Oklahoma 2025 Regular Session

Oklahoma House Bill HB1422 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	SENATE FLOOR VERSION - HB1422 SFLR Page 1
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	3	+	ENGR. H. B. NO. 1422 Page 1 1
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29		-	SENATE FLOOR VERSION
30		-	April 16, 2025
31		-	AS AMENDED
32		-
33	28		ENGROSSED HOUSE
34	29		BILL NO. 1422 By: West (Josh) of the House
35	30
36	31		and
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38	33		Woods of the Senate
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43		-	[ Grand River Dam Authority - bonds - capacity -
44		-	emergency ]
	38	+	An Act relating to the Grand River Dam Authority;
	39	+	amending 82 O.S. 2021, Section 870, as amended by
	40	+	Section 1, Chapter 364, O.S.L. 2022 (82 O.S. Supp.
	41	+	2024, Section 870), which relates to authorization of
	42	+	bonds; increasing maximum bond capacity; updating
	43	+	statutory language; updating statutory references;
	44	+	making language gender -neutral; and declaring an
	45	+	emergency.
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49	50		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKL AHOMA:
50	51		SECTION 1. AMENDATORY 82 O.S. 2021, Section 870, as
51	52		amended by Section 1, Chapter 364, O.S.L. 2022 (82 O.S. Supp. 2024,
52	53		Section 870), is amended to read as follows:
53	54		Section 870. The district shall have power and is hereby
54	55		authorized to issue from time to time, as the need therefor arises,
55	56		revenue bonds for its corporate purposes in such amount or amounts
56	57		not to exceed One Billion Four Hundred Ten Million Dollars
57	58		($1,410,000,000.00), or in the event that the Oklahoma Departm ent of
58	59		Commerce has approved an application under the provisions of
59	60		division (1) of subparagraph a of paragraph 1 of subsection E of
60	61		Section 4 of the Large -scale Economic Activity and Development Act
61	62		of 2022 not to exceed Two Billion Dollars ($2,000,000,00 0.00), Three
62		-	Billion Six Hundred Million Dollars ($3,600,000,000.00) outstanding
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64		-	SENATE FLOOR VERSION - HB1422 SFLR Page 2
65		-	(Bold face denotes Committee Amendments) 1
	64	+	ENGR. H. B. NO. 1422 Page 2 1
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	89	+	Billion Six Hundred Million Dollars ($3,600,000,000.00 ) outstanding
90	90		at any time as are necessary, incidental or convenient to the
91	91		exercise of the powers, rights, privileges and functions conf erred
92	92		upon it by this act Section 862 of this title , or any other act or
93	93		law, and without limitations of the generality of the powers, rights
94	94		and privileges heretofore granted, for acquiring a steam generating
95	95		plant or plants and related facilities, and to extend, improve and
96	96		reconstruct the same; and for c onstructing, installing and acquiring
97	97		dams, reservoirs, hydroelectric power plants, or any electrical
98	98		generating plant or plants or any other electrical power or
99	99		generating facilities; or any plant or pla nts for the production of
100	100		steam for heating and proc essing purposes; and all and any
101	101		facilities of every kind necessary, incidental or convenient for the
102	102		production and generation of electric power and energy; and for
103	103		acquiring, constructing and installing transmission lines,
104	104		substations and all facilities necessary, incidental or convenient
105	105		to the sale, resale, interchange and distribution of electric power
106	106		and energy; and for carrying on the business and functions of the
107	107		district, as is now or hereafter m ay be authorized by law; and for
108	108		acquiring additions and improvements to and extensions of
109	109		facilities, at any time existing, of the district; and for the
110	110		acquisition of lands and rights -of-way for such use as is now, or
111	111		may be, authorized by law for the construction, replacement and
112	112		repair of any dams, plan ts or other facilities of the district; and
113		-	to enable it to finance, in cooperation with any “public agency”
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115		-	SENATE FLOOR VERSION - HB1422 SFLR Page 3
116		-	(Bold face denotes Committee Amendments) 1
	114	+	ENGR. H. B. NO. 1422 Page 3 1
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	139	+	to enable it to finance, in cooperation with any “public agency”
141	140		public agency, as defined under the Interlocal Cooperation Act,
142	141		Sections 1001 through 1008 of T itle 74 of the Oklahoma Statutes, any
143	142		other agency of government, rural electric co-op cooperative
144	143		corporation, or any private or public corporation, the development
145	144		and utilization of electrical energy or the water resources and
146	145		rights in waters vested in said the district for such purposes as
147	146		are, or may be, authorized by the laws of Oklahoma, and for
148	147		financing and refinancing present outstanding obligations of the
149	148		district, including the payment of any claims, charges or interest
150	149		on bonds required to be paid. The bonds herein authorized may
151	150		either be (1) sold for cash, at public or private sale, at such
152	151		price or prices as the Board shall determine with the advice and
153	152		assistance of the State Bond Advisor, or (2) may be issued on such
154	153		terms as the Board shall determine in exchange for property of any
155	154		kind, real, personal or mixed, or any interest therein which the
156	155		Board shall deem necessary, incidental or convenient for any such
157	156		corporate purposes, or (3) may be issued in exchange for like
158	157		principal amounts of other obligations of the district, matured or
