Oklahoma SB 406: State Bond Advisor; consolidating Office of State Bond Advisor with Office of State Treasurer. Effective date. Emergency.

Bill Text

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STATE OF OKLAHOMA

1st Session of the 56th Legislature (2017)

SENATE BILL 406 By: Loveless

AS INTRODUCED

An Act relating to the State Bond Advisor;
consolidating Office of the State Bond Advisor into
Office of the State Treasurer; providing for transfer
of funds, documents, personnel, rules and other
actions; amending 62 O.S. 2011, Sections 695.7, as
amended by Section 5, Chapter 275, O.S.L. 2012, and
695.8a, as amended by Section 466, Chapter 304,
O.S.L. 2012 (62 O.S. Supp. 2016, Sections 695.7 and
695.8a), which relate to the Oklahoma State Bond
Advisor; providing that the Council of Bond Oversight
and the State Treasurer jointly appoint State Bond
Advisor; providing that State Bond Advisor be
employee of Office of the State Treasurer; clarifying
procedures and vote requirements; transferring Bond
Oversight Revolving Fund to Office of the State
Treasurer; repealing 62 O.S. 2011, Section 695.7a, as
amended by Section 6, Chapter 275, O.S.L. 2012 (62
O.S. Supp. 2016, Section 695.7a), which relates to
contracts for services and office space for the State
Bond Advisor; providing for codification; providing
an effective date; and declaring an emergency.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 373 of Title 74, unless there is
created a duplication in numbering, reads as follows:

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A. The Office of the State Bond Advisor is hereby consolidated
into the Office of the State Treasurer.
B. Any funds appropriated to, in the possession of, or
allocated to the Office of the State Bond Advisor shall be deemed to
be funds of and shall be transferred to the Office of the State
Treasurer.
C. All books, papers, records, property, functions, powers,
duties, and obligations of the Office of the State Bond Advisor are
hereby transferred to the Office of the State Treasurer.
D. All personnel of the Office of the State Bond Advisor are
hereby transferred to the Office of the State Treasurer.
E. All rules, regulations, acts, orders, determinations, and
decisions pertaining to the functions and powers herein transferred
and assigned to the Office of the State Treasurer, in force at the
time of such transfer or assignment, shall continue in force and
effect until duly modified or abrogated by the State Treasurer or
until otherwise provided by law.
SECTION 2. AMENDATORY 62 O.S. 2011, Section 695.7, as
amended by Section 5, Chapter 275, O.S.L. 2012 (62 O.S. Supp. 2016,
Section 695.7), is amended to read as follows:
Section 695.7. A. 1. The Council of Bond Oversight and the
State Treasurer shall jointly engage the services of a person
knowledgeable in the current state of the art of national and
international standards for the issuance of obligations by

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governmental entities and experienced in the negotiation of fees for
various goods and services requisite to or deemed desirable in the
issuance of such obligations as well as the negotiation of other
matters essential to provide the best current price and terms of the
issuance of such obligations for the benefit of Oklahoma firms,
farms, individuals and local communities, who shall have the title
“Oklahoma State Bond Advisor”. The State Bond Advisor shall be an
employee of the Office of the State Treasurer.
2. When appointing a person to the position of Oklahoma State
Bond Advisor, the Council and the State Treasurer shall conduct a
national search in seeking requests for proposals for the position.
The person selected as the Oklahoma State Bond Advisor shall be
approved by an affirmative vote of not fewer than three of the
members of the Council and appointed to the position, subject to the
advice and consent of the Senate.
3. The Oklahoma State Bond Advisor may be removed for cause by
an affirmative vote of not fewer than three of the members of the
Council, after a public hearing.
B. The Oklahoma State Bond Advisor may employ the necessary
staff to carry out the duties of the Bond Advisor and the duties of
the Council, with approval of the Council and the State Treasurer.
The Office of the State Bond Advisor shall be a separate state
agency as set forth in Section 695.7a of this title division of the
Office of the State Treasurer.

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C. 1. Except as provided in Section 695.8 of this title, prior
to engaging the services of underwriters, bond or other legal
counsel, financial advisors, consultants, a financial institution to
serve as trustee, paying agent or in any fiduciary capacity in
connection with any program, indenture or general resolution of the
State Governmental Entity, or any other experts, except as provided
in Section 5062.8 of Title 74 of the