SB 621 Summary

• Consolidates the duties and functions of the Oklahoma Bioenergy Center (created in 2007) into the Oklahoma Energy Initiative.

• Transfers all outstanding contracts, financial obligations, and remaining funds from the Oklahoma Bioenergy Center Revolving Fund to the Oklahoma Energy Initiative Revolving Fund.

• Authorizes the Oklahoma Energy Initiative to promulgate rules necessary to implement the provisions of the act.

• Repeals 74 O.S. 2011, Sections 5009.11 through 5009.16, which established and governed the Oklahoma Bioenergy Center.

• Becomes effective July 1, 2013, with an emergency declaration allowing immediate implementation upon passage and approval.