STATE OF OKLAHOMA

2nd Session of the 52nd Legislature (2010)

SENATE BILL 1642	By:	Coates

AS INTRODUCED

An Act relating to public finance; requiring certain surplus funds accruing to General Revenue Fund to be transferred to Education Emergency Revolving Fund; creating fund; providing for deposits thereto and expenditures therefrom; specifying certain duties of State Department of Education; requiring certain report; providing for codification; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 46.4 of Title 62, unless there is created a duplication in numbering, reads as follows:
A.  The total amount of surplus funds which accrue to the General Revenue Fund of the State of Oklahoma for any fiscal year, over and above that which is placed in the Constitutional Reserve Fund pursuant to Section 23 of Article X of the Constitution of the State of Oklahoma, shall be transferred to the Education Emergency Revolving Fund created in subsection B of this section.
B.  There is hereby created in the State Treasury a revolving fund for the State Department of Education to be designated the “Education Emergency Revolving Fund”.  The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies received by the Department pursuant to the provisions of subsection A of this section.  All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the Department for operational expenses relating to common schools.  Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of State Finance for approval and payment.  The State Superintendent of Public Instruction shall annually report all expenditures made from the fund to the Governor, President Pro Tempore of the Senate and the Speaker of the House of Representatives.
SECTION 2.  This act shall become effective November 1, 2010.

52-2-3045	CD	1/7/2010 3:53:08 PM