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53	53	STATE OF OKLAHOMA
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55	55	1st Session of the 59th Legislature (2023)
56	56
57	57	SENATE BILL 579 By: Montgomery
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63	63	AS INTRODUCED
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65	65	An Act relating to school district funding; creating
66	66	the School District Ad Valore m Protest Assistance
67	67	Revolving Fund; providing sources of funds; stating
68	68	purpose; providing for expe nditures from fund;
69	69	authorizing the State Board of Educ ation to provide
70	70	loans and one-time funds to school districts under
71	71	certain circumstance ; stating amount of loan;
72	72	prescribing repayment of loan; stating amount of one-
73	73	time funds; authorizing school districts submit
74	74	application; requiring the Board to provide certain
75	75	forms; making issuance of loan and payment of fun d
76	76	contingent upon availability of funds; requiring
77	77	certain payment as funds become available; providing
78	78	for codification; and providing an effective date.
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83	83	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
84	84	SECTION 1. NEW LAW A new section of law to be codifi ed
85	85	in the Oklahoma Stat utes as Section 3-104.12 of Title 70, unless
86	86	there is created a duplication in numb ering, reads as follows:
87	87	A. There is hereby created in the State Treasury a revolving
88	88	fund for the State Board of Education to be designated the “School
89	89	District Ad Valorem Protest Assistance Revolving Fund”. The fund
90	90	shall be a continuing fund not subject to fiscal year limitations
91	91	and shall consist of all monies appropriated or transferred to the
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143	143	fund by the Legislature. Except as otherwise provide d in this
144	144	section, all monies accruing to the credi t of the fund are hereby
145	145	appropriated and may be budgeted and expended by the State Board of
146	146	Education for the purpo se of providing financial assis tance to local
147	147	school districts pursuant to subsection B of this section.
148	148	Expenditures from the fund shall be made on warrants issued by the
149	149	State Treasurer against claims filed as prescribed by law with the
150	150	Director of the Office of Management and Enterp rise Services for
151	151	approval and payment.
152	152	B. The State Board of Education is authorized to provide loans
153	153	to school districts whose funding is reduced from the budgeted
154	154	amount due to ad valorem protest s and one-time funds to school
155	155	districts whose funds received from the formula for State Aid
156	156	pursuant to Section 18-200.1 of Title 70 of the Oklahoma Statutes
157	157	were reduced as a result of an error in valuation by a county
158	158	assessor.
159	159	C. Loans made to a school district shall be equal to the amount
160	160	the district would have received from the taxes paid under protest
161	161	that are held separate by the county treasurer pursuant to Section
162	162	18-200.1 of Title 70 of the Oklahoma Statutes . Upon the
163	163	apportionment of funds to the district pursuant to subsection E of
164	164	Section 18-200.1 of Title 70 of the Oklahoma Statutes , the district
165	165	shall remit to the Board the funds received from the app ortionment
166	166	and the loan shall be considered paid in full.
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218	218	D. One-time funds paid to a school district shall be equal to
219	219	the difference between the amount of funds the district receiv ed for
220	220	a school year from the formula for State Aid and the amount of fun ds
221	221	the district would have received if the error in valuation had not
222	222	occurred.
223	223	E. School districts may apply for loans and one -time funds
224	224	provided pursuant to this section on forms prescribed by the Boar d.
225	225	Applications shall be processed by the Board in the order they are
226	226	received, and the issuance of loans and payments of one-time funds
227	227	shall require approval of the application by the Board and be
228	228	subject to the availability of funds on balance in the School
229	229	District Ad Valorem Protest Assistance Revolving Fund. Applications
230	230	for one-time funds made pursuant to subsection D of this section
231	231	approved by the Board but not paid due to unavailability of funds
232	232	shall be paid as funds become available.
233	233	SECTION 2. This act shall become effective November 1, 2023.
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235	235	59-1-492 QD 1/17/2023 6:18:11 PM

Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB579 Compare Versions