House 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 infrastructure. Additionally, the bill updates statutory language to be gender-neutral and revises references to ensure clarity and compliance with current laws.

The legislation also includes provisions for the issuance and management of bonds, detailing the authority's powers in terms of selling bonds, securing payments, and managing revenues. It specifies that the bonds must be approved by the Attorney General and registered by the State Auditor and Inspector to be valid. Furthermore, the bill declares an emergency, allowing it to take effect immediately upon passage and approval, emphasizing the urgency of the changes for the public's benefit.

Statutes affected:
House Committee Substitute: 82-870
Floor (House): 82-870
Floor (Senate): 82-870
Engrossed: 82-870
Amended And Engrossed: 82-870
Enrolled (final version): 82-870