Oklahoma 2025 Regular Session

Oklahoma House Bill HB1549 Compare Versions

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3		-	SENATE FLOOR VERSION - HB1549 SFLR Page 1
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29		-	SENATE FLOOR VERSION
30		-	April 14, 2025
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33	28		ENGROSSED HOUSE
34	29		BILL NO. 1549 By: Lepak of the House
35	30
36	31		and
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38	33		Bergstrom of the Senate
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43	40		An Act relating to public finance; creating the
44	41		Private Activity Bond Modernization Act of 2025;
45	42		amending 62 O.S. 2021, Section 695.23, which relates
46	43		to definitions; modifying definitions; amending 62
47	44		O.S. 2021, Section 695.24, which relates to
48	45		designation of various pools; modifying designation
49	46		of pools and amounts reserved; amending 62 O.S. 2021,
50	47		Section 695.25, which relates to the determination of
51	48		maximum total volume of bonds that may be issued for
52	49		year, publication, and application by issuers for
53	50		allocation of state ceilings; modifying the
54	51		application by issuers for allocation of state
55	52		ceilings; modifying expiration date for confirmation
56	53		date for issue of pri vate activity bonds and mortgage
57	54		credit certificate programs; providing for
58	55		noncodification; and providing an effective date .
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63	62		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
64	63		SECTION 1. NEW LAW A new section of law not to be
65	64		codified in the Oklahoma Statutes reads as follows:
66	65		This act shall be known and may be cited as the "Private
67	66		Activity Bond Modernization Act of 2025 ".
68	67		SECTION 2. AMENDATORY 62 O.S. 2021, Section 695.23, is
69	68		amended to read as f ollows:
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97	95		Section 695.23. As used in the Oklahoma Private Activity Bond
98	96		Allocation Act:
99	97		1. "Application for state ceiling all ocation" means the written
100	98		application form provided by the Deputy Treasurer for Debt
101	99		Management which shall be filed by or on beha lf of the issuer in
102	100		compliance with the requirements of this act;
103	101		2. "Beginning Agricultural Producer Pool " means the portion of
104	102		the state ceiling reserved for bonds relating to the Oklahoma
105	103		Beginning Agricultural Producer Pool Act;
106	104		3. 2. "Carryforward" shall have the same meaning as in Section
107	105		146(f) of the Internal Revenue Code;
108	106		4. 3. "Confirmation" means a written confirma tion of allocation
109	107		issued by the Deputy Treasurer for Debt Management;
110	108		5. 4. "Consolidated Pool" means an aggregation of unallocat ed
111	109		sums of the state ceiling derived from pools as set forth in
112	110		subsection M of Section 695.24 of this title;
113	111		6. 5. "Economic Development Pool " means that portion of the
114	112		state ceiling reserved for projects specifically authorized by the
115	113		Council of Bond Oversight, as provided for in subsection B of
116	114		Section 695.24 of this title;
117	115		7. "Exempt facility bonds " means exempt facility b onds as
118	116		defined in Section 142(a) of the Internal Revenue Code;
119	117		8. "Exempt Facility Pool " means the portion of the state
120	118		ceiling reserved for exempt facility bonds;
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148	145		9. 6. "Final certification" or "final certificate" means a
149	146		certification or certificate filed with the Deputy Treasurer for
150	147		Debt Management by or on behalf of the issuer specifying the exact
151	148		amount of indebtedness issued by an issuer, or, in the case of
152	149		mortgage credit certificates, a copy of the document or election
153	150		filed with the Internal Re venue Service exchanging bond issuance
154	151		authority for mortgage credit certificate issuance authority;
155	152		7. "Housing Pool" means that portion of the state ceiling
156	153		reserved for single-family mortgage revenue bonds, multifamily
157	154		revenue bonds, and mortgage credit certificates;
158	155		10. 8. "Internal Revenue Code " means the Internal Revenue Code
159	156		of 1986 (26 U.S.C., Section 1 et seq.), as amended;
160	157		11. 9. "Issued" means any issue of bonds which have been
161	158		delivered and the purchase price therefor remitted to or for the
162	159		account of the issuer, or a copy of the document or election filed
163	160		with the Internal Revenue Service exchanging bond issuance author ity
164	161		for mortgage credit certificate issuance authority;
165	162		12. 10. "Issuer" or "issuing authority" means any public trust
166	163		or other entity which is authorized to issue tax -exempt bonds, notes
167	164		and other like obligations, or has the authority to exchange single -
168	165		family mortgage bond authority for mortgage credit certificate
169	166		authority, under the Constitution or laws of the state;
170	167		13. 11. "Local issuer" means any municipality, county or public
171	168		trust having counties or municipalities or combinations thereof as
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199	195		beneficiary, or a public trust having the state as beneficiary with
200	196		jurisdiction limited to one county of the state;
201	197		14. "Local Issuer Single Family Pool " means the portion of the
202	198		state ceiling reserved for local issuers of single -family, mortgage
203	199		revenue bonds and mortgage credit certificates;
204	200		15. "Metropolitan Area Housing Pool " means the portion of the
205	201		state ceiling reserved pu rsuant to subsection I of Section 695.24 of
206	202		this title;
207	203		12. "Manufacturing jobs" means jobs created by manufacturing
208	204		facilities as that term is defined in subparagraphs a, b, and c of
209	205		paragraph 1 of subsection B of Section 2902 of Title 68 of the
210	206		Oklahoma Statutes.
