HB 1883 Summary

• Modifies the Commissioners of the Land Office Revolving Fund to allow the Secretary of the Land Office to designate additional available monies for transfer into the fund, which are then appropriated and may be budgeted and expended within the same annual period or thereafter.

• Allows the fund to be used for distributions in addition to existing authorized expenses, and removes the requirement that the Director of Accounting prescribe forms and procedures for administering the cash drawer change fund.

• Establishes procedures for deposits placed at auction for land or mineral sales to be held by the Secretary for safekeeping, with deposits paid into the treasury within 3 business days of transaction finalization or returned to the payor within 3 business days if the transaction is not completed.

• Modifies monthly accounting statements to report operational expenditures rather than assets and liabilities, and creates the "Multiyear Education Distribution Stabilization Revolving Fund" to allow bonus and delay rental income to be distributed on a five-year rolling average schedule if determined to be in the trust's best interest.

• Exempts publications produced by the Commissioners of the Land Office from state publication requirements, and repeals outdated provisions regarding loan and investment office numbers, income payment procedures, and investment authority.