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House Speaker’s Continued Effort to Liquidate Unused Assets Passes Committee

OKLAHOMA CITY – The House Government Modernization Committee overwhelmingly passed Oklahoma House Speaker T.W. Shannon’s initiative to begin liquidating underutilized assets and direct funds to state infrastructure.

House Bill 1910 builds on Speaker Shannon’s previous Omnibus Asset Consolidation Act from last year by consolidating several infrastructure committees and redirecting their authority to the Long-Range Capital Planning Commission (LRCPC). The LRCPC will take the lead in liquidating underused assets identified by the Omnibus Asset Consolidation Act and direct those funds to the Maintenance of State Buildings Revolving Fund for much needed infrastructure repairs.

“In the past, Oklahoma’s model for infrastructure maintenance has been to let it decay to the point of near collapse and then add to the debt burden of taxpayers through bonding.” said Speaker Shannon, R-Lawton. “It’s time to change the model. This provides a process to direct funds for much needed repairs and takes the politics out of state projects.”

Under HB 1910, the LRCPC will prepare an annual capital budget plan addressing the state’s infrastructure needs over the next eight years, similar to the Oklahoma Department of Transportation’s eight-year funding plan. The legislature will also be able to deposit money from the General Fund directly into the Maintenance of State Buildings Revolving Fund.

“This creates a method for Oklahoma to decrease the need to take on excess debt to finish and maintain state projects,” said Speaker Shannon. “We should not hand our kids and grandkids a crumbling infrastructure and a mountain of debt.”

HB 1910 will now move on to the Calendar Committee where it will be scheduled to be heard on the House floor.