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ENGROSSED HOUSE
BILL NO. 3444 By: O'Donnell, Fugate, and
Lepak of the House
and
Daniels of the Senate
An Act relating to public finance; amending 62 O.S.
2021, Section 34.55, which relates to transfer of
funds; prohibiting transfers f rom the Constitutional
Reserve Fund; providing an effective date; and
declaring an emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 2021, Section 34.55, is
amended to read as follows:
Section 34.55 A. The Except as provided by subsection C of
this section, the Director of the Office of Management and
Enterprise Services may tr ansfer monies from any treasury fund to
the General Revenue Cash -flow Reserve Fund as required to satisfy
monthly allocations scheduled from the General Revenue Fund for the
then current fiscal year. Funds from which any monies are so
transferred shall be repaid before any transfers are made from the
General Revenue Fund to the General Revenue Cas h-flow Reserve Fund
for the subsequent fiscal year.
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B. The Director of the Off ice of Management and Enterprise
Services may transfer monies to any treasury fund from the General
Revenue Cash-flow Reserve Fund as required to satisfy cash -flow
requirements of the federal Cash Management Improvement Act. Funds
to which any monies are so transferred shall be repaid within the
same month. If insufficient funds exist in the General Revenue
Cash-flow Reserve Fund for this purpose, the General Revenue Fund
for the then current fiscal year may be used with the same repayment
stipulations.
C. No funds shall be transferred from the Constitutional
Reserve Fund pursuant to the provisions of this section and
expenditures from the Constitutional Reserve Fund shall only be made
pursuant to an appropriation by law according to the requirements of
Section 23 of Article X of the Oklahoma Constitution.
SECTION 2. This act shall become effective July 1, 2022.
SECTION 3. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof thi s act shall take effect and
be in full force from and after its passage and approval.
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Passed the House of Representatives the 10th day of March, 2022.
Presiding Officer of the House
of Representatives
Passed the Senate the ___ day of __________, 2022.
Presiding Officer of the Senate