Okla. Stat. tit. 62, § 62-695.8

A. The Council of Bond Oversight shall:

1. Make determinations as to whether the purposes for which

obligations proposed to be issued by a State Governmental Entity, in

conjunction with a State Governmental Entity Financing, are for the

furtherance and accomplishment of authorized and proper public

functions or purposes of the state or of any county or municipality,

as specified in the statutes governing public trusts organized

pursuant to Title 60 of the Oklahoma Statutes;

Oklahoma Statutes - Title 62. Public Finance Page 489

2. Review proposed issuance of debt by State Governmental

Entities for compliance with any applicable provisions of federal,

state or other laws;

3. Review such other matters as the Council deems relevant to

the Application, including, without limitation, sources of repayment

and security for the obligation. However, the Council shall not

review the merits of the project. The Council shall only determine

that the project has a legal and beneficial purpose which can be

legitimately funded by bond or similar indebtedness, issued by a

State Governmental Entity or Local Governmental Entity;

4. a. Except as provided in subparagraph b of this

paragraph, review the findings of the Program

Development and Credit Review Committee to determine

if the Rules Regarding the Administration of the

Credit Enhancement Reserve Fund and related

regulations and policies as implemented by the

Oklahoma Development Finance Authority adequately and

sufficiently fulfill the intents and purposes of the

Credit Enhancement Reserve Fund Act, provided such

provision shall not apply to Credit Enhancement

Reserve Fund applications approved by the Bond

Oversight Commissions prior to May 30, 1990; and,

except as provided in subparagraph b of this

paragraph, approve or disapprove any bonds or

indebtedness being issued by the Oklahoma Development

Finance Authority to the extent the bonds or

indebtedness are enhanced or supported pursuant to the

Credit Enhancement Reserve Fund Act.

b. The Council shall not be required to review or approve

individual projects or loans under the Small Business

Credit Enhancement Program created by Section 5063.4b

of Title 74 of the Oklahoma Statutes, or the Oklahoma

Beginning Agricultural Producer Pool Act, but may

approve a package of such projects or loans in

advance. Each project or loan shall be individually

listed in the package and the dollar amount of the

project or loan shall be specifically set out together

with the total dollar amount involved in the package.

The Council or the Deputy Treasurer for Debt

Management may, in their discretion, remove any such

individual project or loan from the package submitted,

for individual action. Should the Oklahoma

Development Finance Authority submit an application to

the Council for the approval of an obligation or

credit enhancement under these two programs, the

application shall be deemed approved if not

disapproved by the Council within forty-five (45) days

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of filing such an application or, as to an individual

project or loan, removed from the submitted package

within such forty-five-day period.

c. The Council may establish maximum compensation levels

to be paid to individuals and firms acting in a

fiduciary capacity in connection with Credit

Enhancement Reserve Fund Program financings. The

Council may set such compensation levels for a one-

year period and such compensation will be applicable

to all individuals and firms participating in the

program for that period. Providers of such services

selected prior to making application may be employed

subject to the established maximum compensation

levels. Prior to December 31 of each year, the

Council shall review market conditions and set new

compensation levels for the program. Provided, such

compensation levels may not exceed the compensation
viduals and firms participating in the

program for that period. Providers of such services

selected prior to making application may be employed

subject to the established maximum compensation

levels. Prior to December 31 of each year, the

Council shall review market conditions and set new

compensation levels for the program. Provided, such

compensation levels may not exceed the compensation

levels obtained by the Oklahoma Development Finance

Authority through its most recent invitation to bid

for the services of individuals and firms acting in a

fiduciary capacity in connection with Credit

Enhancement Reserve Fund Program financing; and

5. Adopt, amend and repeal rules to regulate affairs of the

Council and to implement the powers and purposes of the Council.

B. The Council and Deputy Treasurer for Debt Management, in

order to fulfill their duties pursuant to the Oklahoma Bond

Oversight and Reform Act, shall be authorized to charge and collect

a fee, in accordance with the rules of the Council, derived from

proceeds of bond issues approved by the Council.