OK HB2653

Creates a Task Force on Municipal Finance composed of nine members appointed by the Governor, Speaker of the House, President Pro Tempore of the Senate, a statewide nonprofit organization representing municipalities, the Director of the Office of State Finance, and the Oklahoma Tax Commission.

Task Force members include representatives from municipalities of varying population sizes (under 50,000; 50,000-100,000; 100,000-400,000; and over 400,000 persons), plus one House member, one Senate member, and state officials.

Requires organizational meeting by September 30, 2010, with members selecting a chair and cochair; exempts Task Force from Oklahoma Open Meeting Act and Open Records Act but requires seven days' notice of meetings posted electronically.

Task Force shall examine municipal finance laws including revenue sources, sinking funds, separate accounts within general funds, investment of revenues, and establishment of municipal reserve funds similar to the state Constitutional Reserve Fund.

Task Force must submit final report with recommendations to the Governor and legislative leaders by January 31, 2011, and automatically terminates February 1, 2011; declares emergency for immediate effect.