211	207		16. 13. "Mortgage credit certificate election " means a document
212	208		or election filed by an issuer with the Internal Revenu e Service
213	209		exchanging single-family mortgage bond issuance authority for
214	210		mortgage credit certificate issuance authority;
215	211		17. 14. "Mortgage credit certificates " shall have the same
216	212		meaning as in Section 25(c) of the Internal Revenue Code;
217	213		18. "Oklahoma Housing Finance Agency Pool " means that portion
218	214		of the state ceiling reserved for single -family bonds, multifamily
219	215		bonds, and mortgage credit certificates issued by the Oklahoma
220	216		Housing Finance Agency;
221	217		19. 15. "Private activity bonds " or "bonds" means any bonds or
222	218		notes or other evidence of indebtedness, the interest on which is
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250	245		exempt from tax pursuant to the Internal Revenue Cod e, and mortgage
251	246		credit certificates, except those bonds or certificates specifically
252	247		excluded from the state ceiling under the term s of federal
253	248		legislation;
254	249		20. "Qualified small issue " used in the context of "bond" or
255	250		"bonds" or the "Qualified Small Issue Pool " shall have the meaning
256	251		as in Section 144(a) of the Internal Revenue Code;
257	252		21. "Qualified Small Issue Pool " means the portion of the state
258	253		ceiling reserved for qualified small issue bonds;
259	254		22. 16. "Qualified student loan bonds " shall have the same
260	255		meaning as in Section 144(b) of the Internal Revenue Code;
261	256		23. "Rural Area Housing Pool " means the portion of the state
262	257		ceiling reserved pursuant to subsection J of Section 695.24 of this
263	258		title;
264	259		24. 17. "State" means the State of Oklahoma;
265	260		25. "State Bond Advisor" means the Deputy Treasurer for Debt
266	261		Management or his or her designee;
267	262		26. 18. "State ceiling" means the limit which i s prescribed by
268	263		the Internal Revenue Code in Section 146 and in such other
269	264		applicable sections of the Internal Revenue Code o n the amount of
270	265		private activity bonds which may be issued collectively by all of
271	266		the issuers of the state during a calendar year;
272	267		27. 19. "State issuer" means any public trust having the state
273	268		as beneficiary or any state agency or other entity with powers to
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301	295		issue private activity bonds, provided that the term shall not
302	296		include a public trust or any local issuer with the state as
303	297		beneficiary whose jurisdiction is limited to one county; and
304	298		28. "State Issuer Pool" means the portion of the state ceiling
305	299		reserved for state issuers of qualified small issuer projects; and
306	300		29. 20. "Student Loan Pool" means the portion of the state
307	301		ceiling reserved for qualified student loan bonds.
308	302		SECTION 3. AMENDATORY 62 O.S. 2021, Section 695.24, is
309	303		amended to read as follows:
310	304		Section 695.24. A. For the period January 1 through June 30 of
311	305		each calendar year, the state ceiling shall be reserved and placed
312	306		in pools according to the following:
313	307		1. Fifteen and five-tenths percent (15.5%) Ten percent (10%)
314	308		of the state ceiling shall be reserved and placed in a pool
315	309		designated as the Student Loan Pool . Allocations from this pool m ay
316	310		be made only to qualified student loan bonds issued by eligible
317	311		state issuers;
318	312		2. For the period January 1 through September 1 of each
319	313		calendar year, the Student Loan Pool shall be allocated to qualified
320	314		student loan bonds issued by eligible state issu ers. Allocations
321	315		will be available to issuers on a first -come, first-serve basis.
322	316		B. Twelve percent (12%) Twenty-five percent (25%) of the state
323	317		ceiling shall be reserved and placed in a pool designated as the
324	318		Economic Development Pool. For the period January 1 through
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352	345		September 1 of each calendar year, allocations Allocations from this
353	346		pool may be made only upon the recommendation of the Director of the
354	347		Oklahoma Department of Commerce and following review and approval by
355	348		the Council of Bond Oversight. In order to approve the
356	349		recommendation, the Council of Bond Oversight must find that the
357	350		project seeking an allocation from t his pool will result in the
358	351		creation of manufacturing jobs in this state or will in some other
359	352		way contribute to an economic develo pment objective of this state .
360	353		For purposes of this subsection, "manufacturing jobs" means jobs
361	354		created by manufacturing facilities as that term is defined in
362	355		subparagraphs a, b, and c of paragraph 1 of subsection B of Section
363	356		2902 of Title 68 of the Okla homa Statutes.
364	357		C. 1. Twelve percent (12%) of the state ceiling shall be
365	358		reserved and placed in a pool to be designated the Qualified Small
366	359		Issue Pool.
367	360		2. For the period January 1 through September 1 of each
368	361		calendar year, the Qualified Small Issue Pool shall be allocated to
369	362		qualified small issue bond projects undertaken by either state or
370	363		local issuers. Allocations will be available to issuers on a first -
371	364		come, first-serve basis.
372	365		D. 1. One percent (1%) of the state ceiling shall be reserved
373	366		and placed in a pool to be designated the Beginning Agricultural
374	367		Producer Pool.
