SB158 Summary

• Requires legislative approval via concurrent resolution before the Oklahoma State Regents for Higher Education can issue new revenue bonds under the master lease personal property and real property programs.

• Acknowledges that over $625 million in master lease bonds have been issued since 2002 without legislative approval and approves all prior debt issued under these programs.

• Establishes caps on master lease transactions: $50 million annually for personal property (individual transactions $50,000-$10 million, max 20-year terms) and no specified cap for real property (max 30-year terms).

• Prohibits master lease bonds from becoming state debt obligations and requires Attorney General examination and Supreme Court approval of bonds before issuance.

• Repeals the prior master lease statute (70 O.S. 2011, Section 3206.6) and becomes effective July 1, 2013 with emergency declaration.