OK SJR35

Directs the Secretary of State to refer a proposed constitutional amendment to voters that adds Section 44 to Article X of the Oklahoma Constitution.

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

Establishes the "Revenue Replacement Revolving Fund" as a continuing fund that receives transfers from the endowment fund beginning July 1, 2018, with no more than 4% of the endowment balance transferred annually.

Prohibits use of revolving fund monies for debt service payments on bonds or other financing instruments issued by state or local governmental entities.

Allows revolving fund monies to be budgeted and expended for state government operations in the same manner as the General Revenue Fund beginning July 1, 2017.