Oklahoma § 36-976 - Strengthen Oklahoma Homes Revolving Fund

§ 36-976. Strengthen Oklahoma Homes Revolving Fund

A. There is hereby created in the State Treasury a revolving

fund for the Insurance Department, to be designated the "Strengthen

Oklahoma Homes Revolving Fund". The fund shall be a continuing

fund, not subject to fiscal year limitations, and shall consist of

any monies deposited to the fund from the receipt of federal grants

or funds or from other sources of grants or funds. All monies

accruing to the credit of the fund are hereby appropriated and may

be budgeted and expended by the Department for the purpose of

assisting the Strengthen Oklahoma Homes (SOH) Program in performing

all acts that relate to the function and purpose of the SOH Program.

Warrants for expenditures from the revolving fund shall be drawn by

the State Treasurer, based on claims signed by an authorized

employee or employees of the Insurance Department, and filed with

the Director of the Office of Management and Enterprise Services.

B. Monies collected pursuant to this act shall be deposited in

the Strengthen Oklahoma Homes Revolving Fund. Monies shall not

lapse, unless otherwise specified under federal funding or federal

grant, or a grant or funds from another source, or be transferred to

the State Insurance Commissioner Revolving Fund or other state funds

and shall not be redistributed.

C. Notwithstanding any other provision of law, the Insurance

Commissioner may transfer from the State Insurance Commissioner

Revolving Fund to the Strengthen Oklahoma Homes Revolving Fund up to

fifty percent (50%), but in an amount not to exceed Ten Million

Dollars ($10,000,000.00), of the balance remaining in the State

Oklahoma Statutes - Title 36. Insurance

Insurance Commissioner Revolving Fund at the end of each fiscal year

beginning with the fiscal year ending on June 30, 2024.

Added by Laws 2024, c. 293, § 6, eff. Nov. 1, 2024.