OK SB302

Creates the Oklahoma Law Enforcement Legacy Fund as a continuing fund in the State Treasury to consist of surplus monies and savings appropriated by the Legislature.

State Treasurer shall appoint qualified investment managers to invest fund monies consistent with state retirement fund practices, with diversification to minimize large losses and authority to realize losses for longer-term return maximization.

Transfers $100 million increments from the fund to the General Revenue Fund on January 1 each year, solely for increasing law enforcement wages, when the fund's value increases by at least $100 million from the previous fiscal year.

Appropriates $563,696,626.00 from the General Revenue Fund for fiscal year 2023 and $759,392,964.00 for fiscal year 2024 to be deposited into the Oklahoma Law Enforcement Legacy Fund.

Becomes effective July 1, 2025, with an emergency clause allowing immediate effect upon passage and approval.