SB397 Summary

• Creates the STEMM Trust Fund supported by bond proceeds from Enrolled Senate Joint Resolution No. 14 to fund science, technology, engineering, mathematics and medicine programs at University of Oklahoma, Oklahoma State University, and Regional University System of Oklahoma.

• Establishes a five-member Board of Investors of the STEMM Trust Fund, composed of the State Treasurer (chair), Governor appointee, State Auditor and Inspector appointee, Speaker appointee, and President Pro Tempore appointee, with staggered four-year terms and quarterly meetings requiring three members for quorum.

• Directs the State Treasurer to distribute certified annual earnings (limited to interest, dividends, and realized capital gains) on September 30 each year: 40% to University of Oklahoma, 40% to Oklahoma State University, and 20% to Regional University System of Oklahoma for research positions, endowed chairs, tuition assistance, and research foundations in STEMM fields.

• Prohibits using transferred funds to supplant existing state appropriations and requires the State Board of Equalization to report annually in February on whether funds enhance or supplant state funding, with the Legislature required to replenish any supplanted amounts.

• Creates the Oklahoma Building Bonds Higher Education Sinking Fund and authorizes $350 million in bonds backed by cigarette tax revenues for infrastructure, buildings, and capital improvements across multiple state agencies and educational institutions.