STATE OF OKLAHOMA

1st Session of the 53rd Legislature (2011)

SENATE BILL 642	By:	Branan

AS INTRODUCED

An Act relating to the Grand River Dam Authority; authorizing analysis to determine value of district to state; stating subjects to be considered in analysis; stating requirements; requiring selection of private auditing firm by the Legislative Service Bureau; requiring competitive bidding; requiring enactment of legislation appropriating certain funding; providing completion by certain date; directing distribution; and providing for noncodification.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     NEW LAW     A new section of law not to be codified in the Oklahoma Statutes reads as follows:
A.  An economic analysis shall be performed to determine the value to the state of the property and facilities of the Grand River Dam Authority, created pursuant to Section 861 et seq. of Title 82 of the Oklahoma Statutes.  The analysis shall consider the fair market value of the generation facilities, the impact and value of current electric contracts to its customers and the communities located within the district, and the assets and liabilities including the bonded indebtedness of the agency.
B.  The analysis shall be conducted by a private auditing firm, selected through a competitive bidding process under the direction of the Legislative Service Bureau and in accordance with the provisions of the Oklahoma Central Purchasing Act, Section 85.1 et seq. of Title 74 of the Oklahoma Statutes.  The cost of the analysis shall be determined by the Legislative Service Bureau.
C.  The analysis shall commence upon enactment of legislation appropriating funds dedicated for such purpose and shall be completed within one (1) year of the finalization of a contract with the selected auditing firm.
D.  Upon completion of the analysis, a report shall be delivered to the Governor, the President Pro Tempore of the Senate and the Speaker of the House of Representatives.

53-1-1250	MJM	1/19/2011 4:24:20 PM