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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
SENATE BILL 1399 By: Hall
AS INTRODUCED
An Act relating to state fiscal affairs; creating the
Oklahoma Long-Range Capital Planning Legacy Fund;
providing sources of funds; requir ing the State
Treasurer to appoint investment managers;
establishing investment guidelines; authorizing
realization of losses under certain circumstance;
requiring income and retur ns to accrue to the balance
of the fund; providing for transfer of funds;
requiring managers to maintain certain proportion of
liquidity in the fund; providing for transfer amount
upon insufficient liquidity; making appropriation to
the Office of the State Treasurer; requiring deposi t
in certain fund; 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 t o be codified
in the Oklahoma Statutes as Section 34.602 of Title 62, unless there
is created a duplication in numbering, reads as follows:
A. There is hereby created in the State Treasury a fund to be
known and designated as the “Oklahoma Long-Range Capital Planning
Legacy Fund”. The fund shall be a continuing fund, not s ubject to
fiscal year limitations , and shall consist of surplus monies and
savings appropriated by the Le gislature.
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B. The Treasurer shall appoint qualified investment managers to
provide for the investment of the monies of the fund. The
investments shall be consistent with the manner in which state
retirement funds are invested. The risk of large losses shall be
minimized by diversifying the investments in the fund, unless, under
the circumstances, it is clearly prudent not to do so, which shall
include the length of time of the investment. The investment
managers may sell investments and realize losses if su ch action is
considered advantageous to longer -term return maximization.
C. The fund principal shall consist of monies which are
deposited to the fund. Notwithstanding any other provisions of law,
income and investment retur n on fund principal shall accrue to the
fund.
D. For each fiscal year, the Treasurer shall make available a
report on its website detailing the present value of the investments
and assets in the Oklahoma Long-Range Capital Planning Legacy Fund
and the increase in value from the previo us fiscal year.
E. Except as provided for in subsection F and G of this
section, upon a determination by the Treasurer, through the report
provided pursuant to subsect ion D of this section, of the increase
in the value of the Oklahoma Long-Range Capital Planning Legacy
Fund, the Long-Range Capital Planning Commission may make a request
for transfer of up to fo rty percent (40%) of the increase in val ue
of the fund, as determined by the Treasu rer, to the Maintenance of
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State Buildings Revolving Fund , created in Section 908 of Title 62
of the Oklahoma Statutes. For fiscal year 2025, the Long -Range
Capital Planning Commission may request an amount not to exceed
Fifty Million Dollars ( $50,000,000.00) for transfer to the
Maintenance of State Buildings Revolving Fund .
F. Investment managers appointed pursuant to subsection B of
this section shall maintain a reasonabl e proportion of liquid assets
in the Oklahoma Long-Range Capital Planning Legacy Fund in order to
facilitate any expected transfers requested pursuant to subsection E
of this section. In the event the balance of the Oklahoma Long-
Range Capital Planning Legacy Fund is insufficient or the cash
available in the fund is insufficient due to lack of liquid assets
to make the transfers required pursuant to subsection E of this
section, the entire balance available for transfer shall be
transferred to the fund.
SECTION 2. There is hereby appropriated to the Office of the
State Treasurer for deposit in the Oklahoma Long-Range Capital
Planning Legacy Fund, from any monies not otherwise appropriat ed
from the General Revenue Fund of the State Treasury for the fiscal
year ending June 30, 2023 , the sum of Five Hundred Million Dollars
($500,000,000.00).
SECTION 3. This act shall become effective July 1, 2024.
SECTION 4. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
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declared to exist, by reason whereof thi s act shall take effect and
be in full force from and after its passage and approval.
59-2-2569 QD 12/15/2023 3:19:41 PM