Oklahoma § 62-695.7 - Deputy Treasurer for Debt Management

§ 62-695.7. Deputy Treasurer for Debt Management

A. The State Treasurer shall engage the services of a person

knowledgeable in the current state of the art of national and

international standards for the issuance of obligations by

governmental entities and experienced in the negotiation of fees for

various goods and services requisite to or deemed desirable in the

issuance of such obligations as well as the negotiation of other

matters essential to provide the best current price and terms of the

issuance of such obligations for the benefit of the State of

Oklahoma, who shall have the title "Deputy Treasurer for Debt

Management".

When hiring a person to the position of Deputy Treasurer for

Debt Management, the State Treasurer shall conduct a national search

in seeking requests for proposals for the position.

B. The State Treasurer may employ the necessary staff to carry

out the duties related to debt management and the Council of Bond

Oversight.

C. 1. Except as provided in Section 695.8 of this title, prior

to engaging the services of underwriters, bond or other legal

counsel, financial advisors, consultants, a financial institution to

serve as trustee, paying agent or in any fiduciary capacity in

connection with any program, indenture or general resolution of the

State Governmental Entity, or any other experts, except as provided

in Section 5062.8 of Title 74 of the Oklahoma Statutes, the State

Governmental Entity shall, in conjunction with a State Governmental

Entity Financing, request proposals for such services from a

plurality of persons engaged in the particular activity for such

services and the selection of such persons shall be made on the

basis of the response to the request which is the most economical

and will provide competent service which furthers the best interest

of the State Governmental Entity and the state. In negotiating

requests for proposals to engage such services, the State

Governmental Entity shall seek the advice and assistance of the

Deputy Treasurer for Debt Management. Under no circumstances shall

proprietary inducements be granted. The Deputy Treasurer for Debt

Management shall provide assistance and advice to State Governmental

Entities with respect to the issuance of obligations by the State

Governmental Entities, review, negotiate, and approve or disapprove

the fees and expenses for goods and services requisite to or deemed

Oklahoma Statutes - Title 62. Public Finance

desirable in the issuance of State Governmental Entity obligations

and State Governmental Entity Financing and shall represent the

interests of the state before rating agencies and credit enhancement

providers.

2. Any State Governmental Entity or Local Governmental Entity

proposing to make a significant modification to the terms of any

State Governmental Entity Financing, including modification of

collateral by substitution, swap, or other derivative product shall

first obtain the written approval of the Deputy Treasurer for Debt

Management. If the Deputy Treasurer for Debt Management denies

approval, the State Governmental Entity or Local Governmental Entity

may request the Council of Bond Oversight to review and approve

proposed modifications.

D. The Deputy Treasurer for Debt Management shall serve as an

advisor to the Governor and to the Legislature with respect to

issuance of indebtedness reviewed by the Council and shall prepare

an annual report to be submitted to the Governor, the President Pro

Tempore of the Senate and the Speaker of the House of

Representatives as of January 15 each year. The report shall

contain a summary of the issuance of indebtedness by State

Governmental Entities during the preceding year.

E. The Deputy Treasurer for Debt Management or any member of

the immediate family of the Deputy Treasurer for Debt Management

shall not have any direct or indirect financial or contractual

relationship with any firm or corporation or any officer, partner or

principal stockholder of any firm or corporation directly involved

in public finance.

Added by Laws 1987, c. 222, § 97, operative July 1, 1987. Amended

by Laws 1988, c. 319, § 14, eff. Nov. 1, 1988; Laws 1989, c. 374, §

2, emerg. eff. June 6, 1989; Laws 1990, c. 342, § 2, emerg. eff. May

30, 1990; Laws 1997, c. 413, § 1, eff. Jan. 1, 1998; Laws 1998, c.

188, § 1, emerg. eff. April 29, 1998; Laws 2003, c. 215, § 1, emerg.

eff. May 14, 2003; Laws 2005, c. 166, § 1, eff. Nov. 1, 2005; Laws

2012, c. 275, § 5, eff. Nov. 1, 2012; Laws 2017, c. 374, § 3, eff.

Nov. 1, 2017; Laws 2019, c. 53, § 2, eff. Nov. 1, 2019.

§62-695.7a.

Repealed by Laws 2017, c. 374, § 6, eff. Nov. 1, 2017.