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402	394		2. For the period January 1 through September 1 of each
403	395		calendar year, the Beginning Agricultural Producer Pool shall be
404	396		allocated pursuant to the criteria established in Section 5063.23 of
405	397		Title 74 of the Oklahoma Statutes.
406	398		E. 1. Two and five -tenths percent (2.5%) of the state ceiling
407	399		shall be reserved and placed in a pool to be designated the Exempt
408	400		Facility Pool.
409	401		2. For the period January 1 through September 1 of each
410	402		calendar year, the Exempt Facility Pool shall be allocated to exempt
411	403		facility bonds issued by either state or local issuers. Allocations
412	404		will be available to issuers on a first -come, first-serve basis.
413	405		F. 1. Except as otherwise provided by this subsection, fifteen
414	406		percent (15%);
415	407		3. Forty percent (40%) of the state ceiling shall be reserved
416	408		and placed in a pool to be designated as the Oklahoma Housing
417	409		Finance Agency Pool. Allocations from this pool may be made only to
418	410		qualified single-family bonds, multifamily bonds, or mortgage credit
419	411		certificates. Provided, however, that the allocation of the state
420	412		ceiling to the Oklahoma Housing Finance Agency as otherwise
421	413		authorized pursuant to this subsection shall be increased up to ten
422	414		percent (10%) of the state ceiling amount for any calendar year
423	415		subsequent to a certification by the Oklahoma Strategic Military
424	416		Planning Commission that the available housing stock in an area
425	417		located on or near a military installation at risk for closure or
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453	444		adverse realignment pursuant to federal law is inadequate and an
454	445		increase in available funds for construction or rehabilitation of
455	446		such housing would make closure or an adverse realignment of the
456	447		military installation less likely. The certification by the
457	448		Oklahoma Strategic Military Planning Commission shall be made and
458	449		communicated to the Deputy Treasurer for Debt Management not later
459	450		than November 15 each year. The Oklahoma Strategic Military
460	451		Planning Commission shall make a specific recommendation to the
461	452		Deputy Treasurer for Debt Management regarding the percentage
462	453		increase to be adopted for the Oklahoma Housing Finance Agency pool
463	454		for the ensuing year. The Deputy Treasurer for Debt Management
464	455		shall make the final determination regarding the amount of such
465	456		increase. Any certification made by the Oklahoma Strategic Military
466	457		Planning Commission shall be valid only for the calendar year
467	458		immediately following such certification.
468	459		2. a. For the period January 1 through September 1 of each
469	460		year, the Oklahoma Housing Finance Agency Pool shall
470	461		be allocated to qualified single family bonds,
471	462		multifamily bonds, or mortgage credit certificates
472	463		issued by the Oklahoma Housing Finance Agency.
473	464		b. Provided, thirty-five percent (35%) of the allocation
474	465		from the Oklahoma Housing Finance Ag ency Pool shall be
475	466		set aside for at least three (3) months for the
476	467		origination of single -family loans in counties with
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504	494		populations of three hundred thousand (300,000) or
505	495		less.
506	496		G. 1. Four percent (4%) of the state ceiling shall be reserved
507	497		and placed in a pool to be designated the State Issuer Pool. For
508	498		the period commencing January 1 of each calendar year through
509	499		September 1 of the same year, the State Issuer Pool shall be
510	500		allocated to those qualified small issuer projects undertaken by
511	501		state issuers which have issued in excess of Seventy -five Million
512	502		Dollars ($75,000,000.00) in qualified small issue bonds.
513	503		2. Notwithstanding the provisions of this section, a state
514	504		issuer specifically limited in jurisdiction to one county shall be
515	505		treated as a local issu er for the purposes of allocation.
516	506		H. Seventeen and five -tenths percent (17.5%) of the state
517	507		ceiling shall be reserved and p laced in a pool to be designated the
518	508		Local Issuer Single Family Pool. For the period commencing January
519	509		1 of each calendar year th rough September 1 of the same year, the
520	510		Local Issuer Single Family Pool shall be allocated to single -family
521	511		projects undertaken by local issuers in counties with populations of
522	512		three hundred thousand (300,000) or less on a first -come, first-
523	513		serve basis with no single local issuer or project to receive an
524	514		allocation in excess of Ten Million Dollars ($10,000,000.00) from
525	515		the Local Issuer Single Family Pool. An issuer which has not
526	516		received any allocation from the State Issuer Pool and having a
527	517		single-family project limited in jurisdiction to twenty counties or
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555	544		less, each of which has a population of three hundred thousand
556	545		(300,000) or less, shall be considered a local issuer for the
557	546		purposes of this subsection.
558	547		I. Twelve and five-tenths percent (12.5%) of th e state ceiling
559	548		shall be reserved and placed in a pool to be designated the
560	549		Metropolitan Area Housing Pool. Allocations from the Metropolitan
561	550		Area Housing Pool may only be made to any public trust created to
562	551		provide single-family housing having a county w ith a population in
563	552		excess of three hundred thousand (300,000) as its sole beneficiary
564	553		and which has issued tax exempt single -family housing revenue bonds
565	554		in the amount of at least Four Hundred Million Dollars
566	555		($400,000,000.00). Provided, no more than fif ty percent (50%) of
567	556		the amount allocated pursuant to this subsection shall be awarded to
568	557		any single county.
