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OK HB1592
Bill
Status
5/22/2009
Primary Sponsor
Ann Coody
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AI Summary
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Interest on lease-purchase payments is classified as a capital expenditure for school districts.
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Superintendents and financial officers of school districts must furnish a surety bond of at least $100,000 or an amount set by the State Board of Education.
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School districts may use bond proceeds from Section 26 of Article X of the Oklahoma Constitution to make lease-purchase payments, including interest.
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State Auditor and Inspector shall conduct special audits on up to four common school districts with average daily membership under 1,000 annually, contingent upon funding availability.
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Act becomes effective July 1, 2009, with emergency declaration for immediate effect upon passage and approval.
Legislative Description
Schools; requiring certain employees of a school district to furnish a surety bond; specifying certain rights of a school district under a lease-purchase agreement; requiring the State Auditor and Inspector to conduct a special audit of certain school districts each year. Effective date. Emergency.
<i>Citations:</i>
Last Action
Approved by Governor 05/22/2009
5/22/2009