STATE OF OKLAHOMA

1st Session of the 54th Legislature (2013)

SENATE BILL 253	By:	Loveless

AS INTRODUCED

An Act relating to public finance; creating the Oklahoma Capital Expenditure Fund; providing for transfers thereto; limiting purpose for which monies may be expended to nonrecurring capital needs; requiring legislative appropriation; specifying certain duties of Governor; providing for codification; providing an effective date; and declaring an emergency.

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.  There is hereby created in the State Treasury a revolving fund for the Office of Management and Enterprise Services to be designated the "Oklahoma Capital Expenditure Fund".  The fund shall be a continuing fund, not subject to fiscal year limitations and shall consist of amounts allocated as provided in subsection B of this section.
B.  Once the Constitutional Reserve Fund has reached its constitutional limit, as provided in paragraph 5 of Section 23 of Article X of the Oklahoma Constitution, the Office of Management and Enterprise Services shall transfer to the Oklahoma Capital Expenditure Fund any surplus funds which exceed the limit for the immediately preceding fiscal year.
C.  Monies in the Capital Expenditure Fund may only be expended pursuant to an appropriation made by the Legislature for nonrecurring capital needs of this state.  The Governor shall develop a priority list of nonrecurring capital needs for which expenditures from the Fund are requested and shall provide the list to the Senate Appropriations Committee and the House Appropriations and Budget Committee.
SECTION 2.  This act shall become effective July 1, 2013.
SECTION 3.  It being immediately necessary for the preservation of the public peace, health and safety, an emergency is hereby declared to exist, by reason whereof this act shall take effect and be in full force from and after its passage and approval.

54-1-244	CD	1/10/2013 4:11:57 PM