House Bill No. 1220, introduced by Kevin West, addresses the securitization revenue stream related to obligations issued by the Oklahoma Development Finance Authority under the February 2021 Regulated and Unregulated Utility Consumer Protection Acts. The bill asserts that the Legislature has the authority to enact these provisions and finds that certain municipalities have improperly imposed franchise fees and local taxes on the securitization revenue stream, which contradicts the legislative intent. The bill emphasizes that the purpose of these acts is a matter of statewide concern rather than local concern.

To enforce this intent, the bill prohibits municipalities from imposing any franchise fees or taxes on the securitization revenue stream associated with the obligations issued by the Oklahoma Development Finance Authority. Specifically, it establishes new sections in the Oklahoma Statutes that codify these restrictions, ensuring that the securitization revenue stream for both existing and future bonds or obligations remains free from local taxation. The bill also declares an emergency, allowing it to take effect immediately upon passage and approval.