OK SB2178

Creates the "Oklahoma Gross Production Tax Revenue Stabilization and Security Act" to allow the State Treasurer to enter into commodity swap agreements, futures contracts, forward payment conversion agreements, and other hedging instruments to stabilize state revenue from gross production taxes on mineral production

Requires the State Treasurer to obtain recommendation approval from the Cash Management and Investment Oversight Commission before entering contracts, with the Commission establishing criteria that may direct a portion of revenue gains be set aside for risk protection

Mandates that any swap counter party selected must have at least an "A/A" rating according to industry standards, and contracts must be submitted to the Attorney General for review and comment

Limits all authorized contracts to a maximum term of one year, whether calendar or fiscal year

Declared an emergency measure, taking effect immediately upon passage and approval