OK HB1328

Creates the Oklahoma Water Basin Protection Act establishing 19 named water drainage basins across the state, including Red River, Washita River, Arkansas River, Canadian River, and Illinois River basins

Levies a severance fee on municipalities with populations over 200,000 (or their water districts) that hold new stream water permits transferring water more than 20 miles outside the originating water basin

Requires the Oklahoma Water Resources Board to set severance fees using a least cost alternative formula, with permit holders required to meter and report water volume annually and submit fees by June 30

Distributes collected severance fees through the Oklahoma Water Basin Revolving Fund to political agencies within the originating basin for water infrastructure, economic development, tourism/recreation projects, and quality of life improvements

Effective date of July 1, 2011, with emergency clause for immediate effect upon passage