Senate Bill 1204 Summary

• Establishes the Oklahoma State Government Asset Reduction and Cost Savings Program requiring the Office of State Finance to publish an annual report by December 31 detailing unused and underused state-owned properties.

• Requires the annual report to include property inventory, property values, assessment of sale potential, potential for inter-agency transfer, impact on local tax rolls, and recommendations for sale or transfer if beneficial to the state.

• Modifies procedures for state agencies to dispose of real property by allowing legislators in whose district property is located to request the Division of Central Services to dispose of property, in addition to agency requests.

• Lowers the appraised value threshold for property disposition from 90% to 75% of appraised value as the minimum acceptable bid in public auctions or sealed bid sales.

• Creates the State Capitol Repair Revolving Fund in the State Treasury to receive the first $30 million from property sales, with remaining proceeds deposited in the General Revenue Fund; effective November 1, 2012.