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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
SENATE BILL 1439 By: Rader
AS INTRODUCED
An Act relating to state fiscal affairs; creating the
Oklahoma Law Enforcement Legacy Fund; providing
sources of funds; requiring the State Treasurer to
appoint investment managers; establishing investment
guidelines; authorizing realization of losses under
certain circumstance; requiring income and returns to
accrue to the balance of the fu nd; providing for
appropriations of funds for cert ain purpose;
providing for transfer amount upon insufficient
liquidity; requiring managers to maintain certain
proportion of liquidity in the fund; making
appropriation to the Office of the State Treasurer;
requiring deposit 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 to b e codified
in the Oklahoma Statutes as Section 34.601 of Title 62, unless there
is created a duplication in numbering, reads as f ollows:
A. There is hereby created in the State Treasury a fund to be
known and designated as the “Oklahoma Law Enforcement Legacy Fund”.
The fund shall be a continuing fund, not subject to fiscal year
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limitations, and shall consist of surplus monies and savings
appropriated by the Legislature.
B. The State 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 p rudent not to do so, which sh all
include the length of time of the investment. The investment
managers may sell investments and realize losses if such action is
considered advantageous to longer -term return maximization.
C. The fund principal shall consist of monies which are
deposited to the fund. No twithstanding any other provisions of law,
income and investment return 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 Law Enforcement Legacy Fund and the
increase in value from the previous fiscal year .
E. Except as provided for in subsection s F and G of this
section, upon a determination by the Treasurer, through the report
provided pursuant to subsect ion D of this section, that the increase
in the value of the Oklahoma Law Enforcement Legacy Fund, from the
previous fiscal year, exceeds One Hundred Million Dollars
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($100,000,000.00) or any additional whole increments of One Hundred
Million Dollars ($100,000,000.00) , a transfer to the General Revenue
fund, solely for the purpose of increasing the wages of law
enforcement in this state, shall be made on January 1 of each
subsequent calendar year in an amount equal to the highest whole
one-hundred-million-dollar increment, as determined by the
Treasurer.
F. Except as provided for in subsection G of this section, u pon
a subsequent determination by the Treasurer, through the report
provided pursuant to subsection D of this section , that the Oklahoma
Law Enforcement Legacy Fund increased in value by any whole
increments of One Hundred Million Dollars ($100,000,000.00) greater
than the most recent January 1 transfer to the General Revenue Fund
made pursuant to the provisions of this section, each subsequent
January 1 transfer shall be made in an amount equal to the high est
whole one-hundred-million-dollar increment that the Oklahoma Law
Enforcement Legacy Fund increase d in value, as determined by the
Treasurer.
G. Investment managers appointed pursuant to subsection B of
this section shall maintain a reasonable proportion of liquid assets
in the Oklahoma Law Enforcement Legacy Fund in order to facilitate
any expected transfers required pursuant to subsections E and F of
this section. In the event the balance of the Oklahoma Law
Enforcement Legacy Fund is insufficient or the cash available in the
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fund is insufficient due to lack of liquid assets to make the
transfers required pursuant to subsections E and F of this section,
the entire balance a vailable 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 Law Enforcement Legacy
Fund, from any monies not otherwise appropriated from t he General
Revenue Fund of the State Treasury for the fiscal year ending June
30, 2021, the sum of One Hundred Forty-five Million Eight Hundred
Eighteen Thousand Six Hundred One Dollars ( $145,818,601.00).
SECTION 3. There is hereby appropr iated to the Office of the
State Treasurer for deposit in the Oklahoma Law Enforcement Legacy
Fund, from any monies not otherwise appropriated from the General
Revenue Fund of the State Treasury for the fiscal year ending June
30, 2022, the sum of Sixty-four Million Two Hundred Fifty Thousand
Two Hundred Ninety-nine Dollars ($64,250,299.00).
SECTION 4. There is hereby appropriated to the Office of the
State Treasurer for deposit in the Oklahoma Law Enforcement Legacy
Fund, from any monies not otherwise appropriated from the General
Revenue Fund of the State Treasury for the fiscal year ending June
30, 2023, the sum of One Billion Eight Hundred Forty -five Million
Two Hundred Fifty-three Thousand Seven Hundred Thirteen Dollars
($1,845,253,713.00).
SECTION 5. This act shall become effective July 1, 2024.
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SECTION 6. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereo f this act shall take effect and
be in full force from and after its passage and approval.
59-2-3008 QD 12/15/2023 5:07:37 PM