks, cultural and
117	209		historic sites,
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119	210		c. sports facilities, including arenas, stadiums,
120	211		ballparks, and golf courses,
121		-
122	212		d. agricultural facilities , including grain elevators,
123	213		cotton gins, compres ses, livestock barns, and other
124	214		commodity processing facilities,
125		-
126	215		e. defense industry facilities, including office
127	216		facilities, security facilities, and the acquisition
128	217		of land for clear zones or to implement noise
129	218		abatement zoning,
130		-
131	219		f. redevelopment programs , including the acquisition of
132	220		real property in a designated blighted area and the
133	221		rehabilitation of such pro perty, the clearing and
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134	249		preparation of land for redevelopment, the transfer o f
135		-
136		-	ENR. S. B. NO. 1343 Page 4
137	250		interests in the property to nongover nmental persons
138	251		for fair market value, and the relocation of oc cupants
139	252		of the real property acquired,
140		-
141	253		g. governmental facilities , including city halls,
142	254		courthouses, administration buildings, and police and
143	255		fire stations, county jails, detention facilities, and
144	256		emergency or first respons e facilities,
145		-
146	257		h. community facilities, including parks, senior citizens
147	258		centers, shelters for homeless or abused persons, and
148	259		juvenile centers,
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150	260		i. public infrastructure facilities , including highways,
151	261		roads, streets, bridges, sewers, traffic control
152	262		systems and devices, telecommunication s systems,
153	263		wastewater and water distribution and supply systems,
154	264		curbing, sidewalks and any similar public
155	265		improvements, gas and electric production,
156	266		distribution and transmission facilities, c ommon
157	267		utility or service facili ties, landscaping, parking,
158	268		and water detention/retention systems, and
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160	269		j. economic development programs , including but not
161	270		limited to job creation payments, low interest , and/or
162	271		forgivable loans, and
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164	299		k. public health faciliti es including but not limited to
165	300		county or public hospitals, cli nics, emergency medical
166	301		service facilities, and county health department
167	302		facilities;
168		-
169	303		6. “Short periods” means the period of time preceding the
170	304		beginning of full amortization of principal and interest due on
171	305		bonds;
172		-
173	306		7. “True interest cost” means the rate used to discount the
174	307		amounts payable on the respective principal and interest ma turity
175	308		dates which yields a result equal to the purchase price received fo r
176	309		bonds; and
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179		-	ENR. S. B. NO. 1343 Page 5
180	310		8. “Ultimate user” means the industry on whose behalf bon ds are
181	311		issued.
182		-
183	312		SECTION 4. This act shall become effective November 1, 2022.
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185		-
186		-	ENR. S. B. NO. 1343 Page 6
187		-	Passed the Senate the 8th day of March, 2022.
188		-
189		-
190		-
191		-	Presiding Officer of the Senate
192		-
193		-
194		-	Passed the House of Representatives the 27th day of April, 2022.
195		-
196		-
197		-
198		-	Presiding Officer of the House
199		-	of Representatives
200		-
201		-	OFFICE OF THE GOVERNOR
202		-	Received by the Office of the Governor this _______ _____________
203		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
204		-	By: _______________________________ __
205		-	Approved by the Governor of the State of Oklahoma t his _________
206		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
207		-
208		-	_________________________________
209		-	Governor of the State of Oklahoma
210		-
211		-
212		-	OFFICE OF THE SECRETARY OF STATE
213		-	Received by the Office of the Secretary of State this _______ ___
214		-	day of __________________, 20 _______, at _______ o'clock _______ M.
215		-	By: _______________________________ __
	314	+	COMMITTEE REPORT BY: COMMITTEE ON COUNTY AND MUNICIPAL GOVERNMENT,
	315	+	dated 04/04/2022 - DO PASS.