Senate Bill 433 Summary

• Creates the Common Education Trust Fund funded by obligations authorized by Enrolled Senate Joint Resolution No. 15, with principal to support teacher salary supplements, recruit and retain teachers, and fund educational programs benefiting all students.

• Establishes a 5-member Board of Investors of the Common Education Trust Fund (including State Treasurer as chair, plus appointees from Governor, State Auditor and Inspector, Speaker of House, and President Pro Tempore of Senate) to manage assets and certify annual earnings available for expenditure.

• Creates a 7-member Teacher Salary Supplement Committee (with diverse representation from educators, administrators, parents, business, and technology centers) to review teacher salaries, recommend supplements, and solicit proposals for student benefit programs.

• Requires State Board of Equalization to annually examine whether Common Education Trust Fund expenditures enhance or supplant existing state education funding, with Legislature required to replenish any supplanted amounts.

• Creates Oklahoma Building Bonds Common Education Sinking Fund pledging monthly state sales tax revenues (1/12 of principal payments and 1/6 of interest payments) to service $350 million in bonds issued for infrastructure, building, and equipment projects across higher education institutions, technology centers, and state agencies.