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STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 2776 By: Pfeiffer
COMMITTEE SUBSTITUTE
An Act relating to school funding; creating the Ad
Valorem School District Support Revolving Fund;
describing type and contents of fund; providing
purpose of fund; providing for expenditures;
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 se ction of law to be codified
in the Oklahoma Statutes as Section 3 -111.1 of Title 70, unless
there is created a duplication in numbering, reads as follows:
There is hereby created in the State Treasury a revolving fund
for the State Department of Education to be designated the "Ad
Valorem School District Support Revolving Fund". The fund shall be
a continuing fund, not subject to fiscal year limitations, and shall
consist of all monies received by the State Department of Education
from ad valorem funds whi ch are under protest pursuant to Section
2884 of Title 68 of the Oklahoma Statutes. All monies accruing to
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the credit of said fund are hereby appropriated and may be budgeted
and expended by the State Department of Education for the purpose of
providing funding to school districts which are affected by
protested ad valorem taxes. Expenditures from said fund shall be
made upon warrants issued by the State Treasurer against claims
filed as prescribed by law with the Director of the Office of
Management and Enterprise Services for approval and payment.
SECTION 2. This act shall become effective November 1, 2021.
58-1-7812 LRB 02/25/21