SB 1858 — Development incentives; authorizing certain entities to enter into taxpayer agreement; securing bonds with agreement and lien. Effective date.

STATESENATE OFFLOOR OKLAHOMAVERSION 2February 2nd16, Session2026 ofAS theAMENDED 60th Legislature (2026) 3 SENATE BILL 1858NO. By:

Frix1858 4By: 5 AS INTRODUCED 7 An Act relating to development incentives;

authorizingFrix publicof entitiesthe toSenate enterand intoFetgatter of the House 7 [ development incentives - taxpayer agreements with- ownerslien of- realdelinquent propertypayments withinand incrementcollections districts;- bonds - security interest - powers - codification - emergency ] BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

prescribing applications of agreements;

providing construing language;

prescribing lien requirements pursuant to the agreement;

prescribing designation and enforcement of delinquent payments and collections;

authorizing the assignment of agreement and any lien;

authorizing certain bonds issued by public entities to be secured by agreements;

authorizing the public entity to grant certain security interest;

prescribing limitations to bonds secured by agreement;

providing for repayment of secured bonds;

authorizing public entities to assign powers to certain trustee or bondholder;

providing for codification;

and declaring an emergency.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

A public entity, as defined in Section 853 of Title 62 of the Oklahoma Statutes, designated to exercise the powers enumerated pursuant to Section 854 of Title 62 of the Oklahoma Statutes may Req.enter into a taxpayer agreement with the owner or developer of real property located within an increment district as authorized by Section 861 of Title 62 of the Oklahoma Statutes.

No.

2935 Page 1 enter into a taxpayer agreement with the owner or developer of real 2 property located within an increment district as authorized by 3 Section 861 of Title 62 of the Oklahoma Statutes.

5SENATE FLOOR VERSION - SB1858 SFLR Page 1 (Bold face denotes Committee Amendments) 1.

Guarantee, enhance, or otherwise secure the repayment of 6 bonds, notes, or other obligations issued by the public entity;

7 2.

and 9 3.

Req.3.

No.The lien shall have parity with tax liens on property, taking priority over any existing or subsequent mortgage judgment, lien, or encumbrance except for previously filed tax liens on property;

2935and SENATE FLOOR VERSION - SB1858 SFLR Page 2 3.(Bold face denotes Committee Amendments) 4.

The lien shallmay havebe parityenforced, withcollected, taxand liensforeclosed onin property,the 2same takingmanner priorityas overad anyvalorem existingtax orliens subsequentas mortgageprovided judgment,for 3in lien,Sections or3102 encumbrancethrough except3106 forof previouslyTitle filed68 taxof liensthe onOklahoma property;Statutes.

and 5 4.

The lien may be enforced, collected, and foreclosed in the 6 same manner as ad valorem tax liens as provided for in Sections 3102 7 through 3106 of Title 68 of the Oklahoma Statutes.

A taxpayer agreement containing a lien pursuant to 9 subsection C of this section mayshall be recorded with the recorder of deeds in the county in which the property is located.

Req.F.

No.A taxpayer agreement and any lien securing it may be assigned to a trustee or purchaser of bonds secured by the taxpayer agreement.

2935 Page 3 F.

A taxpayer agreement and any lien securing it may be 2 assigned to a trustee or purchaser of bonds secured by the taxpayer 3 agreement.

5SENATE FLOOR VERSION - SB1858 SFLR Page 3 (Bold face denotes Committee Amendments) G.

Upon full payment of all obligations secured by the taxpayer 6 agreement, the public entity shall execute and record a release of 7 lien, which shall extinguish the lien effective upon recording.

Bonds or notes issued pursuant to the authorization in 9 Section 863 of Title 62 of the Oklahoma Statutes may be secured by:

and Req.4.

No.Impose no financial obligation on a municipality beyond receipt and remittance of pledged payments.

2935K. Page 4 4.