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STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
SENATE BILL 518 By: Montgomery
AS INTRODUCED
An Act relating to Commissioners of the L and Office;
allowing a school district to apply to the
Commissioners for necessary funds to make certain
bond payment; providing for application form;
providing for information to be included on
application; providing for transfer of certain funds;
providing for reimbursement of the Commissioners ;
providing limitation on bond payments allowed per
year; providing for promulgation of rules; providing
for codification; providing an effective date; 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 15-212 of Title 70, unless there
is created a duplication in numb ering, reads as follows:
A. In the event that a school district is or will be unable to
pay maturing or matured principal or interest o n a bond issued
pursuant to Sections 15-101 through 15-109 of Title 70 of the
Oklahoma Statutes due to protested ad valorem tax revenues held as
prescribed by Section 2884 of Title 68 of the Oklahoma Statutes, the
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school district board of education may app ly to the Commissioners of
the Land Office for necessary funds to make a required payment.
B. The application for payment shall be made on a form
prescribed by the Commissioners of the Land Office and sh all include
the name of the school district , the amount of funds being sought
and any other information deemed necessary and appropriate by the
Commissioners of the Land Office.
C. Upon approval of the application for payment by a majority
of the Commissioners of the Land Office, the Commissioners shall
cause to be transferred to the school district from income accruing
from the Permanent School Fund an amount necessary to make a
required bond payment.
D. A school district shall reimburse the Commissioner s of the
Land Office for a payment made pursuant to this section by:
1. Entering into an agreement with the Commissioners of the
Land Office for repayment; or
2. Entering into an agreement directing the Commissioners of
the Land Office to withhold future apportionments of income accruing
from the Permanent School Fund pursuant to Section 614 of Title 70
of the Oklahoma Statutes until the amount of payment is reimbursed.
E. Bond payments permitted by this section shall be limited to
three per school district per year.
F. The Commissioners of the Land Off ice may promulgate rules to
implement the provisions of this section.
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SECTION 2. This act shall become effective July 1, 2021.
SECTION 3. It being immediately necessar y for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof thi s act shall take effect and
be in full force from and after its passage and approval.
58-1-1585 EB 1/20/2021 10:36:38 AM