Oklahoma § 62-695.10

§ 62-695.10.

Repealed by Laws 1994, c. 322, § 34, eff. July 1, 1994.

§62-695.10A. Public finance service provider - Required disclosure.

A. As used in this section, "public finance service provider"

means underwriters, bond or other legal counsel, financial advisors,

consultants, and financial institutions who serve as trustee, paying

Oklahoma Statutes - Title 62. Public Finance

agent or in any fiduciary capacity, who seek to provide services to

State Governmental Entities or Local Governmental Entities with

regard to the issuance of bonds, notes or other evidences of

indebtedness.

B. Any public finance service provider shall be required to

make a disclosure, upon such form as the Deputy Treasurer for Debt

Management may prescribe, of any and all direct financial

contributions made by the public finance service provider which

exceed Five Thousand Dollars ($5,000.00) in any calendar year on a

cumulative basis to any nonprofit organization, regardless of its

exempt status pursuant to the provisions of the Internal Revenue

Code of 1986, as amended, the primary purpose of which is to provide

services to one or more political subdivisions of the state or the

membership of which consists primarily of public school

administrators, common school districts or common school district

boards of education, common school superintendents, career

technology districts or career technology district governing boards,

municipal government entities, county commissioners or other public

officials or local government entity having authority to issue debt

obligations either directly or which is the beneficiary of a public

trust organized pursuant to the provisions of Section 176 et seq. of

Title 60 of the Oklahoma Statutes.

C. In addition, the public finance service provider shall be

required to make disclosure of any and all direct financial

contributions which exceed One Hundred Dollars ($100.00) on a

cumulative basis during any calendar year made to any elected

officials or employees of a State Governmental Entity or Local

Governmental Entity to which financial services are to be provided

in connection with issuance of debt obligations or contributions

made to any individuals associated with any of the nonprofit

organizations described by subsection B of this section.

D. The disclosure shall be filed annually with the Deputy

Treasurer for Debt Management not later than January 15, or the

first business day after such date if January 15 is not a date upon

which the State Treasurer's office is open for business, and shall

include an itemized description of all direct financial

contributions made to any and all of the entities described by

subsections B and C of this section by the public finance service

provider during the immediately preceding calendar year.

E. Any public finance service provider shall submit a copy of

the most recent disclosure document on file with the Deputy

Treasurer for Debt Management as required pursuant to subsection D

of this section prior to the selection of a public finance service

provider by any county, city, town, common school district, career

technology district or other local government entity or any public

trust organized pursuant to the provisions of Section 176 et seq. of

Title 60 of the Oklahoma Statutes having one or more political

Oklahoma Statutes - Title 62. Public Finance

subdivisions as its beneficiary or beneficiaries, with respect to

the issuance of any obligations described by subsection A of this

section. The disclosure document shall be provided to each member

of the governing board of the unit of local government to which

services will be provided and, if applicable, to each member of the

board of trustees of any public trust as described in this

subsection to which public finance services will be provided. If

the board of trustees of such public trust is comprised of persons

who are also members of the governing board of the unit of local

government, the disclosure document may be provided to the members

of the governing board of the unit of local government and the

document will not be required to be provided to any member of the

board of trustees of the public trust unless such person is not a

member of the governing board of the unit of local government.

Added by Laws 2017, c. 374, § 5, eff. Nov. 1, 2017. Amended by Laws

2019, c. 53, § 5, eff. Nov. 1, 2019.