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OK HJR1074
Joint Resolution
Status
2/3/2014
Primary Sponsor
Charles Joyner
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AI Summary
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Increases the maximum percentage of surplus funds placed in the Constitutional Reserve Fund from 15% to 22% of the preceding fiscal year's General Revenue Fund certification.
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Creates a new Oklahoma Railways Trust Fund that receives investment income and interest on Constitutional Reserve Fund deposits exceeding $600,000,000.
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Restricts Oklahoma Railways Trust Fund expenditures to maintenance of state rail infrastructure, development of rail transportation, and establishment of public rail transportation facilities only.
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Requires the State Board of Equalization to annually examine appropriations from the trust fund to ensure funds enhance rather than replace existing state railway funding.
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Directs the Secretary of State to refer the proposed constitutional amendment to voters for approval or rejection by ballot measure.
Legislative Description
Constitutional amendment; increasing Constitutional Reserve Fund Cap; creating and funding Oklahoma Railways Trust Fund; ballot title; filing.
Motor Vehicles and Transportation
Last Action
Second Reading referred to Appropriations and Budget
2/4/2014