Section 695.10A - Public finance service provider - Required disclosureA. As used in this section, "public finance service provider" means underwriters, bond or other legal counsel, financial advisors, consultants, and financial institutions who serve as trustee, paying agent or in any fiduciary capacity, who seek to provide services to State Governmental Entities or Local Governmental Entities with regard to the issuance of bonds, notes or other evidences of indebtedness.B. Any public finance service provider shall be required to make a disclosure, upon such form as the Deputy Treasurer for Debt Management may prescribe, of any and all direct financial contributions made by the public finance service provider which exceed Five Thousand Dollars ($5,000.00) in any calendar year on a cumulative basis to any nonprofit organization, regardless of its exempt status pursuant to the provisions of the Internal Revenue Code of 1986, as amended, the primary purpose of which is to provide services to one or more political subdivisions of the state or the membership of which consists primarily of public school administrators, common school districts or common school district boards of education, common school superintendents, career technology districts or career technology district governing boards, municipal government entities, county commissioners or other public officials or local government entity having authority to issue debt obligations either directly or which is the beneficiary of a public trust organized pursuant to the provisions of Section 176 et seq. of Title 60 of the Oklahoma Statutes.C. In addition, the public finance service provider shall be required to make disclosure of any and all direct financial contributions which exceed One Hundred Dollars ($100.00) on a cumulative basis during any calendar year made to any elected officials or employees of a State Governmental Entity or Local Governmental Entity to which financial services are to be provided in connection with issuance of debt obligations or contributions made to any individuals associated with any of the nonprofit organizations described by subsection B of this section.D. The disclosure shall be filed annually with the Deputy Treasurer for Debt Management not later than January 15, or the first business day after such date if January 15 is not a date upon which the State Treasurer's office is open for business, and shall include an itemized description of all direct financial contributions made to any and all of the entities described by subsections B and C of this section by the public finance service provider during the immediately preceding calendar year.E. Any public finance service provider shall submit a copy of the most recent disclosure document on file with the Deputy Treasurer for Debt Management as required pursuant to subsection D of this section prior to the selection of a public finance service provider by any county, city, town, common school district, career technology district or other local government entity or any public trust organized pursuant to the provisions of Section 176 et seq. of Title 60 of the Oklahoma Statutes having one or more political subdivisions as its beneficiary or beneficiaries, with respect to the issuance of any obligations described by subsection A of this section. The disclosure document shall be provided to each member of the governing board of the unit of local government to which services will be provided and, if applicable, to each member of the board of trustees of any public trust as described in this subsection to which public finance services will be provided. If the board of trustees of such public trust is comprised of persons who are also members of the governing board of the unit of local government, the disclosure document may be provided to the members of the governing board of the unit of local government and the document will not be required to be provided to any member of the board of trustees of the public trust unless such person is not a member of the governing board of the unit of local government.Okla. Stat. tit. 62, § 695.10A
Amended by Laws 2019 , c. 53, s. 5, eff. 11/1/2019.Added by Laws 2017 , c. 374, s. 5, eff. 11/1/2017.