Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB1000 Compare Versions

Version 1 (Old)

Version 2 (New)

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	3	+	ENGR. S. B. NO. 1000 Page 1 1
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28		-
29		-	HOUSE OF REPRESENTATIVES - FLOOR VERSION
30		-
31		-	STATE OF OKLAHOMA
32		-
33		-	1st Session of the 60th Legislature (2025)
34	27
35	28		ENGROSSED SENATE
36	29		BILL NO. 1000 By: Bergstrom and Bullard of
37	30		the Senate
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39	32		and
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41	34		West (Josh) of the House
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45	38		[ Grand River Dam Authority - maximum bond
46	39		capacity -
47	40		emergency ]
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53	46		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
54	47		SECTION 1. AMENDATORY 82 O.S. 2021, Section 870, as
55	48		amended by Section 1, Chapter 364, O.S.L. 2022 (82 O.S. Supp. 2024,
56	49		Section 870), is amended to read as follows:
57	50		Section 870. The district shall have power and is hereby
58	51		authorized to issue from t ime to time, as the need therefor arises,
59	52		revenue bonds for its corporate purposes in such amount or amounts
60	53		not to exceed One Billion Four Hundred Ten Million Dollars
61	54		($1,410,000,000.00), or in the event that the Oklahoma Department of
62	55		Commerce has approved an application under the provisions of
63	56		division (1) of subparagraph a of paragraph 1 of subsection E of
64	57		Section 4 of the Large -scale Economic Activity and Development Act
	58	+	of 2022 not to exceed Two Billion Dollars ($2,000,000,000.00) Three
	59	+	Billion Six Hundred Million Dollars ($3,600,000,000.00) , outstanding
	60	+	at any time as are necessary, incidental or convenient to the
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66		-	SB1000 HFLR Page 2
67		-	BOLD FACE denotes Committee Amendments. 1
	62	+	ENGR. S. B. NO. 1000 Page 2 1
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92		-	of 2022 not to exceed Two Billion Dollars ($2,000,000,000.00) Three
93		-	Billion Six Hundred Million Dollars ($3,600,000,000.00) , outstanding
94		-	at any time as are necessary, incidental or convenient to the
95	87		exercise of the powers, rights, privileges and functions con ferred
96	88		upon it by this act Section 862 of this title , or any other act or
97	89		law, and without limitations of the generality of the powers, rights
98	90		and privileges heretofore granted, for acquiring a steam generating
99	91		plant or plants and related facilities, and to extend, improve and
100	92		reconstruct the same; and for constructing, installing an d acquiring
101	93		dams, reservoirs, hydroelectric power plants, or any electrical
102	94		generating plant or plants or any other electrical power or
103	95		generating facilities; or any plant or pl ants for the production of
104	96		steam for heating and processing purposes; and all a nd any
105	97		facilities of every kind necessary, incidental or convenient for the
106	98		production and generation of electric power and energy; and for
107	99		acquiring, constructing and installing transmission lines,
108	100		substations and all facilities necessary, incidental or c onvenient
109	101		to the sale, resale, interchange and distribution of electric power
110	102		and energy; and for carrying on the business and functions of the
111	103		district, as is now or hereafter may be authorized by law; and for
112	104		acquiring additions and improvements to and e xtensions of
113	105		facilities, at any time existing, of the district; and for the
114	106		acquisition of lands and rights -of-way for such use as is now, or
115	107		may be, authorized by law for the construction, replacement and
	108	+	repair of any dams, plants or other facilities of the district; and
	109	+	to enable it to finance, in cooperation with any “public agency”
	110	+	public agency, as defined under the Interlocal Cooperation Act,
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117		-	SB1000 HFLR Page 3
118		-	BOLD FACE denotes Committee Amendments. 1
	112	+	ENGR. S. B. NO. 1000 Page 3 1
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143		-	repair of any dams, plants or other facilities of the district; and
144		-	to enable it to finance, in cooperation with any “public agency”
145		-	public agency, as defined under the Interlocal Cooperation Act,
146	137		Sections 1001 through 1008 of Title 74 of the Oklahoma Statutes, any
147	138		other agency of government, rural electr ic co-op cooperative
148	139		corporation, or any private or public corporation, the development
149	140		and utilization of electrical energy or the water resources and
150	141		rights in waters vested in said the district for such purposes as
151	142		are, or may be, authorized by the laws of Oklahoma, and for
152	143		financing and refinancing present outstanding obligations of the
153	144		district, including the payment of any claims, charges or interest
154	145		on bonds required to be paid. The bonds herein authorized may
155	146		either be (1) sold for cash, at public or private sale, at such
156	147		price or prices as the Board shall determine with the advice and
157	148		assistance of the State Bond Advisor, or (2) may be issued on such
158	149		terms as the Board shall determine in exchange for property of any
159	150		kind, real, personal or mixed, o r any interest therein which the
160	151		Board shall deem necessary, incidental or convenient for any such
161	152		corporate purposes, or (3) may be issued in exchange for like
162	153		principal amounts of other obligations of the district, matured or
163	154		unmatured, or (4) may be iss ued in such principal amounts that when
164	155		the proceeds thereof are invested in legal and qualified
165	156		investments, the proceeds together with the resulting proceeds of
