SB 2107 Summary

• Creates Federal Impact Aid Revolving Fund in the Oklahoma Department of Commerce to receive one-half of vehicle registration tax and sales tax revenues exceeding fiscal year 2010 amounts.

• Distributes Federal Impact Aid Revolving Fund monies on pro rata basis to county treasurers of counties with federal military installations, with 50% going to school districts and 50% allocated through joint federal impact aid committees.

• Establishes joint municipal and county federal impact aid committees consisting of five members including municipality representatives, county commissioners, and Governor's designee to determine municipal and county fund allocations.

• Amends apportionment provisions in Title 47 Section 1104 and Title 68 Sections 1353 and 2352 to redirect excess revenues into the new revolving fund.

• Becomes effective July 1, 2010 with emergency clause for immediate implementation.