OK SB747

Amends Section 891.8 of 62 O.S. 2011 to increase the cap on the Oklahoma Development Finance Authority's Economic Development Pool from $100 million to $200 million in total obligations.

Authorizes the Authority to issue pooled obligations to provide financing for eligible local government entities or businesses undertaking authorized economic development projects located in Oklahoma.

Requires that 65% of net proceeds benefit municipalities with populations not exceeding 300,000 persons, while 35% may benefit any eligible local government entities regardless of size.

Permits obligations to be issued on a tax-exempt basis if allowed under federal private activity bond rules, otherwise as taxable obligations.

Effective date is November 1, 2012.