A. Upon a request by the Governor, the Oklahoma Department of Commerce shall prepare a Preliminary Project Plan relating to a proposed project. This Preliminary Project Plan shall set forth the following information:

1. A description of the economic development project, including the name of private companies being assisted, if any, and the nature of such assistance;

2. An estimate of the total project costs of the project;

3. A description of the bonds proposed to be issued, including the par amount of bonds proposed for issuance by each municipality or county comprising the proposed Regional District;

4. A listing of the municipalities and counties comprising the proposed Regional District;

5. A description of the economic impact that the project will have on the municipalities and counties comprising the proposed Regional District;

6. A description of the type and amount of tax that will be authorized for the payment of principal, interest and premium, if any, on the bonds;

7. The name of the public trust designated to administer the project; and

8. Such other information as the Department may deem appropriate.

B. Following the preparation of the Preliminary Project Plan, the Department shall conduct public hearings for the purpose of receiving input from the public regarding the Preliminary Project Plan. If the proposed Regional District consists of one county, the public hearing shall be held in the incorporated municipality having the highest population in the county according to the most recent Federal Decennial Census or most recent annual estimate of such population. If the proposed Regional District consists of more than one county, the public hearing shall be held in the municipality having the highest population in each such county according to the most recent Federal Decennial Census or most recent annual estimate of such population. If the proposed Regional District consists of one municipality, the public hearing shall be held in such municipality. If the proposed Regional District consists of more than one municipality, the public hearing shall be held in each such municipality. If the proposed Regional District consists of one municipality and one county, the public hearing shall be held in the municipality and, if not a duplication of the hearing location, in the municipality within the county having the highest population according to the most recent Federal Decennial Census or most recent annual estimate of such population. If the proposed Regional District consists of more than one municipality and more than one county and the public hearing location is not otherwise prescribed by this subsection, the public hearing shall be held in each of the municipalities and, if not already satisfied by the hearing requirement prescribed by this paragraph, for purposes of a hearing in any of the affected counties, the public hearing shall be held in each of the municipalities having the highest population in each county according to the most recent Federal Decennial Census or most recent annual estimate of such population.

C. Notice of the time, date, and place of the public hearings shall be published in one or more newspapers of general circulation within each of the municipalities and counties comprising the proposed Regional District. The notice shall also inform the public that a copy of the Preliminary Project Plan can be obtained from the Department without charge. Such publication shall be at least seven (7) days prior to the hearings. At the hearings, comments from all interested persons shall be received by the Department and a record made of such comments.

D. After the public hearings are concluded, the Department shall prepare a Final Project Plan, based upon the Preliminary Project Plan, but giving due consideration to the comments received at the public hearings. The Final Project Plan shall also include a certification by the Department that the proposed project will have a substantial economic impact on each of the municipalities and counties proposed for inclusion in the Regional District. The Final Project Plan shall include the same items listed in subsection A of this section. No municipalities or counties may be listed in the Final Project Plan for inclusion in a Regional District other than those listed in the Preliminary Project Plan. A municipality or county may be omitted in the Final Project Plan if the Department determines that the project will not have a substantial economic impact within such municipality or county. Thereafter, the Department shall forward the Final Project Plan to the Governor.

Added by Laws 2001, c. 318, § 5, eff. Nov. 8, 2002.