SB 1359 Summary

• Amends 62 O.S. 2011, Section 318 to expand the definition of "performance-based efficiency contract" to include water meters, measuring systems efficiencies, and facility operation programs that reduce operating costs.

• Modifies bonding requirements by making performance bonds optional rather than mandatory for performance-based efficiency contracts, while keeping faithful performance bonds required.

• Clarifies that cost savings guarantees can include increased revenue from improved utility metering systems, not just utility consumption reductions.

• Allows performance-based efficiency contracts for up to 20 years or the useful life of the project, with guaranteed annual cost savings that must be measured and verified.

• Declares an emergency to make the act effective immediately upon passage and approval.