{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-695.9v1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-695.9v1","heading":"State and local governmental entities - Approval of","body":"issuance of obligations.\n\nA. No State Governmental Entity or Local Governmental Entity\n\nshall issue any State Governmental Entity Financing obligations\n\nunless such obligations have been approved by the Council of Bond\n\nOversight as provided for in Section 695.8 of this title; provided,\n\nhowever, that in no event shall the Council’s approval be required\n\nfor the issuance of any obligations pursuant to a remarketing or a\n\nchange in interest rate or maturity under the terms of indentures or\n\nagreements securing obligations heretofore issued prior to July 1,\n\n1987, or pursuant to the provisions of the Oklahoma Bond Oversight\n\nand Reform Act. The provisions of this subsection shall apply to\n\nany notes, bonds, revenue bonds, ratepayer-backed bonds, loans or\n\nother appropriate form of evidence of indebtedness issued pursuant\n\nto the February 2021 Unregulated Utility Consumer Protection Act and\n\nthe February 2021 Regulated Utility Consumer Protection Act.\n\nB. 1. With respect to any State Governmental Entity Financing\n\nproposed to be obtained through the issuance of its obligations, any\n\nState Governmental Entity or Local Governmental Entity shall file\n\nwith the Council a written description of the nature, need and\n\npurpose of such proposed financing. The Council shall review the\n\ndescription of the proposed financing in order to either approve or\n\ndisapprove the purpose to be served by the issuance of the State\n\nGovernmental Entity obligations and for compliance with any\n\napplicable provisions of federal, state or other laws.\n\n2. With respect to bonds or indebtedness proposed to be issued\n\nby the Oklahoma Development Finance Authority which will be enhanced\n\nor supported pursuant to the Credit Enhancement Reserve Fund Act,\n\nthe Council shall review the description of such proposed financing\n\nin accordance with paragraph 1 of this subsection and additionally\n\nshall approve or disapprove the proposed financing on a\n\ndetermination of sufficient compliance with the Rules Regarding the\n\nAdministration of the Credit Enhancement Reserve Fund as implemented\n\nby the Oklahoma Development Finance Authority. Such determinations\n\nby the Council shall be based on a written report prepared for and\n\nprovided to the Council by the Program Development and Credit Review\n\nCommittee as provided in Section 5062.6a of Title 74 of the Oklahoma\n\nStatutes, provided the Council shall not be bound to follow the\n\nconclusions reached by the committee in such reports. All orders\n\nissued by the Council approving or disapproving bonds or\n\nindebtedness enhanced or supported pursuant to the Credit\n\nEnhancement Reserve Fund Act shall be final and shall not be subject\n\nto any type of appeal.\n\n3. Except as provided in paragraph 4 of this subsection,\n\napproval provided for in paragraph 1 of this subsection shall expire\n\none hundred eighty (180) days after such approval. Provided, if\n\nsuch approval expires, nothing shall prevent the State Governmental\n\nEntity from refiling with the Council for approval of such financing\n\nand, if granted, any one subsequent approval of such financing shall\n\nbe valid for a period, not to exceed one hundred eighty (180) days,\n\nas determined by the Council.\n\n4. Applicants having received approval, as provided for in\n\nparagraph 1 of this subsection, may request and the Deputy Treasurer\n\nfor Debt Management may grant, at his or her discretion, a single\n\none-hundred-eighty-day extension. Any request for an extension must\n\nbe made at least five (5) business days prior to the expiration of\n\nthe original approval. Applicants failing to request an extension\n\nin this manner may refile with the Council as provided for in\n\nparagraph 3 of this subsection.\n\n5. In the event there is a substantial change in the nature or\n\npurpose of a proposed financing after approval by the Council, the\n\nprior approval shall be void and the State Governmental Entity shall\ness days prior to the expiration of\n\nthe original approval. Applicants failing to request an extension\n\nin this manner may refile with the Council as provided for in\n\nparagraph 3 of this subsection.\n\n5. In the event there is a substantial change in the nature or\n\npurpose of a proposed financing after approval by the Council, the\n\nprior approval shall be void and the State Governmental Entity shall\n\nbe required to seek approval from the Council in the manner provided\n\nin paragraph 1 of this subsection.\n\nC. Local Governmental Entities, within ten (10) days following\n\nthe date funds become available to the issuer from the sale of any\n\nobligation, shall file with the Council a copy of the official\n\nstatement or notice of sale and any other information concerning the\n\nproposed financing required by the Council.\n\nD. Upon the request of a Local Governmental Entity, the Deputy\n\nTreasurer for Debt Management may provide advice and assistance to\n\nthe Local Governmental Entity with respect to the issuance of\n\nobligations. The State Treasurer may assess reasonable fees for\n\nsuch services.","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":"a7c39f3a55f877f19f486715739fa96fe91f57a982758f4c5cdb88af030ee373","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-695.9","next":"us-ok/okla.-stat.-tit.-62-62-695.9v2"},"notice":"GroundRules: Original legal text. Not legal advice."}