Public finance; creating the State Accounts for Federal Expenditures Act (SAFE Act); creating State Accounts; approval; hearings; agency requirements; effective date; emergency.

The entire document was reformatted from an Engrossed version to a Proposed Oversight Committee Substitute version, changing the header information, page numbering, and amendment notation while preserving the core legislative text.

Original page headers and footers containing 'ENGROSSED H.B. NO. 1221' were replaced with new committee markup headers showing 'PROPOSED OVERSIGHT COMMITTEE SUBSTITUTE' and new page numbering.

New committee amendment metadata was added at the top of the document, including the amendment submitter name (Kevin West), date (2/11/2025), and committee adoption fields.

Added requirement for agencies to submit detailed notice to legislative leaders and the governor when applying for competitive grants, including deadline, expected award date, funding amount, and grant purpose.

Added requirement for agencies to present competitive grant information in annual budget performance reviews starting FY-2027, regardless of whether they submitted notice.

Added legislative approval requirement - agencies cannot draw down competitive grant funds without a concurrent resolution from the Legislature.

Removed the original simpler requirement that all federal funds be deposited into a Federal Funds Holding Account, replacing it with the more complex SAFE Accounts framework.

Added new definitions for 'Agency', 'Block grant', and 'Competitive grant' to clarify what funds are subject to the new requirements.

Added specific effective dates: November 1, 2025 for notice requirements and FY-2027 for budget performance review disclosures.

Added exemptions for Oklahoma Department of Transportation projects on the 8 Year Construction Work Plan and Federal Railroad Administration grants.

Changed the account name from 'Federal Funds Holding Account' to 'State Accounts for Federal Expenditures' (SAFE Accounts) with specific usage restrictions.

Removed 'PROPOSED OVERSIGHT' label from the committee substitute title and updated page reference numbers.

Added new subsection B requiring agencies to submit notice to the Speaker, President Pro Tempore, Governor, Appropriations Chairs, and Secretary of Finance when eligible for new federal funding sources.

Added new subsection C mandating that the Legislature hold formal hearings where agencies must present funding information before drawing down federal relief funds.

Updated the notification requirement to include specific details about fund amounts, expected drawdown dates, obligation timelines, and fund purposes.