SJR 33 Summary

• Proposes constitutional amendment adding Section 44 to Article X creating a "Revenue Replacement Endowment Fund" funded by 5% annual deposits of gross production tax collections from oil and gas production

• Establishes a "Revenue Replacement Revolving Fund" receiving 95% of 4% annual transfers from the endowment fund balance, with funds appropriated for state government operations beginning July 1, 2013

• Directs remaining 5% of annual 4% transfers to "Sustaining Oklahoma's Energy Resources Revolving Fund" and prohibits use of revolving fund monies for debt service on bonds or other financing instruments

• Requires endowment fund principal to be invested in instruments authorized by law and submits proposed amendment to voters for approval with specified ballot title language