Oklahoma § 64-1069 - Bonuses, royalties and delayed rental income - Multiyear

§ 64-1069. Bonuses, royalties and delayed rental income - Multiyear

Education Distribution Stabilization Revolving Fund.

A. The proceeds derived in bonuses and royalties and from other

inducements and considerations for the execution and operation of

the oil and gas leases as authorized in this title, except oil and

gas leases on state-owned lands set apart and designated for the

use, benefit, and occupancy of state educational institutions, shall

be for the use and benefit of the lands which were granted by the

United States to the State of Oklahoma, and to the territory now

comprising the area embraced within the state, under the provisions

of the Enabling Act and any and all other Acts of Congress. Bonus

and delay rental income received by the Land Office and other income

as designated by the Secretary of the Land Office for transfer and

received by the Land Office may be distributed to current

beneficiaries in like manner as lease income received from surface

leases, except that if determined to be in the best interest of the

trust, the distributions may be made upon a schedule determined by a

five-year rolling average of bonus and delay rental income.

Oklahoma Statutes - Title 64. Public Lands

B. There is hereby created a revolving fund for the

Commissioners of the Land Office to be designated the "Multiyear

Education Distribution Stabilization Revolving Fund". The fund

shall be a continuing fund, not subject to fiscal year limitations,

and shall consist of bonus and delay rental income received by the

Commission, if it is determined by the Commission to be in the best

interest of the trust to make distributions of the income upon a

five-year rolling average schedule as authorized in subsection A of

this section. Monies in the fund may be invested by the State

Treasurer in the manner prescribed in Section 89.1a et seq. of Title

62 of the Oklahoma Statutes. Interest income derived from the

investment of monies in the fund shall be credited to and placed in

the fund.

R.L. 1910, § 7203. Amended by Laws 1933, c. 106, p. 209, § 2; Laws

2010, c. 41, § 45, emerg. eff. April 2, 2010. Renumbered from § 289

of this title by Laws 2010, c. 41, § 121, emerg. eff. April 2, 2010.

Amended by Laws 2012, c. 114, § 2, eff. July 1, 2012; Laws 2013, c.

250, § 4, emerg. eff. May 13, 2013.