Oklahoma § 62-695.11 - Application of Oklahoma Central Purchasing Act - Review

§ 62-695.11. Application of Oklahoma Central Purchasing Act - Review

and approval of Deputy Treasurer for Debt Management.

The provisions of The Oklahoma Central Purchasing Act shall not

be applicable to any actions of a State Governmental Entity in

regard to the sale and issuance of its obligations, including any

contracts and undertakings relating thereto; however, such issuance,

contracts and undertakings shall be subject to the provisions of the

Oklahoma Bond Oversight and Reform Act regarding review or approval

of such matters by the Deputy Treasurer for Debt Management.

Added by Laws 1987, c. 222, § 101, operative July 1, 1987. Amended

by Laws 1998, c. 188, § 4, emerg. eff. April 29, 1998; Laws 2003, c.

215, § 4, emerg. eff. May 14, 2003; Laws 2019, c. 53, § 6, eff. Nov.

1, 2019.

§62-695.11A. Repealed by Laws 2012, c. 275, § 9, eff. Nov. 1, 2012.

NOTE: Subsequent to repeal, this section was amended by Laws 2012,

c. 304, § 467 to read as follows:

A. In the event either the Executive or Legislative Bond Oversight

Commission is found unconstitutional by a final, unappealed order of a

court of competent jurisdiction, all of the powers, duties and

responsibilities of the Commissions shall devolve upon the Council of

Bond Oversight, and previous joint or individual actions, approvals and

disapprovals of the Executive and Legislative Bond Oversight Commissions

are hereby confirmed, ratified, validated and deemed incontestable. In

the event the Executive or the Legislative Bond Oversight Commission or

the Council of Bond Oversight is found unconstitutional by a final,

unappealed order of a court of competent jurisdiction, such determination

shall not nullify joint or individual actions, approvals and disapprovals

of the Executive and Legislative Bond Oversight Commissions or the

Council of Bond Oversight and any obligations entered into by the

Oklahoma Development Finance Authority pursuant to provisions of the

Oklahoma Development Finance Authority Act and the Credit Enhancement

Reserve Fund Act with approval by the Bond Oversight Commissions or the

Oklahoma Statutes - Title 62. Public Finance

Council of Bond Oversight and such obligations are hereby confirmed,

ratified, validated and deemed incontestable.

B. The Council shall consist of five (5) nonlegislative members.

One member shall be appointed by the Speaker of the House of

Representatives, one member shall be appointed by the President Pro

Tempore of the Senate, two members shall be appointed by the Governor

with the advice and consent of the Senate and one member shall be the

Director of the Office of Management and Enterprise Services. Three

members of the Council shall constitute a quorum. The affirmative vote

of three members present and voting shall be necessary for any action

taken by the Council. Appointed members shall serve a term of two (2)

years and may be removed for cause by the appointing authority. Members

may be appointed for additional terms.

C. A vacancy on the Council shall be filled in a like manner as the

original appointment, but only for the remainder of the term. The

Council shall elect one of its members chairman and may elect such other

officers as it deems necessary. No vacancy in the membership of the

Council shall impair the right of the Council to exercise all rights and

duties of the Council.

D. If the powers, duties and responsibilities of the Commissions

devolve upon the Council pursuant to this section, the person serving as

the Oklahoma State Bond Advisor on the date of such devolution shall

continue to serve in that position until the Governor appoints a new

Oklahoma State Bond Advisor from a list of candidates provided by the

Council and said appointee has been confirmed by the Senate. Thereafter,

and in the case of a vacancy, the Oklahoma State Bond Advisor shall be

appointed, subject to the advice and consent of the Senate, by the

Governor from a list of candidates provided by the Council and shall

serve a term of office coterminous with that of the appointing Governor.

The Oklahoma State Bond Advisor may be removed by the Council for cause,

after a public hearing.