Bill > HB3429

This bill establishes a new "Career Technology Business Partnership Pool" under the Oklahoma Community Economic Development Pooled Finance Act, allowing the Oklahoma Development Finance Authority (the Authority) to issue up to $50 million in obligations, which are financial instruments like bonds or notes, to finance economic development projects. These projects must involve one or more career technology districts (educational institutions focused on job training) partnering with one or more employers to benefit the state's economy, and the obligations can be issued as tax-exempt if federal law permits. The bill also amends existing definitions within the Oklahoma Community Economic Development Pooled Finance Act to include this new pool and clarifies that funds from this pool are exclusively for these career technology partnerships. Additionally, it modifies how money from the "Community Economic Development Pooled Finance Revolving Fund" (a state treasury fund used for financing projects) can be used, specifically allowing it to include revenues from this new act. The bill is set to become effective on July 1, 2026, and is declared an emergency measure, meaning it will take effect immediately upon passage.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3429&Session=2600