1 STATE OF OKLAHOMA
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2 2nd Session of the 59th Legislature (2024)
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3 HOUSE BILL 3854 By: Cornwell
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7 AS INTRODUCED
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8 An Act relating to revenue and taxation; creating
8 investment rebate program until certain date;
9 providing qualifying criteria; requiring submission
9 of application; requiring the Oklahoma Department of
10 Commerce to approve or disapprove certain claims and
10 issue payment; limiting source of payments; making
11 payments contingent upon deposits to certain fund;
11 providing amount of rebate; authorizing conditional
12 prequalification; creating the Water Infrastructure
12 for Economic Development Fund; establishing fund
13 procedures; providing sources of funds; directing
13 transfer of unencumbered fund upon certain date;
14 making an appropriation; directing deposit in certain
14 fund; providing for codification; providing an
15 effective date; and declaring an emergency.
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19 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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20 SECTION 1. NEW LAW A new section of law to be codified
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21 in the Oklahoma Statutes as Section 3648.1 of Title 68, unless there
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22 is created a duplication in numbering, reads as follows:
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23 A. There is hereby created until July 1, 2029, an investment
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24 rebate program for the cost of water and wastewater infrastructure
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 1 investments by municipalities with a population between five
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2 thousand (5,000) and seven thousand (7,000), according to the latest
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3 Federal Decennial Census.
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4 B. To be eligible for consideration for an investment rebate
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5 payment awarded under the provisions of this act, the municipality
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6 shall:
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7 1. Submit an application and documentation to the Oklahoma
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8 Department of Commerce, as required by the Department, outlining the
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9 planned water and wastewater infrastructure expenditures of at least
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10 Thirty-five Million Dollars ($35,000,000.00);
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11 2. Provide documentation that the water and wastewater
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12 infrastructure expenditures are to provide services for an
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13 establishment, to be placed in service after the effective date of
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14 this act, that is defined or classified in the NAICS Manual under
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15 Industry Group No. 721211 and whose capital investment exceeds One
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16 Hundred Million Dollars ($100,000,000.00); and
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17 3. Have made expenditures of no less than twenty percent (20%)
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18 of the water and wastewater infrastructure expenditure plan outlined
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19 in the application submitted by the municipality.
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20 C. 1. The Oklahoma Department of Commerce shall approve or
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21 disapprove claims for rebates and shall issue payment for all
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22 approved claims from funds held in the Water Infrastructure for
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23 Economic Development Fund created in Section 2 of this act.
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 1 2. The Department shall disapprove all applications and claims
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2 or any portion of applications and claims for rebates that would
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3 exceed the balance of available fuds in the Water Infrastructure for
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4 Economic Development Fund.
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5 3. The total amount of applications approved and investment
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6 rebate payments awarded under the provisions of this act shall not
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7 exceed the total amount of monies designated by law for deposit to
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8 the Water Infrastructure for Economic Development Fund.
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9 D. 1. Subject to the approval and ongoing review of the
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10 eligibility application by the Oklahoma Department of Commerce, the
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11 investment rebate payment authorized by this act shall be equal to
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12 the cost of the water and wastewater infrastructure expenditures in
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13 the year of expenditure.
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14 2. The Department is authorized to conditionally prequalify and
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15 account for anticipated future investment rebate payments. The
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16 Oklahoma Department of Commerce shall not prequalify investment
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17 rebate payments, encumber funds, pre-encumber funds, or otherwise
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18 allocate resources that would result in the allocation of investment
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19 rebate payments in excess of the balance of available funds in the
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20 Water Infrastructure for Economic Development Fund.
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21 SECTION 2. NEW LAW A new section of law to be codified
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22 in the Oklahoma Statutes as Section 3648.2 of Title 68, unless there
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23 is created a duplication in numbering, reads as follows:
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 1 A. There is hereby created in the State Treasury a fund for the
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2 Oklahoma Department of Commerce to be designated the "Water
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3 Infrastructure for Economic Development Fund". The fund shall be a
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4 continuing fund, not subject to fiscal year limitations, and shall
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5 consist of all monies designated for deposit to the fund by law.
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6 All monies accruing to the credit of the fund are hereby
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7 appropriated and may be budgeted and expended by the Department for
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8 the purpose of paying rebates as provided by this act. Expenditures
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9 from the fund shall be made upon warrants issued by the State
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10 Treasurer against claims filed as prescribed by law with the
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11 Director of the Office of Management and Enterprise Services for
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12 approval and payment.
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13 B. All unencumbered funds remaining in the Water Infrastructure
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14 for Economic Development Fund upon July 1, 2029, shall be
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15 transferred to the State Treasurer for deposit in the General
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16 Revenue Fund.
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17 SECTION 3. There is hereby appropriated to the Oklahoma
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18 Department of Commerce for deposit in the Water Infrastructure for
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19 Economic Development Fund, from any monies not otherwise
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20 appropriated from the General Revenue Fund of the State Treasury for
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21 the fiscal year ending June 30, 2023, the sum of Thirty-five Million
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22 Dollars ($35,000,000.00).
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23 SECTION 4. This act shall become effective July 1, 2024.
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 1 SECTION 5. It being immediately necessary for the preservation
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2 of the public peace, health or safety, an emergency is hereby
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3 declared to exist, by reason whereof this act shall take effect and
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4 be in full force from and after its passage and approval.
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6 59-2-9697 AO 12/27/23
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