159	158		unmatured, or (4) may be issued in such principal amounts that when
160	159		the proceeds thereof are invested in legal and qualified
161	160		investments, the proceeds together with the resulting proceeds of
162	161		such investments will be sufficient to retire the outstanding
163	162		indebtedness or any portion thereof at maturity or at prior
164		-	redemption or upon purchase or tender for purchase. The proceeds of
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166		-	SENATE FLOOR VERSION - HB1422 SFLR Page 4
167		-	(Bold face denotes Committee Amendments) 1
	164	+	ENGR. H. B. NO. 1422 Page 4 1
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	189	+	redemption or upon purchase or tender for purchase. The proceeds of
192	190		sale of such bonds shall be deposited in such bank or banks or trust
193	191		company or trust companies, and shall be paid out pursuant to s uch
194	192		terms and conditions as may be agreed upon between the district and
195	193		the purchasers of such bonds. All such bonds shall be authorized by
196	194		resolutions of the Board concurred in by at least four of the
197	195		members thereof, and shall bear such date or dates, m ature at such
198	196		time or times, bear interest at such rate or rates, at such time or
199	197		times, be in such denominations, be in such form, either coupon or
200	198		registered, carry such registration privileges as to pr incipal only
201	199		or as to both principal and interest, a nd as to exchange of coupon
202	200		bonds for registered bonds or vice versa, and exchange of bonds of
203	201		one denomination for bonds of other denominations, be executed in
204	202		such manner and be payable at such place or places within or without
205	203		the State of Oklahoma this state as such resolution or resolutions
206	204		may provide. Any resolution or resolutions, including any related
207	205		trust indenture or indentures, authorizing any bonds may contain
208	206		provisions which shall be part of the contract between the district
209	207		and the holders thereof from time to time (a) reserving the right to
210	208		redeem such bonds at such time or times, in such amounts and at such
211	209		prices as may be provided, (b) providing for the setting aside of
212	210		sinking funds or reserve funds and the regulation and disposition
213	211		thereof, (c) pledging to secure the payment of the principal of and
214	212		interest on such bonds and of the sinking fund or reserve fund
215		-	payments agreed to be made in respect of such bonds all or any part
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217		-	SENATE FLOOR VERSION - HB1422 SFLR Page 5
218		-	(Bold face denotes Committee Amendments) 1
	214	+	ENGR. H. B. NO. 1422 Page 5 1
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	239	+	payments agreed to be made in respect of such bonds all or any part
243	240		of the gross or net revenues thereafter received by the di strict in
244	241		respect of the property, real, personal or mixed, to be acquired or
245	242		constructed with such bonds or the proceeds thereof, or all or any
246	243		part of the gross or net revenues thereafter received by the
247	244		district from whatever source derived and monies a nd securities held
248	245		under such resolutions or indentures or contract rights with respect
249	246		to any of the foregoing, (d) prescribing the purposes to which such
250	247		bonds or any bonds thereafter to be issued, or t he proceeds thereof,
251	248		may be applied, (e) agreeing to fix and collect rates and charges
252	249		sufficient to produce revenues adequate to pay the items specified
253	250		in subparagraphs (a), (b), (c), (d) and (e) of Section 868 of this
254	251		title and prescribing the use and disposition of all revenues, and
255	252		the investment of su ch revenues and other monies pending their
256	253		expenditures in investments authorized or permitted by law, (f)
257	254		prescribing limitations upon the issuance of additional bonds and
258	255		upon the agreements which may b e made with the purchasers and
259	256		successive holders th ereof, (g) with regard to the construction,
260	257		extension, improvement, reconstruction, operation, maintenance and
261	258		repair of the properties of the district, carrying of insurance upon
262	259		all or any part of said the properties covering loss or damage or
263	260		loss of use and occupancy resulting from specified risk, (h) fixing
264	261		the procedure, if any, by which, if the district shall so desire,
265	262		the terms of any contract with the holders of such bonds may be
266		-	amended or abrogated, the amount of bonds the holders of which must
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268		-	SENATE FLOOR VERSION - HB1422 SFLR Page 6
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	264	+	ENGR. H. B. NO. 1422 Page 6 1
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	289	+	amended or abrogated, the amount of bonds the holders of which must
294	290		consent thereto, and the manner in which such consent may be given,
295	291		(i) for the execution and delivery by the district to a bank or
296	292		trust company authorized by law to accept trusts, or to the United
297	293		States of America or any office or agency thereof, of ind entures and
298	294		agreements for the benefit of the holders of such bonds setting
299	295		forth any or all of the agreements herein authorized to be made with
300	296		or from the benefit of the holders of such bonds and such o ther
301	297		provisions as may be customary in such indentur es or agreements, and
302	298		(j) such other provisions, not inconsistent with the provisions of
303	299		the act Section 861 et seq. of this title , as the Board may approve.