166	157		such investments will be sufficient to retire the outstanding
	158	+	indebtedness or any portion the reof at maturity or at prior
	159	+	redemption or upon purchase or tender for purchase. The proceeds of
	160	+	sale of such bonds shall be deposited in such bank or banks or trust
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168		-	SB1000 HFLR Page 4
169		-	BOLD FACE denotes Committee Amendments. 1
	162	+	ENGR. S. B. NO. 1000 Page 4 1
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194		-	indebtedness or any portion thereof at maturity or at prior
195		-	redemption or upon purchase or tender for purchase. The proceeds of
196		-	sale of such bonds shall be deposited in such bank or banks or trust
197	187		company or trust companies, and shall be paid out pursuant to such
198	188		terms and conditions a s may be agreed upon between the district and
199	189		the purchasers of such bonds. All such bonds shall be authorized by
200	190		resolutions of the Board concurred in by at least four of the
201	191		members thereof, and shall bear such date or dates, mature at such
202	192		time or times, bear interest at such rate or rates, at such time or
203	193		times, be in such denominations, be in such form, either coupon or
204	194		registered, carry such registration privileges as to p rincipal only
205	195		or as to both principal and interest, and as to exchange of coupo n
206	196		bonds for registered bonds or vice versa, and exchange of bonds of
207	197		one denomination for bonds of other denominations, be executed in
208	198		such manner and be payable at such place or places within or without
209	199		the State of Oklahoma this state as such resolution or resolutions
210	200		may provide. Any resolution or resolutions, including any related
211	201		trust indenture or indentures, authorizing any bonds may contain
212	202		provisions which shall be part of the contract between the district
213	203		and the holders thereof from time to time (a) reserving the right to
214	204		redeem such bonds at such time or times, in such amounts and at such
215	205		prices as may be provided, (b) providing for the setting aside of
216	206		sinking funds or reserve funds and the regulation and disposition
217	207		thereof, (c) pledging to se cure the payment of the principal of and
	208	+	interest on such bonds and of the sinking fund or reserve fund
	209	+	payments agreed to be made in respect of such bonds all or any part
	210	+	of the gross or net revenues thereafter received by the district in
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219		-	SB1000 HFLR Page 5
220		-	BOLD FACE denotes Committee Amendments. 1
	212	+	ENGR. S. B. NO. 1000 Page 5 1
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245		-	interest on such bonds and of the sinking fund or reserve fund
246		-	payments agreed to be made in respect of such b onds all or any part
247		-	of the gross or net revenues thereafter received by the district in
248	237		respect of the property, real, personal or mixed, to be acquired or
249	238		constructed with such bonds or the proceeds thereof, or all or any
250	239		part of the gross or net revenues thereafter received by the
251	240		district from whatever source derived and monies and securities held
252	241		under such resolutions or indentures or contract rights with respect
253	242		to any of the foregoing, (d) prescribing the purposes to which such
254	243		bonds or any bonds thereafter to be issued, or the proceeds thereof,
255	244		may be applied, (e) agreeing to fix and collect rates and charges
256	245		sufficient to produce revenues adequate to pay the items specified
257	246		in subparagraphs (a), (b), (c), (d) and (e) of Section 868 of this
258	247		title and prescribing the use and disposition of all revenues, and
259	248		the investment of such revenues and other moni es pending their
260	249		expenditures in investments authorized or permitted by law, (f)
261	250		prescribing limitations upon the issuance of additional bonds and
262	251		upon the agreements which may be made with the purchasers and
263	252		successive holders thereof, (g) with regard to the construction,
264	253		extension, improvement, reconstruction, operation, maintenance and
265	254		repair of the properties of the district, carrying of insurance upon
266	255		all or any part of said the properties covering loss or damage or
267	256		loss of use and occupancy resulting from specified risk, (h) fixing
268	257		the procedure, if any, by which, if the district shall so desire,
	258	+	the terms of any contract with the holders of such bonds may be
	259	+	amended or abrogated, the amount of bonds the holders of which must
	260	+	consent thereto, and the m anner in which such consent may be given,
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270		-	SB1000 HFLR Page 6
271		-	BOLD FACE denotes Committee Amendments. 1
	262	+	ENGR. S. B. NO. 1000 Page 6 1
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296		-	the terms of any contract with the holders of such bo nds may be
297		-	amended or abrogated, the amount of bonds the holders of which must
298		-	consent thereto, and the manner in which such consent may be given,
299	287		(i) for the execution and delivery by the district to a bank or
300	288		trust company authorized by law to accept trusts, or to the United
301	289		States of America or any office or agency thereof, of indentures and
302	290		agreements for the benefit of the holders of such bonds setting
303	291		forth any or all of the agreements herein authorized to be made with
304	292		or from the benefit of the holders of such bonds and such other
305	293		provisions as may be customary in such indentures or agreements, and
306	294		(j) such other provisions, not inconsistent with the provisions of
307	295		the act Section 861 et seq. of this title , as the Board may approve.
