Budget & Taxes (Debt & Bonds)

HB 1220 prohibits Oklahoma cities and towns from imposing franchise fees or sales/use taxes on specific revenue streams used by utilities to repay private financing. It directly affects electric cooperatives and other utilities that used private financing under the February 2021 Utility Consumer Protection Acts to avoid immediate cost burdens on customers. The bill defines "securitization revenue streams" as rates and charges solely for repaying such private loans, and bans local taxes on these streams for bonds issued by the Oklahoma Development Finance Authority under those acts. This prevents municipalities from taxing revenue dedicated to repaying utility loans structured to protect consumers from upfront costs.

HB 2093 establishes a $3.15 billion maximum debt ceiling for the Oklahoma Turnpike Authority's revenue bonds, limiting total outstanding bonds to this amount. The bill modifies existing law to set this specific cap, replacing previous debt limits while allowing the Authority to issue bonds for turnpike projects under the same existing rules. It does not create new projects or change bond issuance procedures beyond the new debt ceiling. The Authority remains authorized to use bond proceeds solely for turnpike project costs within this $3.15 billion limit.

SJR 26 proposes a constitutional amendment creating Oklahoma's "Taxpayer's Bill of Rights" (Section 44 of Article X), requiring voter approval for new local taxes and debt. It directly affects cities, counties, and school districts (referred to as "districts") by limiting annual spending growth to local property value increases or student enrollment changes, mandating refunds with 10% annual interest for excess tax collections, and requiring specific voter disclosures before tax or debt measures. Key provisions include prohibiting new property transfer taxes, blocking local income taxes, and requiring districts to mail detailed budget notices to voters 30 days before elections. The amendment would take effect January 1, 2028, if approved by voters.

SB 983 requires the Oklahoma Turnpike Authority to conduct an independent audit before issuing certain bonds. It also mandates an evaluation of proposed toll increases and updates the legal language governing the Authority's bond processes. The bill directly affects the Oklahoma Turnpike Authority by adding financial oversight requirements before bond issuance and toll adjustments. This is a procedural change focused on transparency and fiscal accountability for the Authority's bond activities.