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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
SENATE BILL 1226 By: Pugh
AS INTRODUCED
An Act relating to higher education; creating the
Higher Education Property Insurance Revolving Fund;
specifying source of fund; provid ing for
expenditures; providing purpose of fund; providing
for codification; providing an effective date; and
declaring an emergency .
BE IT ENACTED BY THE PEOP LE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3916 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 Oklahoma State Regents for Higher Educati on to be designated
the “Higher Education Property Insurance 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 Regents from
legislative appropriations provided for the purpose of paying
property insurance expenditures for institutions of higher education
within The Oklahoma State System of H igher Education. All monies
accruing to the credit of the fund are hereby appropriated and may
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be budgeted and expended by the State Regents for the purpose
provided for in this section . 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 the Office of
Management and Enterprise Services for approval and payment.
SECTION 2. This act shall become effective July 1, 2024.
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.
59-2-2510 EB 12/6/2023 1:47:17 PM