HB1992 Summary

• Modifies procedures for counties, cities, towns, and school districts to transfer accumulated surplus unreserved fund balances from sinking funds to general funds after satisfying bond and judgment payment obligations.

• Expands authorized uses of transferred surplus funds to include reducing ad valorem tax levies, funding capital improvements and professional services, constructing public buildings, creating economic development funds, and improving information technology and energy efficiency in public buildings.

• Allows municipalities to authorize transfers through either their governing board or a municipal official authorized by law or city charter, removing previous requirement for county excise board approval.

• Requires published notice detailing sinking fund conditions and either confirmation of no outstanding bond indebtedness or notification that all annualized payments for the current fiscal year have been satisfied.

• Repeals Section 447 of Title 62 O.S. 2001, which previously required district court approval for such transfers.