OK SJR63

Proposes adding Section 23c to Article X of Oklahoma Constitution to create a procedure when new laws reduce revenues or increase state spending in a future fiscal year.

Requires State Equalization Board to estimate the maximum projected reduction in revenues or increase in state expenditures from such laws and subtract this amount from the next fiscal year's appropriations available.

Directs the subtracted amount to be deposited with the state retirement system having the greatest unfunded liability as a percentage of its assets.

Establishes ballot title and special election for July 27, 2010, to submit the constitutional amendment to Oklahoma voters for approval or rejection.

Requires President Pro Tempore of Senate to file copies of the resolution with Secretary of State and Attorney General immediately after passage.