HB 2193 Summary

• Grants the Oklahoma Water Resources Board authority to manage the Water Infrastructure Credit Enhancement Reserve Fund, including managing accounts, subaccounts, and expenditures to secure debt service on bonds and financial obligations.

• Authorizes the Board to issue general obligation bonds backed by the full faith and credit of the State of Oklahoma to provide funds for the Water Infrastructure Credit Enhancement Reserve Fund.

• Requires the Board to exhaust all legally available funds before issuing general obligation bonds and limits bond issuance to situations where the reserve fund has insufficient monies to cover imminent debt service or prevent default.

• Mandates that any general obligation bonds issued must be approved by Board resolution, reviewed by the State Bond Commissioner, and approved under the Oklahoma Bond Oversight and Reform Act.

• Becomes effective November 1, 2013.