A. The Council of Bond Oversight shall: 1. Make determinations as to whether the purposes for which obligations proposed to be issued by a State Governmental Entity, in conjunction with a State Governmental Entity Financing, are for the furtherance and accomplishment of authorized and proper public functions or purposes of the state or of any county or municipality, as specified in the statutes governing public trusts organized pursuant to Title 60 of the Oklahoma Statutes; 2. Review proposed issuance of debt by State Governmental Entities for compliance with any applicable provisions of federal, state or other laws; 3. Review such other matters as the Council deems relevant to the Application, including, without limitation, sources of repayment and security for the obligation. However, the Council shall not review the merits of the project. The Council shall only determine that the project has a legal and beneficial purpose which can be legitimately funded by bond or similar indebtedness, issued by a State Governmental Entity or Local Governmental Entity; 4. a. Except as provided in subparagraph b of this paragraph, review the findings of the Program Development and Credit Review Committee to determine if the Rules Regarding the Administration of the Credit Enhancement Reserve Fund and related regulations and policies as implemented by the Oklahoma Development Finance Authority adequately and sufficiently fulfill the intents and purposes of the Credit Enhancement Reserve Fund Act, provided such provision shall not apply to Credit Enhancement Reserve Fund applications approved by the Bond Oversight Commissions prior to May 30, 1990; and, except as provided in subparagraph b of this paragraph, approve or disapprove any bonds or indebtedness being issued by the Oklahoma Development Finance Authority to the extent the bonds or indebtedness are enhanced or supported pursuant to the Credit Enhancement Reserve Fund Act. b. The Council shall not be required to review or approve individual projects or loans under the Small Business Credit Enhancement Program created by Section 5063.4b of Title 74 of the Oklahoma Statutes, or the Oklahoma Beginning Agricultural Producer Pool Act, but may approve a package of such projects or loans in advance. Each project or loan shall be individually listed in the package and the dollar amount of the project or loan shall be specifically set out together with the total dollar amount involved in the package. The Council or the Deputy Treasurer for Debt Management may, in their discretion, remove any such individual project or loan from the package submitted, for individual action. Should the Oklahoma Development Finance Authority submit an application to the Council for the approval of an obligation or credit enhancement under these two programs, the application shall be deemed approved if not disapproved by the Council within forty-five (45) days of filing such an application or, as to an individual project or loan, removed from the submitted package within such forty-five-day period. c. The Council may establish maximum compensation levels to be paid to individuals and firms acting in a fiduciary capacity in connection with Credit Enhancement Reserve Fund Program financings. The Council may set such compensation levels for a one- year period and such compensation will be applicable to all individuals and firms participating in the program for that period. Providers of such services selected prior to making application may be employed subject to the established maximum compensation levels. Prior to December 31 of each year, the Council shall review market conditions and set new compensation levels for the program. Provided, such compensation levels may not exceed the compensation levels obtained by the Oklahoma Development Finance Authority through its most recent invitation to bid for the services of individuals and firms acting in a fiduciary capacity in connection with Credit Enhancement Reserve Fund Program financing; and 5. Adopt, amend and repeal rules to regulate affairs of the Council and to implement the powers and purposes of the Council. B. The Council and Deputy Treasurer for Debt Management, in order to fulfill their duties pursuant to the Oklahoma Bond Oversight and Reform Act, shall be authorized to charge and collect a fee, in accordance with the rules of the Council, derived from proceeds of bond issues approved by the Council. Added by Laws 1987, c. 222, § 98, operative July 1, 1987. Amended by Laws 1988, c. 319, § 15, eff. Nov. 1, 1988; Laws 1990, c. 342, § 3, emerg. eff. May 30, 1990; Laws 1993, c. 275, § 47, eff. July 1, 1994; Laws 1994, c. 285, § 1, eff. July 1, 1994; Laws 1997, c. 413, § 2, eff. Jan. 1, 1998; Laws 1998, c. 188, § 2, emerg. eff. April 29, 1998; Laws 2012, c. 275, § 7, eff. Nov. 1, 2012; Laws 2019, c. 53, § 3, eff. Nov. 1, 2019.
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