ENGROSSED HOUSE
BILL NO. 2857	By:	Hall and Dorman of the House

			    and

		Brecheen of the Senate

An Act relating to public finance; enacting the Oklahoma State Government Debt Transparency and Online Checkbook One-Stop Initiative; requiring development of website; prescribing content for website; prescribing content related to debt; requiring historical information related to debt; requiring information related to debt ratings; requiring information related to debt of other states; defining term; providing for codification; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 34.11.11 of Title 62, unless there is created a duplication in numbering, reads as follows:
A.  There is hereby established the "Oklahoma State Government Debt Transparency and Online Checkbook One-Stop Initiative".
B.  The State Treasurer and the Chief Information Officer shall develop and maintain an online web presence at the web address "Checkbook.ok.gov".  The site shall allow the public to view a complete listing of all state government indebtedness.
C.  This site shall disclose the total of debt liabilities and the amount paid by state government agencies, boards, commissions, trusts and authorities on an annual basis to retire the debt.  The site shall disclose the amount of the debt payments that are attributable to interest and fees.
D.  The site shall disclose the complete debt repayment schedule and inform the viewer of the date when all state debt will be paid off in the event that no new debt is issued.
E.  The site shall contain historical data detailing the past issuance of debt and comparing the historical level of debt payments as a percentage of the state’s overall budget. 
F.  The site shall contain the debt rating for the State of Oklahoma as reported by Standard and Poor’s, Moody’s and Fitch rating agencies and shall contain a comparison of those ratings for the State of Oklahoma to such ratings for every other state.
G.  The site shall contain a summary of the total amount of state debt as compared to every other state as reflected in the periodic Moody’s Investing Service State Debt Medians Report.
H.  For the purposes of this section, the term “state government indebtedness” shall mean all obligation and revenue bonds, governmental activities debt, business-type activities debt, bonds issued by enterprise funds and component units of state government, and higher education master lease agreements. 
SECTION 2.  This act shall become effective November 1, 2012.
Passed the House of Representatives the 6th day of March, 2012.

	
Presiding Officer of the House of
	Representatives

Passed the Senate the ____ day of __________, 2012.

	
Presiding Officer of the Senate