569	558		J. Eight percent (8%) of the state ceiling shall be reserved
570	559		and placed in a pool to be designated the Rural Area Housing Pool
571	560		which shall be alloc ated to single-family projects undertaken by
572	561		other local issuers in counties with populations of three hundred
573	562		thousand (300,000) persons or less on a first -come, first-serve
574	563		basis with no single local issuer or project to receive an
575	564		allocation in excess o f four percent (4%) of the state ceiling.
576	565		K. Provided, however, that the percentage otherwise authorized
577	566		by subsections A, B, C, D, E, F, G, H, I and J of this section shall
578	567		be proportionately reduced by the amount of increase in the
579	568
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605	593
606	594		percentage authorized to the Oklahoma Housing Finance Agency as a
607	595		result of a recommendation by the Oklahoma Strategic Military
608	596		Planning Commission pursuant to paragraph 1 of subsection F of this
609	597		section.
610	598		L. The state ceiling for each calendar year shall be allocated
611	599		within the categories set forth in subsections A, B, C, D, E, F, G,
612	600		H, I and J of this section to all private activity bonds, as
613	601		follows:
614	602		1. Except as provided in Section 695.21 et seq. of this title,
615	603		the state ceiling shall be allocated in the order in which
616	604		confirmations are issued;
617	605		2. The Deputy Treasurer for Debt Management shall issue
618	606		confirmations in the order in which fully and properly completed
619	607		applications for state ceiling allocation are received. The Deputy
620	608		Treasurer for Debt Management shall have th e limited authority to
621	609		defer or deny confirmation on applications for state ceiling
622	610		allocation which appear to be incomplete or premature based upon
623	611		information submitted or which fail to show demand for funds
624	612		pursuant to subsections F and G of Section 695 .25 of this title; and
625	613		3. The Deputy Treasurer for Debt Management shall have no
626	614		discretionary control regarding the issuance of confirmations,
627	615		except as specifically provided in the Oklahoma Private Activity
628	616		Bond Allocation Act.
629	617
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655	642
656	643		In the event a confirmati on or application is denied, the Deputy
657	644		Treasurer for Debt Management, within five (5) business days
658	645		following such denial, s hall send written notice of such denial to
659	646		the applicant together with a brief recital of the reason therefor.
660	647		M. 1. On September 2 of each calendar year, nonallocated sums
661	648		remaining in the Economic Development Pool, Qualified Small Issue
662	649		Pool, the Beginning Agricultural Producer Pool, the Exempt Facility
663	650		Pool, the Student Loan Pool, the Oklahoma Housing Finance Agency
664	651		Pool, the State Issuer Pool, the Local Issuer Single Family Pool,
665	652		the Metropolitan Area Housing Pool and the Rural Area Housing Pool
666	653		shall be consolidated into the Consolidated Pool.
667	654		2. All local issuers and state issuers shall be entitled to
668	655		obtain allocations from t he Consolidated Pool for any private
669	656		activity bond or mortgage credit certificate program based on the
670	657		chronological order of completed applications received after January
671	658		1 of each calendar year which applications have not received an
672	659		allocation.
673	660		a. No single project or issuer shall be eligible to
674	661		receive an allocation or allocations in excess of
675	662		twenty-five percent (25%) of th e state ceiling under
676	663		this paragraph.
677	664		b. Notwithstanding subparagraph a of this paragraph, an
678	665		issuer shall be eligible to receive s ubsequent
679	666
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705	691
706	692		allocations provided that any previous allocations
707	693		have already issued;
708	694		4. Twenty-five percent (25%) of the state ceiling shall be
709	695		reserved and placed in a pool to be designated the Discretionary
710	696		Pool. Allocations from this pool may be made to any qualified
711	697		private activity bond, as provided by Section 141 of the Internal
712	698		Revenue Code, that is not subject to paragrap h 1, 2, or 3 of this
713	699		subsection.
714	700		a. Before June 30 of any calendar year, an amount not to
715	701		exceed ten percent (10%) of the state cei ling may be
716	702		reserved and placed from the Discretionary Pool to any
717	703		of the pools defined in paragraph 1, 2, or 3 of this
718	704		subsection.
719	705		b. Reservation and placement from the Discretionary Pool
720	706		shall be at the discretion of the Deputy Treasurer for
721	707		Debt Management and subject to the approval of the
722	708		Council of Bond Oversight ; and
723	709		5. Projects subject to one or more pools shall be elig ible to
724	710		receive an allocation from the pool designated by the Deputy
725	711		Treasurer for Debt Management .
726	712		a. No pool designation shall be made for the purpose of
727	713		denying or delaying an allocation by intentionally
728	714		selecting a pool containing insufficient amounts of
729	715		available state ceiling .
730	716
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756	741
757	742		b. Any appeal from such designation shall be made to the
758	743		Council of Bond Oversight .
759	744		B. On July 1 of each calendar year, any unallocated sums
760	745		remaining in the pools of subsection A of this section shall be
761	746		reserved and placed in the Consolidated Pool.
