SB1603

Oklahoma SB1603 allows governmental units to withdraw from multi-jurisdictional public trusts and mandates equitable division of assets.

Oklahoma SB1603 establishes a process for governmental units to withdraw from multi-jurisdictional public trusts. Upon withdrawal, the trust's net assets and revenues must be divided equitably according to state laws. The act specifies that the withdrawal should not affect the rights of third-party creditors or bondholders. It also mandates that the provisions apply to all public trusts, regardless of their creation date. The act will be codified in the Oklahoma Statutes as Section 176.2 of Title 60 and will become effective November 1, 2026.