Senate Bill 247 Summary

• Amends Oklahoma education lottery law (3A O.S. Section 713) to direct lottery proceeds into a new "Common Education Lottery Revolving Fund" rather than direct appropriation to common education.

• Creates the Common Education Lottery Revolving Fund as a continuing revolving fund that receives 45% of Oklahoma Education Lottery Trust Fund proceeds and distributes these funds monthly to school districts based on average daily membership.

• Requires the State Board of Education to distribute Common Education Lottery Revolving Fund monies to all common school districts by the 15th of each month for K-12 education, compensation and benefits for teachers and support staff, and early childhood development programs.

• Beginning in fiscal year 2014, requires the Legislature to appropriate funds for public schools in an amount equal to the total appropriated to the Common Education Lottery Revolving Fund, effectively matching lottery allocations with general revenue appropriations.

• Becomes effective July 1, 2013, with emergency clause declared due to preservation of public peace, health and safety.