Oklahoma § 62-34.93 - Teachers' Retirement System Dedicated Revenue Revolving

§ 62-34.93. Teachers' Retirement System Dedicated Revenue Revolving

Fund – Separate accounting of revenues – Permitted expenditures.

A. The Office of Management and Enterprise Services shall

separately account for revenues which are deposited to the credit of

the Teachers' Retirement System Dedicated Revenue Revolving Fund of

the State Treasury pursuant to the provisions of Sections 1353, 1403

and 2352 of Title 68 of the Oklahoma Statutes on a fiscal year basis

and shall provide an accounting to the Governor, President Pro

Tempore of the Senate, and the Speaker of the House of

Representatives within thirty (30) days after the end of the fiscal

year.

B. Funds separately accounted for herein shall be used only to

fund the currently unfunded liability of the Teachers' Retirement

System and for no other purpose. Any appropriation or expenditure

of any of such funds for any other purpose shall be null and void

and of no effect. Each month the State Department of Education

shall transfer the monies apportioned to the Teachers' Retirement

System Dedicated Revenue Revolving Fund to the Teachers' Retirement

System of Oklahoma to be used by the System for the purposes

prescribed by this section; provided that in no fiscal year shall

the total amount of such transfers exceed the amount authorized by

the Legislature for transfer in such fiscal year.

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

fund for the benefit of the Oklahoma Teachers' Retirement System to

be designated the "Teachers' Retirement System Dedicated Revenue

Revolving Fund" which fund shall be administered by the State

Department of Education. The fund shall consist of any monies as

apportioned to the fund by Sections 1353, 1403 and 2352 of Title 68

of the Oklahoma Statutes. The fund herein created may be expended

for the purpose set forth in subsection B of this section and in the

same manner as appropriated funds.

Added by Laws 1999, c. 254, § 7, eff. June 30, 1999. Renumbered

from § 41.29f of this title by Laws 2009, c. 441, § 64, eff. July 1,

2009. Amended by Laws 2011, c. 62, § 2; Laws 2012, c. 304, § 408;

Laws 2022, c. 2, § 1, eff. July 1, 2022.

NOTE: Editorially renumbered from § 41.29c of this title to avoid a

duplication in numbering