SB 1264 Summary

• Creates the Oklahoma Debt Reduction Fund in the State Treasury under the Office of State Finance as a continuing fund not subject to fiscal year limitations.

• Transfers 30% of surplus funds (after Constitutional Reserve Fund reaches its limit) to the Oklahoma Debt Reduction Fund, with remaining 70% available for one-time expenditures if appropriated by Legislature.

• Allocates fund monies by legislative appropriation to reduce unfunded pension liabilities if any state pension system has less than 80% funded ratio; otherwise allocates to reduce state bonded indebtedness.

• Any unappropriated amounts revert to their original fund source unless otherwise allocated by the Legislature.

• Effective July 1, 2012, with emergency clause for immediate implementation.