Bill > HB4308

This bill modifies provisions related to the Oklahoma Capitol Improvement Authority's public finance programs, specifically concerning the investment of certain monies and the administration of the Legacy Capital Fund. It allows for the investment of proceeds from bond sales into a broader range of public funds, not just U.S. Treasury obligations, and directs that any interest earned from these investments be added back to the fund. The bill also expands the Authority's ability to employ staff from the Office of the State Treasurer and clarifies that interest and income derived from the Legacy Capital Financing Fund can be budgeted and spent by the Authority for administering authorized capital projects. The Legacy Capital Financing Fund is a dedicated fund for capital projects, and this bill outlines how distributions from it are to be repaid over twenty years through "LCF Recapitalization Payments," with the Legislature acknowledging a moral obligation to appropriate funds for these payments. The bill also includes provisions for reporting on the fund's activity and declares an emergency, setting an effective date of July 1, 2026.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb4308&Session=2600