Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB587 Compare Versions

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4		-	An Act
5		-	ENROLLED SENATE
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	1st Session of the 58th Legislature (2021)
	34	+
	35	+	ENGROSSED SENATE
6	36		BILL NO. 587 By: Howard and Hall of the
7	37		Senate
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9	39		and
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11	41		Boles of the House
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17	47		An Act relating to the Oklahoma Community Economic
18	48		Development Pooled Finance Act; amending 62 O.S.
19	49		2011, Section 891.3, as last amended by Section 1,
20	50		Chapter 260, O.S.L. 2019 (62 O.S. Supp. 2020, Section
21	51		891.3), which relates to definitions; modifying
22	52		definitions; updating statutory references; and
23	53		providing an effective date .
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29		-	SUBJECT: Oklahoma Community Econo mic Development Pooled Finance Act
30		-
31	59		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
32		-
33	60		SECTION 1. AMENDATORY 62 O.S. 2011, Section 891.3, as
34	61		last amended by Section 1, Chapter 260, O.S.L. 2019 (62 O.S. Supp.
35	62		2020, Section 891.3), is ame nded to read as follows:
36		-
37	63		Section 891.3. 1. "Authority" means the Oklahoma Development
38	64		Finance Authority;
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40	65		2. "Bonds" means any form of obligation issued by the Oklahoma
41	66		Development Finance Authority pursuant to this act the Oklahoma
42	67		Community Economic De velopment Pooled Finance Act ;
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44	95		3. "Business entity" means a corporation, limited liability
45	96		company, general partnership, limited partnership , or such other
46	97		entity conducting a lawful activity which is organized pursuant to
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48		-	ENR. S. B. NO. 587 Page 2
49	98		the laws of the state or which is authorized to do business in the
50	99		state if organized under the law of another jurisdiction;
51		-
52	100		4. "Community Economic Development Pooled Finance Revolving
53	101		Fund" means the fund created pursuant to Section 891.15 of this
54	102		title;
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56	103		5. "Conduit issuer" means the Oklahoma Development Finance
57	104		Authority acting for the benefit of either a combination of local
58	105		government entities or a local government entity or entities in
59	106		conjunction with a for -profit business entity pursuant to the
60	107		provisions of this act the Oklahoma Community Economic Development
61	108		Pooled Finance Act;
62		-
63	109		6. "Credit Enhancement Reserve Fund " means that fund created
64	110		pursuant to Section 5063.3 of Title 74 of the Oklahoma Statutes;
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66	111		7. "Debt" means bonds, notes, or other evidence of indebtedness
67	112		issued by the Oklahoma Development Finance Authority;
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69	113		8. "Department" means the Oklahoma Department of Commerce;
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71	114		9. "Economic Development Pool " means proceeds of obligations
72	115		sold by the Authority to provide resources for eligible local
73	116		government entities or a local government entity in conjunction with
74	117		a for-profit business entity to finance an eligible economic
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75	145		development project or other purposes authorized by this act the
76	146		Oklahoma Community Economic Development Pooled Finance Act ;
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78	147		10. "Eligible local government entity" means:
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80	148		a. a city,
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82	149		b. a town,
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84	150		c. a county,
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86	151		d. any combination of cities, towns , or counties, or
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88	152		e. a public trust with a beneficiary or beneficiary which
89	153		is a city, town, county or some combination of such
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91		-	ENR. S. B. NO. 587 Page 3
92	154		entities as authorized by Section 176 of Ti tle 60 of
93	155		the Oklahoma Statutes , or
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95	156		f. an entity subject to the jurisdiction of the State
96	157		Board of Career and Technology Education or the
97	158		Oklahoma State Regents for Higher Education ;
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99	159		11. "Federal government defense entities " means U.S. Department
100	160		of Defense installations in the State of Oklahoma including Fort
101	161		Sill, Tinker Air Force Base, Altus Air Force Base, Vance Air Force
102	162		Base and McAlester Army Ammunition Plant;
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104	163		12. "For-profit business" means any lawful activity conducted
105	164		by a business entity with t he goal or expectation of selling goods,
106	165		services or other property at a price greater than the actual costs
107	166		incurred by the business;
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109	167		13. "Infrastructure" means:
