Senate Bill 842 Summary

• Appropriates $60,185,000 from the Constitutional Reserve Fund to the State Board of Education for transfer to the Ad Valorem Reimbursement Fund.

• Funds reimburse counties for school districts that lost revenue due to tax exemptions granted under Section 6B of Article X of the Oklahoma Constitution.

• Appropriation is not subject to fiscal year limitations and is available for encumbrance and expenditure for 30 months from the date of approval.

• Appropriation is exempt from fiscal years 2017 and 2018 agency category and budget limits.

• Effective date is June 15, 2017; emergency clause allows immediate effect upon passage and approval.