OK SJR61

Creates the Revenue Replacement Endowment Fund in the State Treasury, funded by at least 5% of annual gross production tax collections on oil and gas, plus investment returns and other deposits as directed by the Legislature

Establishes the Revenue Replacement Revolving Fund as a continuing fund to receive transfers from the endowment and be spent like General Revenue Fund beginning July 1, 2017

Limits annual transfers from the endowment to the revolving fund to no more than 4% of the endowment balance, starting July 1, 2017

Prohibits use of revolving fund monies for debt service payments on bonds or financing instruments issued by the state, counties, municipalities, or other governmental entities

Requires voter approval through a ballot referendum to amend the Oklahoma Constitution by adding Section 44 to Article X