SB 1649 Summary

• Amends the Commissioners of the Land Office Revolving Fund (64 O.S. 2011, Section 1011) to allow fund monies to be used for conservation and commercial property upgrades in addition to existing authorized expenses.

• Expands the revolving fund's permitted uses to include personal services, operating expenses, and equipment purchases necessary for Land Office operations.

• Authorizes the State Treasurer to invest revolving fund monies per Section 89.1a et seq. of Title 62, with interest income credited back to the fund.

• Creates a new "Multiyear Education Distribution Stabilization Revolving Fund" to hold bonus and delay rental income from oil and gas leases when distributions are made on a five-year rolling average schedule.

• Takes effect July 1, 2012, with emergency clause allowing immediate implementation upon passage and approval.