A. The State Treasurer shall engage the services of a person knowledgeable in the current state of the art of national and international standards for the issuance of obligations by governmental entities and experienced in the negotiation of fees for various goods and services requisite to or deemed desirable in the issuance of such obligations as well as the negotiation of other matters essential to provide the best current price and terms of the issuance of such obligations for the benefit of the State of Oklahoma, who shall have the title "Deputy Treasurer for Debt Management".

When hiring a person to the position of Deputy Treasurer for Debt Management, the State Treasurer shall conduct a national search in seeking requests for proposals for the position.

B. The State Treasurer may employ the necessary staff to carry out the duties related to debt management and the Council of Bond Oversight.

C. 1. Except as provided in Section 695.8 of this title, prior to engaging the services of underwriters, bond or other legal counsel, financial advisors, consultants, a financial institution to serve as trustee, paying agent or in any fiduciary capacity in connection with any program, indenture or general resolution of the State Governmental Entity, or any other experts, except as provided in Section 5062.8 of Title 74 of the Oklahoma Statutes, the State Governmental Entity shall, in conjunction with a State Governmental Entity Financing, request proposals for such services from a plurality of persons engaged in the particular activity for such services and the selection of such persons shall be made on the basis of the response to the request which is the most economical and will provide competent service which furthers the best interest of the State Governmental Entity and the state. In negotiating requests for proposals to engage such services, the State Governmental Entity shall seek the advice and assistance of the Deputy Treasurer for Debt Management. Under no circumstances shall proprietary inducements be granted. The Deputy Treasurer for Debt Management shall provide assistance and advice to State Governmental Entities with respect to the issuance of obligations by the State Governmental Entities, review, negotiate, and approve or disapprove the fees and expenses for goods and services requisite to or deemed desirable in the issuance of State Governmental Entity obligations and State Governmental Entity Financing and shall represent the interests of the state before rating agencies and credit enhancement providers.

2. Any State Governmental Entity or Local Governmental Entity proposing to make a significant modification to the terms of any State Governmental Entity Financing, including modification of collateral by substitution, swap, or other derivative product shall first obtain the written approval of the Deputy Treasurer for Debt Management. If the Deputy Treasurer for Debt Management denies approval, the State Governmental Entity or Local Governmental Entity may request the Council of Bond Oversight to review and approve proposed modifications.

D. The Deputy Treasurer for Debt Management shall serve as an advisor to the Governor and to the Legislature with respect to issuance of indebtedness reviewed by the Council and shall prepare an annual report to be submitted to the Governor, the President Pro Tempore of the Senate and the Speaker of the House of Representatives as of January 15 each year. The report shall contain a summary of the issuance of indebtedness by State Governmental Entities during the preceding year.

E. The Deputy Treasurer for Debt Management or any member of the immediate family of the Deputy Treasurer for Debt Management shall not have any direct or indirect financial or contractual relationship with any firm or corporation or any officer, partner or principal stockholder of any firm or corporation directly involved in public finance.

Added by Laws 1987, c. 222, § 97, operative July 1, 1987. Amended by Laws 1988, c. 319, § 14, eff. Nov. 1, 1988; Laws 1989, c. 374, § 2, emerg. eff. June 6, 1989; Laws 1990, c. 342, § 2, emerg. eff. May 30, 1990; Laws 1997, c. 413, § 1, eff. Jan. 1, 1998; Laws 1998, c. 188, § 1, emerg. eff. April 29, 1998; Laws 2003, c. 215, § 1, emerg. eff. May 14, 2003; Laws 2005, c. 166, § 1, eff. Nov. 1, 2005; Laws 2012, c. 275, § 5, eff. Nov. 1, 2012; Laws 2017, c. 374, § 3, eff. Nov. 1, 2017; Laws 2019, c. 53, § 2, eff. Nov. 1, 2019.