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28	28	STATE OF OKLAHOMA
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30	30	2nd Session of the 59th Legislature (2024)
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32	32	SENATE BILL 1406 By: Bergstrom
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36	36	AS INTRODUCED
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38	38	An Act relating to economic development; creating
39	39	investment rebate program until certain date;
40	40	providing qualifying criteria; requirin g submission
41	41	of application; requiring the Oklahoma Department of
42	42	Commerce to approve or disapprove certain claims and
43	43	issue payment; limiting source of payments; making
44	44	payments contingent upon deposits to certain fund;
45	45	providing amount of rebate; a uthorizing conditional
46	46	pre-qualification; creating the Water Infrastructure
47	47	for Economic Development Fund ; establishing fund
48	48	procedures; providing sources of funds; providing for
49	49	expenditures from fund; directing transfer of
50	50	unencumbered fund upon certain date; making an
51	51	appropriation; directing deposit in certain fund;
52	52	providing for codification; providing an effective
53	53	date; and declaring an emergency .
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58	58	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAH OMA:
59	59	SECTION 1. NEW LAW A new section of law to be codified
60	60	in the Oklahoma Statutes as Section 3648.1 of Title 68, unless there
61	61	is created a duplication in numbering, reads as follows:
62	62	A. There is hereby created until July 1, 20 29, an investment
63	63	rebate program for the cost of water and wastewater infrastructure
64	64	investments by municipalities with a population between five
65	65	thousand (5,000) and seven thousand (7,000), according to the lates t
66	66	Federal Decennial Census.
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93	93	B. To be eligible for consideration for an investment rebate
94	94	payment awarded under the provisions of this act, the municipality
95	95	shall:
96	96	1. Submit an application and documentation to the Oklahoma
97	97	Department of Commerce, as requ ired by the Department, outlining the
98	98	planned water and wastewater infrastructure expenditures of at least
99	99	Thirty-five Million Dollars ( $35,000,000.00);
100	100	2. Provide documentation that the w ater and wastewater
101	101	infrastructure expenditures are to provide services for an
102	102	establishment, to be placed in service after the effective date of
103	103	this act, that is defined or classified in the NAICS Manual under
104	104	Industry Group No. 721211 and whose capital investment exceeds One
105	105	Hundred Million Dollars ( $100,000,000.00); and
106	106	3. Have made expenditures of no less than twenty percent (20%)
107	107	of the water and wastewater i nfrastructure expenditure plan outlined
108	108	in the application submitted by the municipality.
109	109	C. 1. The Oklahoma Department of Commerce shall approve o r
110	110	disapprove claims for rebates and shall issue payment f or all
111	111	approved claims from funds held in the Water Infrastructure for
112	112	Economic Development Fund created in Section 2 of this act .
113	113	2. The Department shall disapprove all applications and claims
114	114	or any portion of applications and claims for rebates that would
115	115	exceed the balance of available funds in the Water Infrastructure
116	116	for Economic Development Fund .
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143	143	3. The total amount of applications approved and investment
144	144	rebate payments awarded under the provisions of this act shall not
145	145	exceed the total amount of monies designated by law for deposit to
146	146	the Water Infrastructure for Economic Development Fund .
147	147	D. 1. Subject to the approval a nd ongoing review of the
148	148	eligibility application by the Oklahoma Department of Co mmerce, the
149	149	investment rebate payment authorized by this act shall be equal to
150	150	the cost of the water and wastewater infrastructure expenditures in
151	151	the year of expenditure .
152	152	2. The Department is authorized to conditionally pre -qualify
153	153	and account for anticipated future investment rebate payments. T he
154	154	Oklahoma Department of Commerce shall not pre -qualify investment
155	155	rebate payments, encumber funds, pre -encumber funds, or otherwis e
156	156	allocate resources that would result in the allocation of investment
157	157	rebate payments in excess of the balance of available funds in the
158	158	Water Infrastructure for Economic Devel opment Fund.
159	159	SECTION 2. NEW LAW A new section of law to be codified
160	160	in the Oklahoma Statutes as Section 3648.2 of Title 68, unless there
161	161	is created a duplication in numbering, reads as follows:
162	162	A. There is hereby created in the State Treasury a fund for the
163	163	Oklahoma Department of Commerce to be designated the “Water
164	164	Infrastructure for Economic Development Fund ”. The fund shall be a
165	165	continuing fund, not subject to fiscal year limitations, and shall
166	166	consist of all monies designated f or deposit to the fund by law.
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193	193	All monies accruing to the credit of the fund are hereby
194	194	appropriated and may be budgeted and expended by the Department for
195	195	the purpose of paying rebates as provided in this act. Expenditures
196	196	from the fund shall be made u pon warrants issued by the State
197	197	Treasurer against claims filed as prescribed by law with the
198	198	Director of the Office of Management and Enterprise Services for
199	199	approval and payment.
200	200	B. All unencumbered funds remaining in the Water Infrastructure
201	201	for Economic Development Fund upon July 1, 2029, shall be
202	202	transferred to the State Treasurer for deposit in the General
203	203	Revenue Fund.
204	204	SECTION 3. There is hereby appropriated to the Oklahoma
205	205	Department of Commerce for deposit in the Water Infrastructure for
206	206	Economic Development Fund , from any monies not otherwise
207	207	appropriated from the General Revenue Fund of the State Treasury for
208	208	the fiscal year ending June 30, 202 3, the sum of Thirty-five Million
209	209	Dollars ($35,000,000.00).
210	210	SECTION 4. This act shall become effec tive July 1, 2024.
211	211	SECTION 5. It being immediately necessary for the preservation
212	212	of the public peace, health or safety, an emergency is hereby
213	213	declared to exist, by reason whereof this act shall take effect and
214	214	be in full force from and after its passage and approval.
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216	216	59-2-2271 QD 12/15/2023 3:29:03 PM

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1406 Compare Versions