Bill > HB1399

This bill modifies two existing laws related to public bond issues, primarily focusing on transparency and project expenditure requirements. For bond elections requiring an ad valorem tax levy or pledging the state's full faith and credit, the bill reduces the required minimum expenditure on specific projects from 85% to 70%, allowing more flexibility in fund allocation. It also introduces new transparency requirements for school district bond issues, mandating that districts post detailed bond proposal information on their websites at least 30 days before an election, including project descriptions, purposes, and estimated costs. Critically, the bill prohibits school districts from substituting previously approved bond issue projects with "like-kind" projects without putting the proposed substitution to a vote of the electorate, which would require approval by 60% of voters. The districts must continue to post bond information on their websites throughout the bond's duration and for one year after project completion, with updates required within 30 days if there are material changes to project scope or purpose. The bill will become effective on November 1, 2025, providing governmental entities and school districts time to prepare for the new requirements.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1399&Session=2600