Oklahoma § 62-2307 - Determination of earnings

§ 62-2307. Determination of earnings

A. On or before September 1 of each year, the Board of

Investors of the Tobacco Settlement Endowment Trust Fund shall

determine the earnings of the trust fund for the previous fiscal

year ending June 30. In determining earnings, the Board of

Investors shall certify an amount which is prudent under the

standard set forth in paragraph C of this section. The earnings so

determined and certified by the Board of Investors for each fiscal

year shall constitute the earnings of the Tobacco Settlement

Endowment Trust Fund for the purposes of Section 40 of Article X of

the Oklahoma Constitution.

B. “Earnings” consist of dividends and interest, less fees to

manage the fund.

C. In the administration of the powers to determine earnings,

to make and retain investments, and to delegate investment

management of institutional funds, the Board of Investors shall

exercise ordinary business care and prudence under the facts and

circumstances prevailing at the time of the action or decision. In

so doing, the Board of Investors shall consider:

1. Long- and short-term needs of the trust fund in carrying out

its purposes;

Oklahoma Statutes - Title 62. Public Finance

2. The present and anticipated financial requirements for

programs funded by the Board of Directors of the Tobacco Settlement

Endowment Trust Fund;

3. Expected total return on its investments;

4. Price level and inflation trends; and

5. General economic conditions.

Added by Laws 2001, c. 274, § 7, emerg. eff. May 31, 2001. Amended

by Laws 2002, c. 95, § 5, eff. July 1, 2002; Laws 2003, c. 149, § 1,

emerg. eff. April 28, 2003.