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53	53	STATE OF OKLAHOMA
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55	55	1st Session of the 58th Legislature (2021)
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57	57	SENATE BILL 518 By: Montgomery
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63	63	AS INTRODUCED
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65	65	An Act relating to Commissioners of the L and Office;
66	66	allowing a school district to apply to the
67	67	Commissioners for necessary funds to make certain
68	68	bond payment; providing for application form;
69	69	providing for information to be included on
70	70	application; providing for transfer of certain funds;
71	71	providing for reimbursement of the Commissioners ;
72	72	providing limitation on bond payments allowed per
73	73	year; providing for promulgation of rules; providing
74	74	for codification; providing an effective date; and
75	75	declaring an emergency .
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81	81	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
82	82	SECTION 1. NEW LAW A new section of law to be codified
83	83	in the Oklahoma Statutes as Section 15-212 of Title 70, unless there
84	84	is created a duplication in numb ering, reads as follows:
85	85	A. In the event that a school district is or will be unable to
86	86	pay maturing or matured principal or interest o n a bond issued
87	87	pursuant to Sections 15-101 through 15-109 of Title 70 of the
88	88	Oklahoma Statutes due to protested ad valorem tax revenues held as
89	89	prescribed by Section 2884 of Title 68 of the Oklahoma Statutes, the
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141	141	school district board of education may app ly to the Commissioners of
142	142	the Land Office for necessary funds to make a required payment.
143	143	B. The application for payment shall be made on a form
144	144	prescribed by the Commissioners of the Land Office and sh all include
145	145	the name of the school district , the amount of funds being sought
146	146	and any other information deemed necessary and appropriate by the
147	147	Commissioners of the Land Office.
148	148	C. Upon approval of the application for payment by a majority
149	149	of the Commissioners of the Land Office, the Commissioners shall
150	150	cause to be transferred to the school district from income accruing
151	151	from the Permanent School Fund an amount necessary to make a
152	152	required bond payment.
153	153	D. A school district shall reimburse the Commissioner s of the
154	154	Land Office for a payment made pursuant to this section by:
155	155	1. Entering into an agreement with the Commissioners of the
156	156	Land Office for repayment; or
157	157	2. Entering into an agreement directing the Commissioners of
158	158	the Land Office to withhold future apportionments of income accruing
159	159	from the Permanent School Fund pursuant to Section 614 of Title 70
160	160	of the Oklahoma Statutes until the amount of payment is reimbursed.
161	161	E. Bond payments permitted by this section shall be limited to
162	162	three per school district per year.
163	163	F. The Commissioners of the Land Off ice may promulgate rules to
164	164	implement the provisions of this section.
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216	216	SECTION 2. This act shall become effective July 1, 2021.
217	217	SECTION 3. It being immediately necessar y for the preservation
218	218	of the public peace, health or safety, an emergency is hereby
219	219	declared to exist, by reason whereof thi s act shall take effect and
220	220	be in full force from and after its passage and approval.
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222	222	58-1-1585 EB 1/20/2021 10:36:38 AM

Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB518 Compare Versions