Public Finance

 

SB 1211(1) (Henry/Blackburn): Allows state agencies to make payroll deductions for college savings accounts and clarifies that interest earned on a college savings account is exempt from state income taxes until withdrawn for certain purposes. Effective 4-14-00.

SB 1390(1) (Hobson/Askins): Makes various changes relating to finance and accounting procedures for local governments and enacts the Security for Local Public Deposits Act, as follows:

  • Local treasurers must daily deposit all monies which come into their possession, in authorized state or county depositories and must require that collateral securities are deposited to secure the uninsured portion of such deposit, under rules promulgated by the State Treasurer;

  • Collateral securities must be in the form of certain obligations or bonds;

  • Procedures are specified in the event of a default or insolvency of a public depository;

  • A local treasurer will not be liable for losses due to defaults or insolvencies of a public depository (except in cases of malfeasance, misfeasance or nonfeasance on the part of the treasurer) if deposits are made in accordance with the Security for Local Public Deposits Act; and

  • Section 516.1 et seq. of Title 62, relating to the unit collateral system, is repealed.

Other changes made include modifying the account to which penalty fees for failure to furnish proof of insurance are deposited and modifying several provisions in the Uniform Unclaimed Property Act. The State Treasurer may authorize amnesty programs to promote voluntary compliance with the Act.

The Oklahoma Capitol Improvement Authority, in cooperation with the State Treasurer, may create and administer a state agency equipment leasing and finance program, and may authorize notes and obligations for the program in an amount of up to $5 million in any single fiscal year. Effective 7-1-00.

SB 1404(5) (Taylor/Benson): Requires tobacco settlement monies to be deposited to the Tobacco Settlement Fund (other than amounts constitutionally apportioned). The sum of $50 million is transferred from the Tobacco Settlement Fund to the Tobacco Settlement Endowment Trust Fund, if the constitutional amendment proposed in HB 2022 is approved by the voters. Effective 7-1-00.

HB 2022(6) (Benson/Taylor): Proposes a constitutional amendment to create the Tobacco Settlement Endowment Trust Fund. Beginning in FY 02, a specified percentage of monies received from settlements with tobacco companies will be deposited to the trust fund, increasing from 50% in FY 02 to 75% in FY 07 and thereafter.

The funds will be invested by the Board of Investors of the trust fund in accordance with laws applicable to the investment of monies in state retirement funds. Earnings from the investments may be expended by the Board of Directors of the trust fund for health care, tobacco prevention and cessation programs, programs and services for the benefit of children, including before- and after-school and pre-school programs, and substance abuse prevention and treatment programs, programs to enhance the health and well-being of senior adults and authorized administrative expenses.

HB 2205(1) (Nations/Monson): Requires the Tax Commission to transfer income tax withholding monies to refund aircraft excise taxes paid in error, for refund requests approved prior to 7-1-00, and requires future aircraft excise tax collections to be apportioned to replace such monies. Effective 7-1-00.


(1) Passed, signed by Governor (2) Passed, pending Governor's approval/disapproval (3) Vetoed by Governor
(4) Pending in Legislature (5) Failed in Legislature (6) Enrolled with the Sec. of State

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