304	300		Any such resolution and any indenture or agreement entered into
305	301		pursuant thereto may provide that in the event that (a) default
306	302		shall be made in the payment of the interest on any or all bonds
307	303		when and as the same shall become due and payable, or (b) default
308	304		shall be made in the payment of the princip al of any or all bonds
309	305		when and as the same shall be come due and payable, whether at the
310	306		maturity thereof, by call for redemption or otherwise, or (c)
311	307		default shall be made in the performance for any agreement made with
312	308		the purchasers or successive holders of any bonds, and such default
313	309		shall have continued such period, if any, as may be prescribed by
314	310		said the resolution in respect thereof, the trustee under the
315	311		indenture or indentures entered into in respect of the bonds
316	312		authorized thereby, or if there sha ll be no such indenture, a
317		-	trustee appointed in the manner provided in such resolution or
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319		-	SENATE FLOOR VERSION - HB1422 SFLR Page 7
320		-	(Bold face denotes Committee Amendments) 1
	314	+	ENGR. H. B. NO. 1422 Page 7 1
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	339	+	trustee appointed in the manner provided in such resolution or
345	340		resolutions by the holders of twenty -five percent (25%) in aggregate
346	341		principal amount of the bonds authorized thereby and at the time
347	342		outstanding may, and, upon the written request of the holders of
348	343		twenty-five percent (25%) in aggregate principal amount of the bonds
349	344		authorized by such resolution or resolutions at the time
350	345		outstanding, shall, in his , her, or its own name, but for the equal
351	346		and proportionate benefit of the holders of all of such bonds, and
352	347		with or without possession thereof,
353	348		(1) By mandamus or other suit, action or proceeding at law
354	349		or in equity, enforce all rights of the holders of
355	350		such bonds,
356	351		(2) Bring suit upon such bonds and/or the appurtenant
357	352		coupons,
358	353		(3) By action or suit in equity, require the d istrict to
359	354		account as if it were the trustee of an express trust
360	355		for the bondholders,
361	356		(4) By action or suit in equity, enjoin any acts or things
362	357		which may be unlawful or in violation of the rights of
363	358		the holders of such bonds, and/or
364	359		(5) After such notic e to the district as such resolution
365	360		may provide, declare the principal of all of such
366	361		bonds due and payable, and if all defaults shall have
367	362		been made good, then with the written consent of the
368		-	holder or holders of twenty -five percent (25%) in
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370		-	SENATE FLOOR VERSION - HB1422 SFLR Page 8
371		-	(Bold face denotes Committee Amendments) 1
	364	+	ENGR. H. B. NO. 1422 Page 8 1
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	389	+	holder or holders of twenty -five percent (25%) in
396	390		aggregate principal amount of such bonds at the time
397	391		outstanding annul such declaration and its
398	392		consequence; provided, however, that the holders of
399	393		more than a majority in principal amount of the bonds
400	394		authorized thereby and at the time outstanding by
401	395		instrument or instruments in writing delivered to such
402	396		trustee have the right to direct and control any and
403	397		all action taken or to be taken by such trustee under
404	398		this paragraph. Any such resolution, indenture or
405	399		agreement may provide that in any such suit, action or
406	400		proceeding, any such trustee, whether or not all of
407	401		such bonds shall have been declared due and payable,
408	402		and with or without possession of any thereof, shall
409	403		be entitled as of right to the appointment of a
410	404		receiver who may enter and take possession of all or
411	405		any part of the properties of the district and operate
412	406		and maintain the same, and fix, collect and receive
413	407		rates and charges sufficient to provide revenues
414	408		adequate to pay the items set forth in subparagraphs
415	409		(a), (b), (c), (d) and (e) of Section 868 of thi s
416	410		title and the costs and disbursements of such suit,
417	411		action or proceeding, and to apply such revenues in
418	412		conformity with the provisions of Section 861 et seq.