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111	168		a. county roads,
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113	196		b. county bridges,
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115	197		c. municipal streets,
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117	198		d. municipal bridges,
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119	199		e. any railway or utility system owned by an eligible
120	200		local government entity,
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122	201		f. water treatment facilities,
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124	202		g. solid waste management facilities,
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126	203		h. water treatment and distribution systems, or
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128	204		i. any asset or project identified by the eligible local
129	205		government entities necessary for essential government
130	206		functions if the asset is owned by a local government
131	207		entity or entities, or
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135	208		j. any asset or project that is owned or operated by an
136	209		eligible local government entity that provides a
137	210		specific industry focused training program that:
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139	211		(1) is collaboratively developed with major industry
140	212		employers in this state to meet the occupational
141	213		and skill demands in its workforce, and
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143	214		(2) the delivery of instruction may be a collaboration
144	215		between or among entities under the jurisdic tion
145	216		of the State Department of Education, the State
146	217		Board of Career and Technology Education and the
147	218		Oklahoma State Regents for Higher Education ;
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149	246		14. "Infrastructure Pool" means proceeds of obligations sold by
150	247		the Authority to provide resources for eligi ble local government
151	248		entities to provide financing for infrastructure or other purposes
152	249		authorized by this act the Oklahoma Community Economic Development
153	250		Pooled Finance Act;
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155	251		15. "Pooled financing" means an agreement, pursuant to the
156	252		provisions of this act the Oklahoma Community Economic Development
157	253		Pooled Finance Act or pursuant to the Interlocal Cooperation Act,
158	254		among two or more eligible local governmental entities or involving
159	255		a local government entity or entities in conjunction with a for -
160	256		profit business entity to use proceeds from a tax levy or other
161	257		authorized source of revenue to make payments of principal,
162	258		interest, and other related costs in connection with an obligation
163	259		issued by the Oklahoma Development Finance Authority for the benefit
164	260		of the entities entering into such agreement according to the terms
165	261		of the agreement and according to the requirements of any ballot
166	262		submitted to the voters of the respective eligible local
167	263		governmental entities. Pooled financing does not mean or include
168	264		the use of any ad valorem tax revenues derived from a levy imposed
169	265		pursuant to Section 26 of Article X of the Oklahoma Constitution;
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171	266		16. "Private activity bonds " means those obligations the
172	267		interest income from which may be exempt from federal income tax
173	268		pursuant to the provisions of the Internal Revenue Code of 1986, as
174	269		amended; and
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178	297		17. "Public-Private Partner Development Pool " means proceeds of
179	298		obligations sold by the Oklahoma Development Finance Authority to
180	299		provide resources for eligible local government enti ties to provide
181	300		financing for infrastructure in conjunction with for -profit business
182	301		entities and federal government defense entities or any other
183	302		purpose authorized by this act the Oklahoma Community Economic
184	303		Development Pooled Finance Act .
185		-
186	304		SECTION 2. This act shall become effective November 1, 2021.
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189		-	ENR. S. B. NO. 587 Page 6
190		-	Passed the Senate the 10th day of March, 2021.
191		-
192		-
193		-
194		-	Presiding Officer of the Senate
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197		-	Passed the House of Representatives the 22nd day of April, 2021.
198		-
199		-
200		-
201		-	Presiding Officer of the House
202		-	of Representatives
203		-
204		-	OFFICE OF THE GOVERNOR
205		-	Received by the Office of the Governor this _______ _____________
206		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
207		-	By: _______________________________ __
208		-	Approved by the Governor of the State of Ok lahoma this _________
209		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
210		-
211		-	_________________________________
212		-	Governor of the State of Oklahoma
213		-
214		-
215		-	OFFICE OF THE SECRETARY OF STATE
216		-	Received by the Office of the Secretary of State this _____ _____
217		-	day of __________________, 20 _______, at _______ o'clock _______ M.
218		-	By: _______________________________ __
	306	+	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
	307	+	04/15/2021 - DO PASS.