Oklahoma SB1124 mandates sufficient tax rates for bond redemption and restricts bond issuance if redeemed below par.
Oklahoma SB1124 requires that the millage rate for sinking funds created for bonds issued by school districts be sufficient for bond redemption and interest payments. It prohibits the issuance of new bonds for a year if the previous bond was redeemed below par. The State Auditor and Inspector enforces these provisions, and noncompliant districts must transfer 10% of their State Aid allocation to the Education Reform Revolving Fund.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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