SB2009 Summary

• Amends 3A O.S. 2011, Section 713 regarding the Oklahoma Education Lottery Act to clarify language about gross proceeds from lottery operations.

• Specifies that "gross proceeds of monies derived from the lottery" shall be property of the Oklahoma Lottery Commission, with at least 45% made available as prize money and at least 35% (or 30% initially) as net proceeds transferred to the Education Lottery Trust Fund.

• Maintains distribution requirements: 45% for K-12 public education and early childhood programs, 45% for higher education and career/technology education, and 5% each to the School Consolidation Fund and Teachers' Retirement System.

• Establishes procedures for monthly transfers of lottery net proceeds to ensure timely availability of funds for common education and higher education appropriations.

• Becomes effective November 1, 2014.