SB 797 Summary

• Amends 82 O.S. 2011, Section 874 to authorize the Grand River Dam Authority to sell property directly used for electrical substations, transformer stations, switch stations, or similar purposes to rural electric cooperatives and other entities engaged in electricity generation, transmission, or distribution.

• Allows such property sales without regard to the $500,000 annual limitation on property sales or competitive bidding requirements, provided the Board approves by vote of five or more members that the property is not necessary to the district's business.

• Exempts these sales from Section 129.4 of Title 74 of the Oklahoma Statutes.

• Maintains existing restrictions prohibiting the district from mortgaging or encumbering property and requiring Board approval for other property dispositions.

• Becomes effective November 1, 2015.