{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-695.8","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-695.8","heading":"Powers and duties of Council of Bond Oversight","body":"A. The Council of Bond Oversight shall:\n\n1. Make determinations as to whether the purposes for which\n\nobligations proposed to be issued by a State Governmental Entity, in\n\nconjunction with a State Governmental Entity Financing, are for the\n\nfurtherance and accomplishment of authorized and proper public\n\nfunctions or purposes of the state or of any county or municipality,\n\nas specified in the statutes governing public trusts organized\n\npursuant to Title 60 of the Oklahoma Statutes;\n\n2. Review proposed issuance of debt by State Governmental\n\nEntities for compliance with any applicable provisions of federal,\n\nstate or other laws;\n\n3. Review such other matters as the Council deems relevant to\n\nthe Application, including, without limitation, sources of repayment\n\nand security for the obligation. However, the Council shall not\n\nreview the merits of the project. The Council shall only determine\n\nthat the project has a legal and beneficial purpose which can be\n\nlegitimately funded by bond or similar indebtedness, issued by a\n\nState Governmental Entity or Local Governmental Entity;\n\n4. a. Except as provided in subparagraph b of this\n\nparagraph, review the findings of the Program\n\nDevelopment and Credit Review Committee to determine\n\nif the Rules Regarding the Administration of the\n\nCredit Enhancement Reserve Fund and related\n\nregulations and policies as implemented by the\n\nOklahoma Development Finance Authority adequately and\n\nsufficiently fulfill the intents and purposes of the\n\nCredit Enhancement Reserve Fund Act, provided such\n\nprovision shall not apply to Credit Enhancement\n\nReserve Fund applications approved by the Bond\n\nOversight Commissions prior to May 30, 1990; and,\n\nexcept as provided in subparagraph b of this\n\nparagraph, approve or disapprove any bonds or\n\nindebtedness being issued by the Oklahoma Development\n\nFinance Authority to the extent the bonds or\n\nindebtedness are enhanced or supported pursuant to the\n\nCredit Enhancement Reserve Fund Act.\n\nb. The Council shall not be required to review or approve\n\nindividual projects or loans under the Small Business\n\nCredit Enhancement Program created by Section 5063.4b\n\nof Title 74 of the Oklahoma Statutes, or the Oklahoma\n\nBeginning Agricultural Producer Pool Act, but may\n\napprove a package of such projects or loans in\n\nadvance. Each project or loan shall be individually\n\nlisted in the package and the dollar amount of the\n\nproject or loan shall be specifically set out together\n\nwith the total dollar amount involved in the package.\n\nThe Council or the Deputy Treasurer for Debt\n\nManagement may, in their discretion, remove any such\n\nindividual project or loan from the package submitted,\n\nfor individual action. Should the Oklahoma\n\nDevelopment Finance Authority submit an application to\n\nthe Council for the approval of an obligation or\n\ncredit enhancement under these two programs, the\n\napplication shall be deemed approved if not\n\ndisapproved by the Council within forty-five (45) days\n\nof filing such an application or, as to an individual\n\nproject or loan, removed from the submitted package\n\nwithin such forty-five-day period.\n\nc. The Council may establish maximum compensation levels\n\nto be paid to individuals and firms acting in a\n\nfiduciary capacity in connection with Credit\n\nEnhancement Reserve Fund Program financings. The\n\nCouncil may set such compensation levels for a one-\n\nyear period and such compensation will be applicable\n\nto all individuals and firms participating in the\n\nprogram for that period. Providers of such services\n\nselected prior to making application may be employed\n\nsubject to the established maximum compensation\n\nlevels. Prior to December 31 of each year, the\n\nCouncil shall review market conditions and set new\n\ncompensation levels for the program. Provided, such\n\ncompensation levels may not exceed the compensation\nviduals and firms participating in the\n\nprogram for that period. Providers of such services\n\nselected prior to making application may be employed\n\nsubject to the established maximum compensation\n\nlevels. Prior to December 31 of each year, the\n\nCouncil shall review market conditions and set new\n\ncompensation levels for the program. Provided, such\n\ncompensation levels may not exceed the compensation\n\nlevels obtained by the Oklahoma Development Finance\n\nAuthority through its most recent invitation to bid\n\nfor the services of individuals and firms acting in a\n\nfiduciary capacity in connection with Credit\n\nEnhancement Reserve Fund Program financing; and\n\n5. Adopt, amend and repeal rules to regulate affairs of the\n\nCouncil and to implement the powers and purposes of the Council.\n\nB. The Council and Deputy Treasurer for Debt Management, in\n\norder to fulfill their duties pursuant to the Oklahoma Bond\n\nOversight and Reform Act, shall be authorized to charge and collect\n\na fee, in accordance with the rules of the Council, derived from\n\nproceeds of bond issues approved by the Council.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"e4c65b02af6a6f6d8767c51084fa7579b2fc8642ca15a47c5802d74f8558e852","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-695.7","next":"us-ok/okla.-stat.-tit.-62-62-695.8a"},"notice":"GroundRules: Original legal text. Not legal advice."}