762	747		C. Notwithstanding subsection H of Section 695.25, no later
763	748		than 9:00 a.m. on December 1 of each calendar year, any previous
764	749		allocations that fail to issue, or unallocated sums remaining in the
765	750		Consolidated Pool, shall be reclaimed or reserved for qualified
766	751		carryforward projects, as said term is used in Section 103(n)(10)
767	752		and 146(f) of the Internal Revenue Cod e.
768	753		SECTION 4. AMENDATORY 62 O.S. 2021, Section 695.25, is
769	754		amended to read as follows:
770	755		Section 695.25. A. On January 1 of each calendar year or the
771	756		first business day thereafter, the Deputy Treasurer for Debt
772	757		Management shall det ermine the maximum total volume of private
773	758		activity bonds that may be issued pursuant to federal law by the
774	759		state during that year.
775	760		B. On or before February 15 of each calendar year, the Deputy
776	761		Treasurer for Debt Management shall cause to be published in The
777	762		Oklahoma Register, or any successor publication, a notice specifying
778	763		the amount of the state ceiling for the calendar yea r.
779	764		C. Allocations Complete applications for state ceiling
780	765		allocations from the pools set forth in Section 695.24 of this title
781	766
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807	791
808	792		will shall be processed on the basis of the in chronological order
809	793		of receipt of completed applications for state ceiling allocation
810	794		unless otherwise provided in said section, and on the basis of the
811	795		information and provisions set forth in subsections D, E, F , G and H
812	796		of this section. Allocations from the Consolidated Pool will be
813	797		processed on the basis of the system set out in su bsection M of
814	798		Section 695.24 of this title and on the basis of information and
815	799		provisions set forth in subsections D, E, F, G and H of this
816	800		section.
817	801		1. The state ceiling reserved and placed pursuant to subsection
818	802		A of Section 695.24 shall be allocated in the order in which
819	803		applications are received, subject to the following:
820	804		a. applications exceeding the available amount of the
821	805		state ceiling reserved and placed in a pool pursuant
822	806		to subsection A of section 695.24, provided that the
823	807		Deputy Treasurer for Deb t Management does not exercise
824	808		the discretion provided under subparagraph a of
825	809		paragraph 4 of subsection A of Section 695.24 of thi s
826	810		title, shall be held, but retain chronological
827	811		priority, for the remaining amounts of the state
828	812		ceiling that are reserved and placed in the
829	813		Consolidated Pool, and
830	814		b. applications from issuers or projects that previously
831	815		received allocations but failed to issue within the
832	816
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858	841
859	842		120-day timeframe as required by subsection H of this
860	843		section, notwithstanding the no fee provision of
861	844		subparagraph a of paragraph 4 of this subsection,
862	845		shall be subject to the fee provision of Consolidated
863	846		Pool applications as provided i n subparagraph b of
864	847		paragraph 4 of this subsection and eligible to apply
865	848		for an allocation under subsection A of Section 695.24
866	849		with a new priority date.
867	850		2. The state ceiling reserved and placed pursuant to subsection
868	851		B of Section 695.24 shall be allocate d in the order in which
869	852		applications are received, subject to the following:
870	853		a. applications held pursuant to subparagraph a of
871	854		paragraph 1 of this subsection or new applications,
872	855		but not applications submitted pursuant to
873	856		subparagraph b of paragraph 1 of this subsection,
874	857		shall receive first priority based on the
875	858		chronological issuance of confirmation ,
876	859		b. applications from issuers or projects that previously
877	860		received allocations under subsection B of Section
878	861		695.24 but failed to issue within the 120 -day
879	862		timeframe required pursuant to subsection H shall be
880	863		subject to the fee provision of carryforward
881	864		applications as provided in su bparagraph c of
882	865		paragraph 4 of this subsection and eligible to apply
883	866
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909	891
910	892		for an allocation under subsection B of Section 695.24
911	893		with a new priority date, and
912	894		c. applications from issuers or projects that previously
913	895		received allocations under subsection A of Section
914	896		695.24, but failed to issue within the 120 -day
915	897		timeframe required pursuant to subsection H of this
916	898		section shall not be eligible to receive a priority
917	899		date for the Consolidated Pool prior to August 1 ;
918	900		3. The state ceiling reclaimed or reserved for q ualified
919	901		carryforward projects pursuant to subsection C of Section 695.24
920	902		shall be allocated in the order in which confirmations ar e issued,
921	903		subject to the following:
922	904		a. applications submitted under subsection B of Section
923	905		695.24 or new applications, but not applications
924	906		submitted pursuant to subparagraph b of paragraph 1 of
925	907		this subsection shall receive first priority based on
926	908		the chronological issuance of confirmation ,
927	909		b. applications from issuers or projects that previously
928	910		received allocations but faile d to issue within the
929	911		120-day timeframe required pursuant to subsection H of
930	912		this section, shall not be eligible to receive a
931	913		priority date prior to December 20 , and
932	914		c. applications exceeding the amount of the state ceiling
933	915		reclaimed or reserved for qualified carryforward
934	916
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959	940		24
960	941
961	942		projects pursuant to subsection C of Section 695.24
962	943		shall be permitted to reduce the requested amount,
963	944		without losing priority, and receive eligible
964	945		carryforward at the discretion of the Deputy Treasurer
965	946		for Debt Management;
966	947		4. All applications shall be subject to the following fee
967	948		structure, which shall be apportioned to the Bond Oversight
968	949		Revolving Fund created pur suant to Section 695.8a of this title:
969	950		a. no application fee shall be assessed to issuers or
970	951		projects for an allocation of the state ceiling under
971	952		subsection A of Section 695.24,
972	953		b. applications for an allocation of the state ceiling
973	954		under subsection B of Section 695.24 shall be subject
974	955		to a fee of one-half (0.5) basis point (0.005
975	956		percent), provided that no application shall be
976	957		subject to a fee if held pursuant to a request that
977	958		exceeded the pool amount under subparagraph a of
978	959		paragraph 1 of this subsectio n, and
979	960		c. applications for an allocation of the state ceiling
980	961		for carryforward under subsection C of Section 695.24
981	962		shall be subject to a fee of one (1) basis point (0.01
982	963		percent);
983	964		5. The Deputy Treasurer for Debt Management shall have the
984	965		limited authority to defer, retain priority, or deny confirmation on
985	966
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1011	991
1012	992		applications for state ceiling allocation that appear to be
1013	993		incomplete or premature based upon information submitted or that
1014	994		fail to show demand for funds pursuant to subsections F and G of
1015	995		this section. In the event a confirmation or application is denied,
1016	996		the Deputy Treasurer for Debt Management, within five (5) business
1017	997		days following such denial, shall send written notice to the
1018	998		applicant together with a brief recital of the reasons for denial .
