HB 2390 Summary

• Adds renewable energy sources: Expands the Grand River Dam Authority's authority to develop wind and battery storage powered electrical generating plants alongside existing energy sources.

• Establishes annual payment to state: Creates a new payment to the State of Oklahoma equal to 1% of the district's operating revenues (based on previous year's audited financials), payable monthly and serving as full payment in lieu of all other state, county, and local taxes through June 30, 2022.

• Modifies Board of Directors structure: Eliminates specific terms of office for initial director appointments and changes removal provisions to require the member's appointing authority (rather than just the Governor) to remove directors for just cause.

• Removes revenue bond caps and restrictions: Eliminates the $1.41 billion cap on outstanding revenue bonds, removes the 15% interest rate cap on bonds, and authorizes interest rate swaps and derivative financial instruments with State Bond Advisor approval.

• Clarifies board authority and operations: Expands the Board's rulemaking authority, modifies accounting standards, allows electronic audit report copies, and permits the General Manager and essential employees to use district vehicles for official business.