OK HB2480

Amends 68 O.S. 2011, Section 1370.7 to modify definitions and governance of regional economic development and transportation authorities created by combinations of cities, towns, and counties.

Creates "regional district" as a new governing and assessment district that may consist of any combination of portions of cities, towns, or counties rather than requiring full jurisdiction boundaries.

Authorizes sales tax levies of up to 2% within regional districts, subject to voter approval, with maximum duration of 30 years for debt repayment or 20 years for other expenditures.

Requires authority governance by a board of directors appointed by governing boards of participating municipalities, with representation and composition determined by those governing boards.

Directs excess tax revenue collected beyond authority operational expenses to be apportioned to general funds of participating municipalities in proportion to their population within the regional district; effective November 1, 2014.