OK SB1108

Creates a new 5-member Council of Bond Oversight to replace the former Executive Bond Oversight Commission and Legislative Bond Oversight Commission, with members appointed by the Governor (2), President Pro Tempore of the Senate (1), Speaker of the House (1), and the Director of State Finance serving as a member

Council members serve 4-year terms, may be removed for cause, and legislators are prohibited from serving on the Council; three members constitute a quorum and an affirmative vote of three is required for action

Expands oversight requirements to include "State Governmental Entity Financing," which covers local government transactions where projects are leased by, paid for by, or administered by state governmental entities

Requires State Governmental Entities or Local Governmental Entities to obtain written approval from the Oklahoma State Bond Advisor before making significant modifications to financing terms, including collateral substitution, swaps, or derivative products

Repeals 62 O.S. 2011 Sections 695.4, 695.5, 695.6, and 695.11A (provisions related to the former bond oversight commissions) with an effective date of November 1, 2012