Bill No. 1422 amends Section 870 of Title 82 of the Oklahoma Statutes, which pertains to the Grand River Dam Authority's ability to issue revenue bonds. The bill increases the maximum bond capacity by removing the previous limit of $1,410,000,000 and allows the authority to issue bonds as necessary for various corporate purposes, including the acquisition and improvement of power generation facilities and related infrastructure. The bill also updates statutory language to be gender-neutral and revises references to ensure clarity and compliance with current laws.

Additionally, the bill includes provisions for the issuance and management of bonds, detailing the processes for sale, registration, and approval by the Attorney General and State Auditor. It emphasizes the authority's ability to finance projects in cooperation with public agencies and outlines the rights of bondholders in the event of defaults. An emergency clause is included, allowing the act to take effect immediately upon passage and approval, underscoring the urgency of the changes to support the authority's operations and financial capabilities.

Statutes affected:
House Committee Substitute: 82-870
Floor (House): 82-870
Engrossed: 82-870