308	296		Any such resolution and any indenture or agreement entered into
309	297		pursuant thereto may provide that in the event that (a) defa ult
310	298		shall be made in the payment of the interest on any or all bonds
311	299		when and as the same shall become due and payable, or (b) default
312	300		shall be made in the payment of the princi pal of any or all bonds
313	301		when and as the same shall become due and payable, whet her at the
314	302		maturity thereof, by call for redemption or otherwise, or (c)
315	303		default shall be made in the performance for any agreement made with
316	304		the purchasers or successive holders of any bonds, and such default
317	305		shall have continued such period, if any, as m ay be prescribed by
318	306		said the resolution in respect thereof, the trustee under the
319	307		indenture or indentures entered into in respect of the bonds
	308	+	authorized thereby, or if there sh all be no such indenture, a
	309	+	trustee appointed in the manner provided in such re solution or
	310	+	resolutions by the holders of twenty -five percent (25%) in aggregate
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321		-	SB1000 HFLR Page 7
322		-	BOLD FACE denotes Committee Amendments. 1
	312	+	ENGR. S. B. NO. 1000 Page 7 1
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347		-	authorized thereby, or if there shall be no such indenture, a
348		-	trustee appointed in the manner provided in such resolution or
349		-	resolutions by the holders of twenty -five percent (25%) in aggregate
350	337		principal amount of the bonds authorized thereby and at the time
351	338		outstanding may, and, upon the written request of the holders of
352	339		twenty-five percent (25%) in aggregate princi pal amount of the bonds
353	340		authorized by such resolution or resolutions at the time
354	341		outstanding, shall, in his , her, or its own name, but for the equal
355	342		and proportionate benefit of the holders of all of such bonds, and
356	343		with or without possession thereof,
357	344		(1) By mandamus or other suit, action or proceeding at law or
358	345		in equity, enforce all rights of the holders of such bonds,
359	346		(2) Bring suit upon such bonds and/or the appurtenant coupons,
360	347		(3) By action or suit in equity, require the district to
361	348		account as if it were the trustee of an express trust for the
362	349		bondholders,
363	350		(4) By action or suit in equity, enjoin any acts or things
364	351		which may be unlawful or in violation of the rights of th e holders
365	352		of such bonds, and/or
366	353		(5) After such notice to the district as such resolution may
367	354		provide, declare the principal of all of such bonds due and payable,
368	355		and if all defaults shall have been made good, then with the written
369	356		consent of the holder or holders of twenty -five percent (25%) in
370	357		aggregate principal amount of such bon ds at the time outstanding
	358	+	annul such declaration and its consequence; provided, however, that
	359	+	the holders of more than a majority in principal amount of the bonds
	360	+	authorized thereby and at the time outstanding by instrument or
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372		-	SB1000 HFLR Page 8
373		-	BOLD FACE denotes Committee Amendments. 1
	362	+	ENGR. S. B. NO. 1000 Page 8 1
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398		-	annul such declaration and its consequence; provided, however, that
399		-	the holders of more than a majority in principal amount of the bonds
400		-	authorized thereby and at the time outstanding by instrument or
401	387		instruments in writing deliv ered to such trustee have the right to
402	388		direct and control any and all action taken or to be taken by such
403	389		trustee under this paragraph. Any such resolution, indenture or
404	390		agreement may provide that in any such suit, action or proceeding,
405	391		any such trustee, whether or not all of such bonds shall have been
406	392		declared due and payable, and with or without possession of any
407	393		thereof, shall be entitled as of right to the appointment of a
408	394		receiver who may enter and take possession of all or any part of the
409	395		properties of the district and operate and maintain the same, and
410	396		fix, collect and receive rates and charges sufficient to provide
411	397		revenues adequate to pay the items set forth in subparagraphs (a),
412	398		(b), (c), (d) and (e) of Section 868 of this title and the costs and
413	399		disbursements of such suit, action or proceeding, and to apply such
414	400		revenues in conformity with the provisions of Section 861 et seq. of
415	401		this title and the resolution or resolut ions authorizing such bonds.
