Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB1124 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3		-	SENATE FLOOR VERSION - SB1124 SFLR Page 1
4		-	(Bold face denotes Committee Amendments) 1
	3	+	Req. No. 1692 Page 1 1
5	4		2
6	5		3
7	6		4
8	7		5
9	8		6
10	9		7
11	10		8
12	11		9
13	12		10
14	13		11
15	14		12
16	15		13
17	16		14
18	17		15
19	18		16
20	19		17
21	20		18
22	21		19
23	22		20
24	23		21
25	24		22
26	25		23
27	26		24
28	27
29		-	SENATE FLOOR VERSION
30		-	February 17, 2025
	28	+	STATE OF OKLAHOMA
31	29
	30	+	1st Session of the 60th Legislature (2025)
32	31
33	32		COMMITTEE SUBSTITUTE
34	33		FOR
35		-	SENATE BILL ~~NO.~~ 1124 By: Sacchieri ~~and Hamilton~~
	34	+	SENATE BILL 1124 By: Sacchieri
36	35
37	36
38	37
39	38
40	39
41		-	[ sinking funds - levy - bond - obligation - rules -
42		-	noncompliance - codification - effective date ]
	40	+	COMMITTEE SUBSTITUTE
	41	+
	42	+	An Act relating to sinking funds; requiring rate of
	43	+	certain levy to be sufficient for redemption of b ond
	44	+	in certain period; requiring a reduction of the rate
	45	+	of certain levy for certain period upon the
	46	+	redemption of certain bond before the date of
	47	+	maturity; prohibiting the issuance of certain
	48	+	obligation for certain period; requiring the State
	49	+	Auditor and Inspector to enforce certain provisions;
	50	+	authorizing the promulgation of rules; requiring the
	51	+	transfer of certain funds and limitation on the
	52	+	issuance of bonds for any subsequent notice of
	53	+	noncompliance; providing for codification; and
	54	+	providing an effecti ve date.
	55	+
43	56
44	57
45	58
46	59
47	60		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
48	61		SECTION 1. NEW LAW A new section of law to be codified
49	62		in the Oklahoma Statutes as Section 452 of Title 62, unless there is
50	63		created a duplication in numberi ng, reads as follows:
51	64		A. For every sinking fund created for bonds issued by any
52	65		school district, not inc luding technology center school districts,
53	66		for which an ad valorem tax is levied for the redemption of such
54	67		obligations, the millage rate shall be suff icient for the redemption
55		-	of the bond and the payment of interest or judgment in the same
56		-	period for which the bond was proposed by the district.
57		-	B. If the revenues collected from the levy and deposited to the
58		-	sinking fund are in amounts that provide for redemption of the bond
59		-	prior to the date of maturity a nd such bond is redeemed below par
60		-	prior to the date of maturity of the obligation, the tax levied for
61		-	the redemption of such bond shall be reduced to zero for at least
62	68
63		-	SENATE FLOOR VERSION - SB1124 SFLR Page 2
64		-	(Bold face denotes Committee Amendments) 1
	69	+	Req. No. 1692 Page 2 1
65	70		2
66	71		3
67	72		4
68	73		5
69	74		6
70	75		7
71	76		8
72	77		9
73	78		10
74	79		11
75	80		12
76	81		13
77	82		14
78	83		15
79	84		16
80	85		17
81	86		18
82	87		19
83	88		20
84	89		21
85	90		22
86	91		23
87	92		24
88	93
	94	+	of the bond and the payment of interest or judgment in the same
	95	+	period for which the bond was proposed by the district.
	96	+	B. If the revenues collected from the levy and deposited to the
	97	+	sinking fund are in amounts that provide for redemption of the bond
	98	+	prior to the date of maturity and such bond is redeemed below par
	99	+	prior to the date of maturity of the obligation, the tax levied for
	100	+	the redemption of such bond shall be reduced to zero for at least
89	101		one (1) full tax year subsequent to the year in which such bond was
90	102		redeemed. The district shall not issue any new bond, for the same
91	103		purpose or by the same authorization for which the previous bond
92	104		redeemed below par prior to the date of maturity was issued, for at
93	105		least one (1) year fr om the date the previo us bond was redeemed.
94	106		C. The State Auditor and Inspector shall enforce the provisi ons
95	107		of this section. The State Auditor and Inspector may promulgate
96	108		rules and require the submission of certain documentation to enforce
97	109		the provisions of this section.
98	110		D. Any school district that does not comply with the provisions
99	111		of subsection B of this section shall receive a notice of
100	112		noncompliance from the State Auditor and Inspector. Any school
101	113		district that receives a ny subsequent notice of no ncompliance shall
102	114		transfer five percent (5%) of the allocation of State Aid of such
103	115		district, pursuant to the provisions of Section 18 -200.1 of Title 70
104	116		of the Oklahoma Statutes, to the Education Reform Revolving Fund,
105	117		created pursuant to Section 18 -400 of Title 70 of the Oklahoma
106		-	Statutes, for the school yea r subsequent to the year of
107		-	noncompliance. Provided, for a school district receiving any
108		-	subsequent notice of noncompliance that does not receive an
109		-	allocation of State Aid, no issuance of any bond or obligation shall
110		-	exceed an amount that would necessita te the levy of a tax exceeding
111		-	a rate equal to fifty percent (50%) of the maximum levy rate
112	118
113		-	SENATE FLOOR VERSION - SB1124 SFLR Page 3
114		-	(Bold face denotes Committee Amendments) 1
	119	+	Req. No. 1692 Page 3 1
115	120		2
116	121		3
117	122		4
118	123		5
119	124		6
120	125		7
121	126		8
122	127		9
123	128		10
124	129		11
125	130		12
126	131		13
127	132		14
128	133		15
129	134		16
130	135		17
131	136		18
132	137		19
133	138		20
134	139		21
135	140		22
136	141		23
137	142		24
138	143
	144	+	Statutes, for the school year subsequent to the year of
	145	+	noncompliance. Provided, for a school district receiving any
	146	+	subsequent notice of noncompliance that does not receive an
	147	+	allocation of State Aid, no issuance of any bond or obligation shall
	148	+	exceed an amount that would necessitate the levy of a tax exceeding
	149	+	a rate equal to fift y percent (50%) of the maximum levy rate
139	150		authorized by the district for such levy, until such time the
140	151		district becomes compliant.
141	152		SECTION 2. This act shall become effective November 1, 2025.
142		-	~~COMMITTEE REPORT BY: COMMITTEE ON REVENUE AND TAXATION~~
143		-	~~February~~ 17, 2025 ~~- DO PASS AS AMENDED BY CS~~
	153	+
	154	+	60-1-1692 QD 2/17/2025 5:07:35 PM