OK SB976

Increases the maximum annual apportionment to the Rebuilding Oklahoma Access and Driver Safety Fund from $400,000,000 to $435,000,000 beginning in fiscal year 2012.

Raises the base annual apportionment amount from $35,700,000 to $41,700,000 for fiscal year 2012 and each fiscal year thereafter, with priority given to debt service payments for obligations issued under Section 341 of Title 73.

Modifies Section 68 of Enrolled House Bill No. 2170 to change the source fund for a $101,695,609 transfer from the State Highway Construction and Maintenance Fund (310 Fund) to the State Transportation Fund (290 Fund).

Maintains existing provisions requiring the State Board of Equalization to examine annual fund expenditures to ensure the ROADS Fund enhances rather than supplants state transportation funding.

Permits fund reductions during General Revenue Fund revenue failures declared by the Director of the Office of State Finance, with exceptions for debt service obligations.