OK HB2764

Creates the Oklahoma Education Finance Authority governed by a 7-member board of trustees, with the Superintendent of Public Instruction serving as chair and 6 appointees from the Governor, Speaker of the House, and President Pro Tempore of the Senate serving staggered 2-3 year terms

Establishes the Oklahoma Education Finance Authority Endowment Fund to receive contributions and income tax checkoff donations, with the State Treasurer managing investments using prudent person standards

Restricts expenditures to earnings only (interest, dividends, investment proceeds), which may be used for classroom teacher salary increases and bonuses, textbooks and classroom supplies, capital improvement grants, and teacher training programs

Limits administrative costs to 1.5% of earnings, with a temporary exception allowing up to 2% of principal for administrative costs during fiscal years ending June 30, 2017 and June 30, 2018

Requires the Authority to apply for IRS tax-exempt status within 30 days and maintain a public website with detailed contribution and expenditure information, plus provide annual reports to contributors