OK HB2682

Amends 70 O.S. 2011, Section 5-136.1 to allow school districts to purchase certificates of indebtedness through funding of uncollateralized investments or investments authorized under Section 5-115.

Permits school districts to issue certificates of indebtedness for cash-flow management during fiscal years to fund estimated operational costs, capital expenditures, and other lawful costs.

Requires proceeds from certificates to be set aside in separate accounts and used only for lawful expenditures payable from revenue certified by the County Excise Board.

Establishes that the State Board of Education may cure payment delinquencies by withholding State Aid to participating districts and remitting amounts to designated paying agents.

Effective date: November 1, 2014.