SJR 50 Summary

• Creates a "Revenue Replacement Endowment Fund" funded by at least 5% of annual gross production tax collections from oil and gas production, with deposits made before any other tax apportionment.

• Establishes a "Revenue Replacement Revolving Fund" that receives annual transfers of no more than 4% of the endowment fund balance, with at least 95% available for general state government spending (excluding debt service on bonds).

• The remaining 5% of the 4% annual transfer goes to the "Sustaining Oklahoma's Energy Resources Revolving Fund."

• Requires submission to Oklahoma voters as a constitutional amendment adding Section 44 to Article X, with an effective date of July 1, 2015.

• Directs the Secretary of State to refer the measure to voters using the specified ballot title and gist of the proposition.