OK HB2596

Creates the Oklahoma Mutual Transit Authority as a new state agency to construct, maintain, repair, and operate mass transportation projects including passenger rail services and intermodal facilities at locations approved by the Transportation Commission

Establishes a seven-member board consisting of the Governor (ex officio) and six members appointed by the Governor with Senate consent, with appointed members required to execute $25,000 surety bonds before issuing any revenue bonds

Authorizes the Transit Authority to issue mass transit revenue bonds payable solely from project revenues (not state debt), with bonds maturing up to 40 years and requiring approval from the Oklahoma State Bond Advisor and Council of Bond Oversight for derivative transactions

Allows partnerships with transportation authorities, regional economic development authorities, regional districts, and federally recognized Indian tribal governments for financing and operating mass transit projects

Orders a legislative referendum for the November 8, 2016 general election to allow voters to approve or reject the creation of the Transit Authority