Bill > SB1469

Introduced Session

An Act relating to public finance; creating the Oklahoma Public Infrastructure Districts Act; providing short title; allowing for the implementation of public infrastructure districts in Oklahoma following the passage of a proposed constitutional amendment by the voters of this state; authorizing the Legislature to allow municipalities to approve the creation of these districts which may incur indebtedness and issue public infrastructure bonds for the payment of costs associated with public improvements; defining terms; prohibiting a public infrastructure district to be formed without certain conditions; stipulating manner by which a public infrastructure district operates within a municipality; allowing for a municipality to establish criteria in determining the approval or rejection of a public infrastructure district; providing for construction and function of a public infrastructure district’s board upon organization; establishing criteria for the governing document to be provided to the municipality prior to formation of the public infrastructure district; requiring a vote for amendment to governing documents; authorizing public infrastructure districts to issue bonds for the financing of costs associated with proposed public improvements within the district; creating a public infrastructure district bond; establishing criteria by which a bond may be issued by the district; preventing certain conditions to occur on the issuance of the bond; allowing for legal recourse under certain conditions; prohibiting the sale of bonds under certain conditions; allowing for administrative fees to be assessed for certain associated costs; establishing mill rate pursuant to the Oklahoma Constitution; requiring notice to be filed with certain entities following formation within certain time frame; allowing for a fee to be assessed for nonpayment not to exceed certain limits; authorizing the retention of municipal authority over certain conditions within the public infrastructure districts; requiring inclusion of all existing and connected infrastructure between a municipality and a public infrastructure district; requiring transfer of certain infrastructure free of liens or financial encumbrances; providing for civil action under certain circumstances; establishing procedures for legal action to occur; requiring certain notice to be provided to purchaser of property within a public infrastructure district prior to sale by seller; establishing criteria for notice; providing for codification; and providing a conditional effective date.

AI Summary

Committee Categories

John Haste (R)*,  Terry O'Donnell (R)*, 

Coauthored by Representative ODonnell (principal House author) (on 02/15/2024)

Official Document