Oklahoma HB1399 amends bond issue transparency and expenditure rules for governmental entities and school districts.
Oklahoma HB1399 modifies the Bond Issue Proceeds Act by requiring governmental entities to specify the general purpose of bond proceeds at elections. It mandates school districts to detail specific projects and dollar amounts for bond issues, with no more than 30% of proceeds left unallocated. The bill prohibits substituting previously approved projects with like-kind projects unless approved by 60% of electors. It also requires school districts to post bond information on their websites for the bond duration and one year after. The act takes effect November 1, 2025.
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