SJR 19 - Revenue Replacement Endowment Fund

• Creates a constitutional amendment establishing a Revenue Replacement Endowment Fund to support state government operations, funded by at least 5% of annual gross production tax collections on oil and gas production.

• Establishes a Revenue Replacement Revolving Fund to receive and expend funds from the endowment; all fund monies may be budgeted like general revenue starting July 1, 2013, but cannot be used for debt service on bonds or other financing instruments.

• Limits annual transfers from endowment to revolving fund to no more than 4% of the endowment balance, with at least 95% going to the revolving fund and the remainder deposited into the Sustaining Oklahoma's Energy Resources Revolving Fund.

• Requires the endowment fund principal to be invested in instruments authorized by law, and allows the Legislature to direct deposits above 5% of gross production tax collections.

• Directs the Secretary of State to refer the proposed constitutional amendment to voters for approval with a specified ballot title.