GRIP Update - 2/21/2018
Thank you to everyone who reached out to legislators. The impact was noticeable at the Capitol this morning. However, due to the weather afternoon legislative activities were canceled including the Appropriations Committee meeting. This agenda will be addressed next week, please continue to reach out to the members to vote NO on of these anti-municipal bills.
We also heard from many financial professional during the past twenty-four hours. They are as concerned as we are about this legislation. They have pledged to work with OML to defeat these bills.
We will update you as to when the next hearing is scheduled. Please use the information below when reaching out to your legislators.
TAKE ACTION IMMEDIATELY ON SB 1032 and SB 1279 and ask Senate Appropriations Committee to VOTE NO.
Both of these bills are detrimental to municipalities and stymie investment and economic development in Oklahoma's cities and towns. We NEED your voice now to ask the members of the Senate Appropriations Committee to VOTE NO on SB 1032 and SB 1279.
SB 1032
by Sen. Josh Brecheen requires municipalities including public trusts to go through a lengthy and expensive request for proposal process and obtain permission of the State Bond Advisor prior to hiring any professionals to assist with the issuance of lease-revenue bonds. The bill takes local control away from governmental entities with regard to your selection of the individuals and firms doing your bonds by requiring an RFP from a list of vendors provided by the State.
Local governments should not have to get the State's permission or approval when it comes to matters that do not concern the State of Oklahoma's money or credit.
SB 1279
by Sen. Jason Smalley would be detrimental to most tax increment financing for economic development in our communities. It requires the agreement in writing between every taxing entity and the governing body. This, in effect, removes approval from the review committee who participated in the negotiations over the cost, ad valorem, and time.
If one taxing entity refuses to sign, them the calculations over cost, increase and time must be recalculated in order to make the formula work. The review committee could be forced to recalculate over and over until there is a full written agreement.
Tax Increment/Incentive Districts work when all parties come to the table to grow their community. The current law is working.
Please contact the members of the Senate Appropriations Committee by clicking here and ask them to vote NO on SB 1032 and SB 1279.
