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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 302 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 fund; providing for
appropriations of funds for certain 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 be codified
in the Oklahoma Statutes as Section 34.601 o f Title 62, unless there
is created a duplication in numbering, reads as follo ws:
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 s ubject to fiscal year
limitations, and shall consist of surplus monies and savings
appropriated by the Legislature.
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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 inve sted. 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 such 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 investmen t 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 inves tments
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 subsections F and G of this
section, upon a determination by the Treasurer, through the report
provided pursuant to subsection D of this section, that the increase
in the value of the O klahoma Law Enforcement Legacy Fund from the
previous fiscal year exceeds One Hundred Million Dollars
($100,000,000.00) or any additional whole increments of One Hundred
Million Dollars ($100,000,000.00), a transfer to the General Revenue
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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, upon
a subsequent determination by the Treasurer, through the report
provided pursuant to subsection D of this section, that the Oklah oma
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 su bsequent
January 1 transfer shall be made in an amount equal to the highest
whole one-hundred-million-dollar increment that the Oklahoma Law
Enforcement Legacy Fund increased in value, as determined by the
Treasurer.
G. Investment managers appointed pursu ant 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 th e balance of the Oklahoma Law
Enforcement Legacy Fund is insufficient or the c ash available in the
fund is insufficient due to lack of liquid assets to make the
transfers required pursuant to subsections E and F of this section,
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the entire balance availabl e 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 the Gene ral
Revenue Fund of the State Treasury for the fiscal year ending June
30, 2023, the sum of Five Hundred Sixty -three Million Six Hundred
Ninety-six Thousand Six Hundred Twenty -six Dollars
($563,696,626.00).
SECTION 3. There is hereby appro priated 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, 2024, the sum of Seven Hundred Fifty-nine Million Three Hundred
Ninety-two Thousand Nine Hundred Sixt y-four Dollars
($759,392,964.00).
SECTION 4. This act shall become effective July 1, 2025.
SECTION 5. It being immediately necessary for the pre servation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
60-1-76 QD 12/30/2024 11:48:56 PM