419		-	of this title and the resolution or resoluti ons
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421		-	SENATE FLOOR VERSION - HB1422 SFLR Page 9
422		-	(Bold face denotes Committee Amendments) 1
	414	+	ENGR. H. B. NO. 1422 Page 9 1
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	439	+	of this title and the resolution or resoluti ons
447	440		authorizing such bonds. In any suit, action or
448	441		proceeding by any such trustee, the reasonable fees,
449	442		counsel fees and expense of such trustee and of the
450	443		receiver or receivers, if any, shall constitute
451	444		taxable disbursements and all costs and disbursements,
452	445		and all costs and disbursements allowed by the c ourt
453	446		shall be a first charge upon any revenues pledged to
454	447		secure the payment of such bonds. Subject to the
455	448		provisions of the Oklahoma Constitution of the State
456	449		of Oklahoma, the courts of the County of Cr aig, or
457	450		other county wherein the domicile may be sit uated,
458	451		shall have jurisdiction of any such suit, action or
459	452		proceeding by any such trustee on behalf of the
460	453		bondholders and of all property involved therein. In
461	454		addition to the powers hereinabove specifically
462	455		provided for, each such trustee shall have and possess
463	456		all powers necessary or appropriate for the exercise
464	457		of any thereof, or incident to the general
465	458		representation of the bondholders in the enforcement
466	459		of their right.
467	460		Before any bonds shall be sold by the district, a certified copy
468	461		of the proceedings for the issuance thereof, including the form of
469	462		such bonds, together with any other information which the Attorney
470		-	General of the State of Oklahoma this state may require, shall be
471	463
472		-	SENATE FLOOR VERSION - HB1422 SFLR Page 10
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	464	+	ENGR. H. B. NO. 1422 Page 10 1
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	489	+	General of the State of Oklahoma this state may require, shall be
498	490		submitted to the Attorney General and if he or she shall find that
499	491		such bonds have been issued in accordance with law he or she shall
500	492		approve such bonds and execute a certificate to that effect which
501	493		shall be filed in the Office of the State Auditor and Inspector of
502	494		the State of Oklahoma this state and be recorded in a record ke pt
503	495		for that purpose. No bonds shall be issued until the same shall
504	496		have been registered by the State Auditor and Inspector, who shall
505	497		so register the same if the Attorney General shall have filed with
506	498		the State Auditor and Inspector his or her certificate approving the
507	499		bonds and the proceedings for the issuance thereof as hereinabove
508	500		provided. All bonds approved by the Attorney General as aforesaid,
509	501		and registered by the State Auditor and Inspector as af oresaid, and
510	502		issued in accordance with the proceedin gs so approved shall be valid
511	503		and binding obligations of the district and shall be incontestable
512	504		for any cause from and after the time of such registration.
513	505		SECTION 2. It being immediately necessary for the preservation
514	506		of the public peace, health or safety, an emergency is hereby
515	507		declared to exist, by reason whereof this act shall take effect and
516	508		be in full force from and after its passage and approval.
517		-	COMMITTEE REPORT BY: COMMITTEE ON A PPROPRIATIONS
518		-	April 16, 2025 - DO PASS AS AMENDED
	509	+
	510	+	ENGR. H. B. NO. 1422 Page 11 1
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	535	+	Passed the House of Representatives the 11th day of March, 2025.
	536	+
	537	+
	538	+
	539	+
	540	+	Presiding Officer of the House
	541	+	of Representatives
	542	+
	543	+
	544	+	Passed the Senate the ____ day of _________, 2025.
	545	+
	546	+
	547	+
	548	+
	549	+	Presiding Officer of the Senate
	550	+
	551	+