1019	999		D. An issuer which that proposes to issue private activity
1020	1000		bonds for a specific project or purpose shall make application for
1021	1001		an allocation of a portion of the state ceiling for the particular
1022	1002		project or purpose by submitting to the Deputy Treasurer for Debt
1023	1003		Management an application for state ceiling allocation together with
1024	1004		copies of the following:
1025	1005		1. A certified copy of the resolution or other action adopted
1026	1006		by the issuer for the purpose of taking "official action" as
1027	1007		required by the Treasury Regulations r elating to Section 103 of the
1028	1008		Internal Revenue Code, if the issuer of private activity bonds for
1029	1009		which the allocation is requ ested requires "official action" under
1030	1010		applicable Treasury Regulations and the Internal Revenue Code; and
1031	1011		2. A final resolution of the beneficiary of the issuer
1032	1012		evidencing its approval of the issuance of the issuer 's obligations,
1033	1013		if the issuer is a municipal or county public trust, or a
1034	1014		certificate signed by the Governor of the state evidencing his
1035	1015		approval of the issuance of the iss uer's obligations, to the extent
1036	1016
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1062	1041
1063	1042		required under the Internal Revenue Code, if the issuer is a public
1064	1043		trust having the state a s its beneficiary.
1065	1044		E. The application for state ceiling allocation shall contain
1066	1045		the following information:
1067	1046		1. The name and maili ng address of the issuer, the beneficiary
1068	1047		and jurisdiction thereof, the name of the presiding officer of the
1069	1048		issuer and the respective pool from which an allocation is
1070	1049		requested;
1071	1050		2. The name and mailing address or other definitive description
1072	1051		of the location of the project or bonds and the purpose for which an
1073	1052		allocation of the state ceiling is requested, the name and mailing
1074	1053		address of both the initial owner or operator of the project, where
1075	1054		applicable, and an appropriate person from whom information
1076	1055		regarding the project or bonds can be obtained, and the name and
1077	1056		address of the person to whom the confirmation should be sent;
1078	1057		3. The amount of the state ceiling which the Issuer issuer is
1079	1058		requesting;
1080	1059		4. A statement of bond counsel for the issuer that the p roposed
1081	1060		issue requires, pursuant to Section 103, Section 146 or such other
1082	1061		applicable sections of the Internal Revenue Code, an allocation of a
1083	1062		portion of the state ceiling; and
1084	1063		5. Where applicable, the intention to exchange single -family
1085	1064		mortgage bond authority for mortgage credit certificates.
1086	1065
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1112	1090
1113	1091		F. 1. Applications for single -family mortgage bonds or
1114	1092		mortgage credit certificate programs shall also include the
1115	1093		submission of information demonstrating a reasonable expectation to
1116	1094		use an allocation of the stat e ceiling for its intended purpose.
1117	1095		This information shall include historical usage of mortgage revenue
1118	1096		bond proceeds or mor tgage credit certificates in the geographic area
1119	1097		subject to an application over the previous twenty -four-month period
1120	1098		and the impact of known or possible competing programs that would
1121	1099		act to reduce demand. This information may also include demand
1122	1100		surveys. Provided, in cases where historical usage cannot be
1123	1101		documented, demand surveys shall be included with an application.
1124	1102		2. Applications for qualified student loan bonds shall also
1125	1103		include the submission of information showing a reasonable
1126	1104		expectation to use the state ceiling for its intended purpose. This
1127	1105		information shall include historical lending activity over the
1128	1106		previous twenty-four-month period as well as a demonstration of need
1129	1107		based upon such factors as increased enrollment costs, enrollment
1130	1108		increases, or new federal regulations that act to increase demand by
1131	1109		making changes to eligibility requirements to certain federally
1132	1110		guaranteed or subsidized student loan programs. This information
1133	1111		may also include demand surveys. Provided, in cases where
1134	1112		historical usage cannot be documented, demand surveys shall be
1135	1113		included with an application.
