OK HJR1078

Proposes constitutional amendment adding Section 44 to Article X authorizing issuance of up to $500 million in bonds for common school districts and career technology districts.

Bond proceeds would fund acquisition, construction, or improvement of facilities for storm shelters or secure areas to protect students and employees from dangerous weather or violence threats.

Bonds would mature within 25 years and be repaid from 100% of franchise tax revenues (or General Revenue Fund if insufficient); Oklahoma Building Bonds Commission would issue the bonds.

Allows use of bond proceeds to reduce or eliminate existing school district debt incurred since May 1, 2007, and permits reimbursement for eligible shelter construction expenditures already made from building funds.

Excess franchise tax revenues could fund a grant program for private storm shelters administered by the Office of Emergency Management; Legislature would enact enabling legislation defining eligible facilities and procedures.