HJR1016 Summary

• Submits a proposed constitutional amendment (Section 25A, Article X) to Oklahoma voters directing the Secretary of State to hold a referendum on the measure.

• Requires the first $100,000,000 in revenues from debt service payments to be deposited into a designated fund created or designated by the Legislature, effective July 1, 2017, once all principal, interest, and issuance costs are fully paid.

• Restricts fund usage exclusively to acquisition or improvement of real property owned by the state, or personal property incorporated into real property improvements; prohibits use for debt service payments.

• Exempts certain state entities from requirements, including the Oklahoma Industrial Finance Authority, Housing Finance Agency, Grand River Dam Authority, Turnpike Authority, Water Resources Board, Student Loan Authority, and Municipal Power Authority.

• Requires two-thirds approval from the Long Range Capital Planning Commission for fund expenditures and mandates annual reporting by responsible agencies to the State Treasurer and Office of Management and Enterprise Services.