1136	1114
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1148	1125		11
1149	1126		12
1150	1127		13
1151	1128		14
1152	1129		15
1153	1130		16
1154	1131		17
1155	1132		18
1156	1133		19
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1158	1135		21
1159	1136		22
1160	1137		23
1161	1138		24
1162	1139
1163	1140		3. Applications shall also include evide nce of a structure to
1164	1141		deliver the financing derived from single -family mortgage bond
1165	1142		proceeds or mortgage credit certificates or from qualified student
1166	1143		loan bond proceeds to ultimate users, particularly the extent of
1167	1144		lender participation in the case of mor tgage revenue bonds or
1168	1145		mortgage credit certificate programs.
1169	1146		G. 1. Upon receipt of the completed application for state
1170	1147		ceiling allocation, copies of the official action and final
1171	1148		resolutions or certificates as required by subsection D of this
1172	1149		section and the information required by subsections E and F of this
1173	1150		section and assuming availability of the sum requested and
1174	1151		compliance with the Oklahoma Private Activity Bond Allocation Act,
1175	1152		the Deputy Treasurer for Debt Management shall send, within five (5)
1176	1153		business days of the receipt thereof, a confirmation of the
1177	1154		allocation of the state ceiling for the subject project or purpose
1178	1155		to the person designated in the application for state ceiling
1179	1156		allocation. Provided, the Deputy Treasurer for Debt Management may
1180	1157		reject an application or deny a confirmation pursuant to the
1181	1158		provisions of this subsection.
1182	1159		2. The Deputy Treasurer for Debt Management may reject any
1183	1160		application which is incomplete or filed with insufficient
1184	1161		information. The Deputy Treasurer for Debt Mana gement may reject
1185	1162		any application where, in the Deputy Treasurer for Debt Management
1186	1163		judgment, a reasonable likelihood has no t been shown that single -
1187	1164
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1212	1188		24
1213	1189
1214	1190		family mortgage and student loan bond proceeds or mortgage credit
1215	1191		certificates will be used for their inte nded public purposes. In
1216	1192		the event an application or confirmation is denied, within five (5)
1217	1193		business days following such denial, the Deputy Treasurer for Debt
1218	1194		Management shall send the applicant written notice of the denial of
1219	1195		an application or confirmat ion together with the reason or reasons
1220	1196		therefor. In the case of disapprovals of applications or
1221	1197		confirmations, an applicant may appeal the disapproval by submitting
1222	1198		a new application to the Council of Bond Oversight, along with an
1223	1199		explanation addressing the reasons for disapproval cited in the
1224	1200		Deputy Treasurer for Debt Management letter. The Council of Bond
1225	1201		Oversight, through affirmative action of the Council, may accept an
1226	1202		application rejected by the Deputy Treasurer for Debt Management, or
1227	1203		order the Deputy Treasurer for Debt Management to issue a
1228	1204		confirmation of allocation, subject to provisions of the Oklahoma
1229	1205		Private Activity Bond Allocation Act. Applicants may submit only
1230	1206		one new application based on an appeal of any specific application
1231	1207		previously submitted.
1232	1208		3. Only complete applications, as determined by the Deputy
1233	1209		Treasurer for Debt Management, shall be used to establish the
1234	1210		chronological order of applications. In the case of a new
1235	1211		application submitted based on an appeal, chronological order sh all
1236	1212		be established at the time the new application is submitted.
1237	1213
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1259	1234		21
1260	1235		22
1261	1236		23
1262	1237		24
1263	1238
1264	1239		H. An original confirmation shall cease to be effective to
1265	1240		assure allocation of any portion of the state ceiling unless the
1266	1241		bonds, notes, other evidences of indebtedness, or the appropriate
1267	1242		election filed with the Internal Revenue Service exchanging mortgage
1268	1243		bond authority for mortgage credit certificate authority have been
1269	1244		issued or filed within one hundred twenty (120) days after the date
1270	1245		of such confirmation. No extensions shall be grante d. Such
1271	1246		issuance shall be evidenced by the mailing, transmittal or delivery
1272	1247		of a final certification to the Deputy Treasurer for Debt Management
1273	1248		within the time specified by this subsection. Receipt by an issuer
1274	1249		of a confirmation as contemplated by this section shall entitle the
1275	1250		issuer to rely conclusively upon the accuracy of the Deputy
1276	1251		Treasurer for Debt Management 's mathematical calculation and the
1277	1252		allocation for purposes of closing.
1278	1253		I. The confirmation given in advance of bond issuance or
1279	1254		mortgage credit certificate election will assure allocation for only
1280	1255		the amount of such bonds or mortgage credit certificate authority a s
1281	1256		is therein set forth, unless a supplementary application for state
1282	1257		ceiling allocation for an increase in amount is filed with and a
1283	1258		supplementary confirmation is issued by the Deputy Treasurer for
1284	1259		Debt Management for such requested allocation prior to such bond
1285	1260		issuance or such election, pursuant to the Oklahoma Private Activity
1286	1261		Bond Allocation Act. The supplementary confirmation s hall be
1287	1262		effective for the same period as the prior confirmation which it
1288	1263
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1314	1288
1315	1289		supplements. Provided, however, no supplementary co nfirmation shall
1316	1290		be effective to preempt any intervening confirmation as to
1317	1291		allocation of a portion of the state ceiling.
