SB 1245 Summary

• Amends 62 O.S. 2011, Section 318 regarding performance-based efficiency contracts for public entities

• Requires public entities proposing to enter into efficiency contracts to work with the State Bond Advisor to determine the most cost-effective financing options, including publicly offered or privately placed bonds, notes, or other obligations

• Mandates that public entities entering into financing secured by efficiency contracts must report the amount of outstanding leases or contracts issued under this section annually for inclusion in the State Bond Advisor's annual report on state obligations

• Effective date is July 1, 2014, with emergency declaration for immediate effectiveness upon passage and approval