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53	53	STATE OF OKLAHOMA
54	54
55	55	1st Session of the 60th Legislature (2025)
56	56
57	57	SENATE BILL 302 By: Rader
58	58
59	59
60	60
61	61	AS INTRODUCED
62	62
63	63	An Act relating to state fiscal affairs; creating the
64	64	Oklahoma Law Enforcement Legacy Fund; providing
65	65	sources of funds; requiring the State Treasurer to
66	66	appoint investment managers; establishing investment
67	67	guidelines; authorizing realization of losses under
68	68	certain circumstance; requiring income and returns to
69	69	accrue to the balance of the fund; providing for
70	70	appropriations of funds for certain purpose;
71	71	providing for transfer amount upon insufficient
72	72	liquidity; requiring managers to maintain certain
73	73	proportion of liquidity in the fund; making
74	74	appropriation to the Office of the State Treasurer;
75	75	requiring deposit in certain fund; providing for
76	76	codification; providing an effective date; and
77	77	declaring an emergency .
78	78
79	79
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81	81	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
82	82	SECTION 1. NEW LAW A new section of law to be codified
83	83	in the Oklahoma Statutes as Section 34.601 o f Title 62, unless there
84	84	is created a duplication in numbering, reads as follo ws:
85	85	A. There is hereby created in the State Treasury a fund to be
86	86	known and designated as the “Oklahoma Law Enforcement Legacy Fund ”.
87	87	The fund shall be a continuing fund, not s ubject to fiscal year
88	88	limitations, and shall consist of surplus monies and savings
89	89	appropriated by the Legislature.
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141	141	B. The State Treasurer shall appoint qualified investment
142	142	managers to provide for the investment of the monies of the fund.
143	143	The investments shall be consistent with the manner in which state
144	144	retirement funds are inve sted. The risk of large losses shall be
145	145	minimized by diversifying the investments in the fund, unless, under
146	146	the circumstances, it is clearly prudent not to do so, which shall
147	147	include the length of time of the investment. The investment
148	148	managers may sell investments and realize losses if such action is
149	149	considered advantageous to longer -term return maximization.
150	150	C. The fund principal shall consist of monies which are
151	151	deposited to the fund. Notwithstanding any other provisions of law,
152	152	income and investmen t return on fund principal shall accrue to the
153	153	fund.
154	154	D. For each fiscal year, the Treasurer shall make available a
155	155	report on its website detailing the present value of the inves tments
156	156	and assets in the Oklahoma Law Enforcement Legacy Fund and the
157	157	increase in value from the previous fiscal year.
158	158	E. Except as provided for in subsections F and G of this
159	159	section, upon a determination by the Treasurer, through the report
160	160	provided pursuant to subsection D of this section, that the increase
161	161	in the value of the O klahoma Law Enforcement Legacy Fund from the
162	162	previous fiscal year exceeds One Hundred Million Dollars
163	163	($100,000,000.00) or any additional whole increments of One Hundred
164	164	Million Dollars ($100,000,000.00), a transfer to the General Revenue
165	165
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216	216	Fund, solely for the purpose of increasing the wages of law
217	217	enforcement in this state, shall be made on January 1 of each
218	218	subsequent calendar year in an amount equal to the highest whole
219	219	one-hundred-million-dollar increment, as determined by the
220	220	Treasurer.
221	221	F. Except as provided for in subsection G of this section, upon
222	222	a subsequent determination by the Treasurer, through the report
223	223	provided pursuant to subsection D of this section, that the Oklah oma
224	224	Law Enforcement Legacy Fund increased in value by any whole
225	225	increments of One Hundred Million Dollars ($100,000,000.00) greater
226	226	than the most recent January 1 transfer to the General Revenue Fund
227	227	made pursuant to the provisions of this section, each su bsequent
228	228	January 1 transfer shall be made in an amount equal to the highest
229	229	whole one-hundred-million-dollar increment that the Oklahoma Law
230	230	Enforcement Legacy Fund increased in value, as determined by the
231	231	Treasurer.
232	232	G. Investment managers appointed pursu ant to subsection B of
233	233	this section shall maintain a reasonable proportion of liquid assets
234	234	in the Oklahoma Law Enforcement Legacy Fund in order to facilitate
235	235	any expected transfers required pursuant to subsections E and F of
236	236	this section. In the event th e balance of the Oklahoma Law
237	237	Enforcement Legacy Fund is insufficient or the c ash available in the
238	238	fund is insufficient due to lack of liquid assets to make the
239	239	transfers required pursuant to subsections E and F of this section,
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291	291	the entire balance availabl e for transfer shall be transferred to
292	292	the fund.
293	293	SECTION 2. There is hereby appropriated to the Office of the
294	294	State Treasurer for deposit in the Oklahoma Law Enforcement Legacy
295	295	Fund, from any monies not otherwise appropriated from the Gene ral
296	296	Revenue Fund of the State Treasury for the fiscal year ending June
297	297	30, 2023, the sum of Five Hundred Sixty -three Million Six Hundred
298	298	Ninety-six Thousand Six Hundred Twenty -six Dollars
299	299	($563,696,626.00).
300	300	SECTION 3. There is hereby appro priated to the Office of the
301	301	State Treasurer for deposit in the Oklahoma Law Enforcement Legacy
302	302	Fund, from any monies not otherwise appropriated from the General
303	303	Revenue Fund of the State Treasury for the fiscal year ending June
304	304	30, 2024, the sum of Seven Hundred Fifty-nine Million Three Hundred
305	305	Ninety-two Thousand Nine Hundred Sixt y-four Dollars
306	306	($759,392,964.00).
307	307	SECTION 4. This act shall become effective July 1, 2025.
308	308	SECTION 5. It being immediately necessary for the pre servation
309	309	of the public peace, health or safety, an emergency is hereby
310	310	declared to exist, by reason whereof this act shall take effect and
311	311	be in full force from and after its passage and approval.
312	312
313	313	60-1-76 QD 12/30/2024 11:48:56 PM

Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB302 Compare Versions