STATE OF OKLAHOMA

1st Session of the 53rd Legislature (2011)

HOUSE BILL 1368	By:	Peters

AS INTRODUCED

An Act relating to property; amending 60 O.S. 2001, Section 178.2, which relates to public trusts; removing preliminary filing requirement of certain paperwork; requiring certain final paperwork be filed with the Oklahoma State Bond Advisor; removing punishments for violation of filing requirement; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     AMENDATORY     60 O.S. 2001, Section 178.2, is amended to read as follows:
Section 178.2  At least five (5) business days prior to the delivery of and payment for bonds, notes or other evidences of indebtedness by any public trust, except as hereafter excluded, there shall be filed with the Secretary of State a preliminary copy of the official statement, prospectus or other offering document pertaining to the issuance; prior Prior to the expiration of fifteen (15) business days following said delivery of and payment therefor, for bonds, notes or other evidences of indebtedness by any public trust, there shall be filed with the Secretary of State and the Oklahoma Securities Commission Oklahoma State Bond Advisor a copy, in final form, of said the official statement, prospectus or other offering document pertaining to the issuance.  Any person responsible for the preparation of the official statement, prospectus or other offering document in preliminary and/or final form who violates this section shall, upon conviction, be deemed guilty of a misdemeanor and shall be subject to a fine of not less than Five Thousand Dollars ($5,000.00) nor more than Ten Thousand Dollars ($10,000.00), or a jail sentence not less than six (6) months nor more than one (1) year, or both.
SECTION 2.  This act shall become effective November 1, 2011.

53-1-6020	EK	01/05/11