Oklahoma Economic Recovery Act Vote Expected Next Week / Amendments Hit Bellmon Concerns

Article excerpt

The Oklahoma Legislature is expected to vote next week on the Oklahoma Economic Recovery Act of 1987.

The conference committee for the act completed its work on the bill late Tuesday, following a couple of meetings that day between the conferees and Gov. Henry Bellmon.

According to the principal author, Rep. Don McCorkell, D-Tulsa, the governor was concerned with several aspects of the bill, particularily the membership and operation of the Oklahoma Development Finance Authority - an entity which could issue up to $100 million for industrial projects and infrastructure improvements.

However, McCorkell said the governor's concerns were resolved by amendments to the bill the conference committee made late Tuesday.

Among those amendments included on behalf of the governor was one which increased the membership of the authority, which is actually a revision of the existing Oklahoma Development Authority, from five to seven.

The sixth member would be a governor's appointee from the Oklahoma Department of Commerce and the seventh member would be an appointee the governor chose at large.

McCorkell said the conferees approved an emergency clause for the overall bill - which means the provisions would take effect immediately if approved by the Oklahoma Legislature and signed by Bellmon - with the exception of the section known as the Oklahoma Bond Oversight and Reform Act.

Activities of the bond oversight commission would not become active until after a bond advisor was selected.

Of all the amendments made to the bill in the last few days of conference committee meetings, McCorkell said, the most important were those dealing with the bond oversight commission.

"The bond oversight amendments were some of the most important because the committee was concerned about how the commission would operate and exactly what it would oversee," said McCorkell.

Basically, the commission will oversee bonding activities of state entities and beneficiaries. …