OK HJR1077

Proposes a constitutional amendment to Section 40 of Article X, requiring voter approval via ballot referendum

Eliminates the 7-member Board of Directors of the Tobacco Settlement Endowment Trust Fund and transfers all duties to the existing 5-member Board of Investors

Expands allowable trust fund deposits to include real property assets, stock, and other equity investments in addition to monetary contributions

Establishes new mandatory distribution formula for trust earnings: 20% retained as principal, then funding for Oklahoma's Promise Scholarships (Oklahoma Higher Learning Access Act), with remaining funds going to the Education Reform Revolving Fund (1017 Fund)

Removes the previous spending purposes (tobacco prevention, cancer research, health programs, children's services, senior programs) that the Board of Directors had discretion to fund