Loading chat...

OK HB1022

Bill

Official Source

Status

Passed

4/22/2013

Primary Sponsor

Clark Jolley

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Commissioners of the Land Office gain authority to purchase real property (in addition to existing powers to acquire by exchange, gift, or grant) for managing state school lands
  • Permanent school funds and other educational funds may now be invested in real property owned or acquired by the Commissioners, in addition to U.S. bonds and dollar-denominated securities
  • Real property investments are capped at 3% of the total value of permanent school fund assets
  • Equity securities investments remain limited to no more than 60% of trust fund investments
  • When bidding to acquire property, the Commissioners cannot bid above the appraised value when competing against private sector bidders

Legislative Description

Public lands; allowing for the purchase of and investment of permanent school funds in certain real property.

Government

Last Action

Approved by Governor 04/22/2013

4/22/2013

Committee Referrals

Appropriations3/21/2013
Appropriations and Budget2/5/2013

Full Bill Text

No bill text available