SB 1979 Summary

• Amends 53 O.S. 2011, Section 201D to include annual deposits from the J.M. Davis Arms and Historical Museum Endowment Fund as a revenue source for the J.M. Davis Memorial Commission Revolving Fund.

• Creates a new J.M. Davis Arms and Historical Museum Endowment Fund in the State Treasury as a continuing fund not subject to fiscal year limitations, funded through donations, appropriations, and investment earnings.

• Requires the State Treasurer to invest the Endowment Fund in accordance with Section 89.2 of Title 62 of the Oklahoma Statutes.

• Specifies that only earnings from the Endowment Fund, including interest, dividends, and realized capital gains, shall be deposited annually to the J.M. Davis Memorial Commission Revolving Fund.

• Takes effect November 1, 2014.