SB 1517 Summary

• Enacts the Oklahoma Public and Private Facilities and Infrastructure Act, authorizing public-private partnerships for development and operation of public facilities and infrastructure projects

• Allows private entities to develop, finance, and operate qualifying projects (ferries, transit facilities, power plants, hospitals, schools, public buildings, etc.) under agreements with governmental entities

• Requires governmental entities to adopt public guidelines for project evaluation, including cost-benefit analysis, financial review procedures, and competitive selection criteria before approving projects

• Mandates public notice and hearing requirements, affected jurisdiction notification, performance bonds for construction, and comprehensive agreements specifying terms, user fees, maintenance obligations, and remedies for material defaults

• Becomes effective November 1, 2012