1318	1292		J. Notwithstanding the provisions of this section, all
1319	1293		confirmation dates for an issue of private activity bonds or
1320	1294		mortgage credit certificate programs expire on December 20 1 of each
1321	1295		calendar year. Final certification of issuance shall be delivered
1322	1296		to the Deputy Treasurer for Debt Management by 9:00 a.m. on December
1323	1297		20 1 of each calendar year.
1324	1298		K. On or after 9:00 a.m. on December 20 1 of each calendar
1325	1299		year, issuing authorities may apply to the Deputy Treasurer for Debt
1326	1300		Management to carry forward a portion of t he state ceiling for such
1327	1301		calendar year allocated to any qualified carryforward project, as
1328	1302		said term is used in Section 103(n)(10) and 146(f) of the Internal
1329	1303		Revenue Code and which shall be evidenced by the issuance of
1330	1304		confirmations for all carryforward p rojects within the limitations
1331	1305		of the state ceiling. Provided, issuers or projects with more than
1332	1306		Twenty Million Dollars ($2 0,000,000.00) of carryforward outstanding
1333	1307		as of the date of the application for carryforward shall only be
1334	1308		eligible for carryforwar d allocations to the extent other issuers
1335	1309		with less than Twenty Million Dollars ($20,000,000.00) of
1336	1310		outstanding carryforward authority do not fully commit the state
1337	1311		ceiling. Allocations on carryforward projects shall be processed on
1338	1312		the basis of the chron ological receipt of applications , subject to
1339	1313
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1365	1338
1366	1339		paragraph 3 of subsection C of this section. No portion of the
1367	1340		state ceiling carried forward for any given year may be carried
1368	1341		forward for a period in excess of three (3) calendar years following
1369	1342		the calendar year in which the carryforward arose, except as
1370	1343		otherwise permitted under federal law.
1371	1344		L. The Deputy Treasurer for Debt Management shall maintain
1372	1345		continuous and cumulative records which shall include a list and
1373	1346		cumulative dollar total of the private activi ty bonds for which:
1374	1347		1. Private activity bonds have been issued or state ceiling
1375	1348		exchanged for mortgage credit certificate au thority and final
1376	1349		certifications have been received by the Deputy Treasurer for Debt
1377	1350		Management;
1378	1351		2. Confirmations of carryforward have been issued; and
1379	1352		3. Confirmations in effect and outstanding for which no private
1380	1353		activity bonds or mortgage credit certificate elections have been
1381	1354		issued or filed.
1382	1355		The Deputy Treasurer for Debt Management shall keep continuous and
1383	1356		cumulative records and totals for each of the categories specified
1384	1357		in paragraphs 1, 2 and 3 of this subsection as well as the aggregate
1385	1358		total of all categories. The Deputy Treasurer for Debt Management
1386	1359		shall not give further confirmations at such time as the aggregate
1387	1360		amount of bonds, other indebtedness, carryforward or mortgage credit
1388	1361		certificate elections specified by paragraphs 1, 2 and 3 of this
1389	1362		subsection equals the state ceiling authorized for the applicable
1390	1363
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1416	1388
1417	1389		year. The Deputy Treasurer for Debt Management shall not awa rd a
1418	1390		confirmation if such award would cause indebtedness, carryforward or
1419	1391		elections as specified by paragraphs 1, 2 and 3 of this subsection
1420	1392		to exceed the state ceiling. Confirmation records shall be compiled
1421	1393		and furnished to any local issuer and state is suer upon written
1422	1394		request and payment of a fee of Fifteen Dollars ($15.00) which shall
1423	1395		be apportioned to the General Revenue Fund . Upon issuance of a
1424	1396		confirmation, the amounts of the proposed bond issue, mortgage
1425	1397		credit certificate election and carryforwa rd confirmation shall be
1426	1398		included in the continuing, mathematical calculation, until the same
1427	1399		shall have been terminated in a ccordance with this section.
1428	1400		M. The person signing any confirmation for any allocations
1429	1401		granted pursuant to the Oklahoma Private A ctivity Bond Allocation
1430	1402		Act shall certify under penalty of perjury that such allocation was
1431	1403		not made in consideration of any bribe, gift, gratuity or direct or
1432	1404		indirect contribution to any political campaign.
1433	1405		N. A state or local issuer, who intentionally overissues
1434	1406		mortgage credit certificates or bonds, shall be prohibited from
1435	1407		making application for an allocation of the state ceiling for any
1436	1408		purpose for a period of three (3) years following discovery of such
1437	1409		over issuance.
1438	1410		SECTION 5. This act shall become effective November 1, 2025.
1439		-	COMMITTEE REPORT BY: COMMITTEE ON REVENUE AND TAXATION
1440		-	April 14, 2025 - DO PASS
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	1437	+	Passed the House of Representatives the 17th day of March, 2025.
	1438	+
	1439	+
	1440	+
	1441	+
	1442	+	Presiding Officer of the House
	1443	+	of Representatives
	1444	+
	1445	+
	1446	+
	1447	+	Passed the Senate the _____ day of __________, 2025.
	1448	+
	1449	+
	1450	+
	1451	+
	1452	+	Presiding Officer of the S enate
	1453	+
	1454	+