OK SB1605

Establishes the Deferred Maintenance Revolving Fund in the State Treasury under the Department of Central Services, effective July 1, 2010.

Requires the Office of State Finance to transfer 5% of annual surplus funds to the General Revenue Fund (over and above Constitutional Reserve Fund deposits) to the Deferred Maintenance Revolving Fund.

Fund monies are appropriated for deferred maintenance and repairs of capital assets and infrastructure under Department of Central Services control, with expenditures by State Treasurer warrant.

Amends 62 O.S. Section 203 to exempt the new Deferred Maintenance Revolving Fund from provisions requiring surplus funds be credited to the General Revenue Fund.

Declares an emergency effective upon passage and approval.