HB1764 Summary

• Allocates the first $50,000,000 annually from gross production tax revenues on natural gas to a newly created Teachers' Retirement System Cost-of-Living Adjustment Revenue Fund, beginning July 1, 2013.

• Requires the Commissioners of the Land Office to apportion the first $25,000,000 each year from oil and gas royalty income to the same Teachers' Retirement System Cost-of-Living Adjustment Revenue Fund.

• Creates a continuing fund (not subject to fiscal year limitations) in the State Treasury designated for the Teachers' Retirement System to receive and manage these dedicated revenue streams.

• Amends 68 O.S. 2011, Section 1004 regarding gross production tax apportionment to establish this new funding mechanism for teacher retirement cost-of-living adjustments.

• Declares an emergency effective date of July 1, 2013, requiring immediate enactment.