416	402		In any suit, action or proceeding by any such tru stee, the
417	403		reasonable fees, counsel fees and expense of such trustee and of the
418	404		receiver or receivers, if any, shall constitute taxable
419	405		disbursements and all costs and disbursements, and all costs and
420	406		disbursements allowed by the court shall be a first char ge upon any
421	407		revenues pledged to secure the payment of such bonds. Subject to
	408	+	the provisions of the Oklahoma Constitution of the State of
	409	+	Oklahoma, the courts of the County of C raig, or other county wherein
	410	+	the domicile may be situated, shall have jurisdic tion of any such
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423		-	SB1000 HFLR Page 9
424		-	BOLD FACE denotes Committee Amendments. 1
	412	+	ENGR. S. B. NO. 1000 Page 9 1
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449		-	the provisions of the Oklahoma Constitution of the State of
450		-	Oklahoma, the courts of the County of Craig, or other county wherein
451		-	the domicile may be situated, shall have jurisdiction of any such
452	437		suit, action or proceeding by any such trustee on behalf of the
453	438		bondholders and of all property involved therein. In addition to
454	439		the powers hereinabove specifically provided for, each such trustee
455	440		shall have and possess all powers necessa ry or appropriate for the
456	441		exercise of any thereof, or incident to the general representation
457	442		of the bondholders in the enforcement of their right.
458	443		Before any bonds shall be sold by the district, a certified copy
459	444		of the proceedings for the issuance thereof, including the form of
460	445		such bonds, together with any other information which the Attorney
461	446		General of the State of Oklahoma this state may require, shall be
462	447		submitted to the Attorney General and if he or she shall find that
463	448		such bonds have been issued in ac cordance with law he or she shall
464	449		approve such bonds and execute a certificate to that effect which
465	450		shall be filed in the Office of the State Auditor and Inspector of
466	451		the State of Oklahoma this state and be recorded in a record kept
467	452		for that purpose. No b onds shall be issued until the same shall
468	453		have been registered by the State Auditor and Inspector, who shall
469	454		so register the same if the Attorney General shall have filed with
470	455		the State Auditor and Inspector his or her certificate approving the
471	456		bonds and the proceedings for the issuance thereof as hereinabove
472	457		provided. All bonds approved by the Attorney General as aforesaid,
	458	+	and registered by the State Auditor and Inspector as a foresaid, and
	459	+	issued in accordance with the proceedings so approved shall be va lid
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474		-	SB1000 HFLR Page 10
475		-	BOLD FACE denotes Committee Amendments. 1
	461	+	ENGR. S. B. NO. 1000 Page 10 1
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500		-	and registered by the State Auditor and Inspector as aforesaid, and
501		-	issued in accordance with the proceedings so approved shall be valid
502	486		and binding obligations of the district and shall be incontestable
503	487		for any cause from and after the time of such registration.
504	488		SECTION 2. It being immediately necessary for the preservation
505	489		of the public peace, health or safety, an eme rgency is hereby
506	490		declared to exist, by reason whereof this act shall take effect and
507	491		be in full force from and after its passage and approval.
	492	+	Passed the Senate the 25th day of March, 2025.
508	493
509		-	COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
510		-	04/16/2025 - DO PASS, As Amended.
	494	+
	495	+
	496	+	Presiding Officer of the Senate
	497	+
	498	+
	499	+	Passed the House of Represe ntatives the ____ day of __________,
	500	+	2025.
	501	+
	502	+
	503	+
	504	+	Presiding Officer of the House
	505	+	of Representatives
	506	+