Bill > HB1422

This bill amends the existing statute governing the Grand River Dam Authority by increasing the maximum bond capacity from $1.41 billion or $2 billion (depending on certain conditions) to $3.6 billion. The bill updates several statutory references, makes the language gender-neutral by adding "her" alongside "his" in various sections, and clarifies the authority's powers to issue revenue bonds for various purposes such as constructing electrical generating plants, transmission lines, substations, and other facilities related to power generation and distribution. The bill also modernizes the language around bond issuance procedures, including provisions for selling, exchanging, or issuing bonds, and outlines detailed processes for bond registration, approval by the Attorney General, and potential actions by bondholders in case of default. The legislation includes an emergency clause, meaning it will take effect immediately upon passage and approval, which suggests the changes are considered urgent for the public interest, particularly in supporting the Grand River Dam Authority's infrastructure and financial capabilities.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1422&Session=2500