Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
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2 1st Session of the 60th Legislature (2025)
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3 SENATE BILL 302 By: Rader
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5 AS INTRODUCED
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6 An Act relating to state fiscal affairs; creating the
6 Oklahoma Law Enforcement Legacy Fund; providing
7 sources of funds; requiring the State Treasurer to
7 appoint investment managers; establishing investment
8 guidelines; authorizing realization of losses under
8 certain circumstance; requiring income and returns to
9 accrue to the balance of the fund; providing for
9 appropriations of funds for certain purpose;
10 providing for transfer amount upon insufficient
10 liquidity; requiring managers to maintain certain
11 proportion of liquidity in the fund; making
11 appropriation to the Office of the State Treasurer;
12 requiring deposit in certain fund; providing for
12 codification; providing an effective date; and
13 declaring an emergency.
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15 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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16 SECTION 1. NEW LAW A new section of law to be codified
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17 in the Oklahoma Statutes as Section 34.601 of Title 62, unless there
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18 is created a duplication in numbering, reads as follows:
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19 A. There is hereby created in the State Treasury a fund to be
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20 known and designated as the "Oklahoma Law Enforcement Legacy Fund".
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21 The fund shall be a continuing fund, not subject to fiscal year
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22 limitations, and shall consist of surplus monies and savings
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23 appropriated by the Legislature.
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Req. No. 76 Page 1
1 B. The State Treasurer shall appoint qualified investment
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2 managers to provide for the investment of the monies of the fund.
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3 The investments shall be consistent with the manner in which state
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4 retirement funds are invested. The risk of large losses shall be
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5 minimized by diversifying the investments in the fund, unless, under
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6 the circumstances, it is clearly prudent not to do so, which shall
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7 include the length of time of the investment. The investment
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8 managers may sell investments and realize losses if such action is
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9 considered advantageous to longer-term return maximization.
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10 C. The fund principal shall consist of monies which are
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11 deposited to the fund. Notwithstanding any other provisions of law,
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12 income and investment return on fund principal shall accrue to the
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13 fund.
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14 D. For each fiscal year, the Treasurer shall make available a
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15 report on its website detailing the present value of the investments
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16 and assets in the Oklahoma Law Enforcement Legacy Fund and the
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17 increase in value from the previous fiscal year.
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18 E. Except as provided for in subsections F and G of this
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19 section, upon a determination by the Treasurer, through the report
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20 provided pursuant to subsection D of this section, that the increase
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21 in the value of the Oklahoma Law Enforcement Legacy Fund from the
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22 previous fiscal year exceeds One Hundred Million Dollars
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23 ($100,000,000.00) or any additional whole increments of One Hundred
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24 Million Dollars ($100,000,000.00), a transfer to the General Revenue
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Req. No. 76 Page 2
1 Fund, solely for the purpose of increasing the wages of law
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2 enforcement in this state, shall be made on January 1 of each
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3 subsequent calendar year in an amount equal to the highest whole
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4 one-hundred-million-dollar increment, as determined by the
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5 Treasurer.
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6 F. Except as provided for in subsection G of this section, upon
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7 a subsequent determination by the Treasurer, through the report
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8 provided pursuant to subsection D of this section, that the Oklahoma
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9 Law Enforcement Legacy Fund increased in value by any whole
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10 increments of One Hundred Million Dollars ($100,000,000.00) greater
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11 than the most recent January 1 transfer to the General Revenue Fund
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12 made pursuant to the provisions of this section, each subsequent
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13 January 1 transfer shall be made in an amount equal to the highest
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14 whole one-hundred-million-dollar increment that the Oklahoma Law
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15 Enforcement Legacy Fund increased in value, as determined by the
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16 Treasurer.
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17 G. Investment managers appointed pursuant to subsection B of
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18 this section shall maintain a reasonable proportion of liquid assets
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19 in the Oklahoma Law Enforcement Legacy Fund in order to facilitate
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20 any expected transfers required pursuant to subsections E and F of
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21 this section. In the event the balance of the Oklahoma Law
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22 Enforcement Legacy Fund is insufficient or the cash available in the
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23 fund is insufficient due to lack of liquid assets to make the
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24 transfers required pursuant to subsections E and F of this section,
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Req. No. 76 Page 3
1 the entire balance available for transfer shall be transferred to
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2 the fund.
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3 SECTION 2. There is hereby appropriated to the Office of the
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4 State Treasurer for deposit in the Oklahoma Law Enforcement Legacy
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5 Fund, from any monies not otherwise appropriated from the General
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6 Revenue Fund of the State Treasury for the fiscal year ending June
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7 30, 2023, the sum of Five Hundred Sixty-three Million Six Hundred
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8 Ninety-six Thousand Six Hundred Twenty-six Dollars
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9 ($563,696,626.00).
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10 SECTION 3. There is hereby appropriated to the Office of the
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11 State Treasurer for deposit in the Oklahoma Law Enforcement Legacy
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12 Fund, from any monies not otherwise appropriated from the General
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13 Revenue Fund of the State Treasury for the fiscal year ending June
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14 30, 2024, the sum of Seven Hundred Fifty-nine Million Three Hundred
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15 Ninety-two Thousand Nine Hundred Sixty-four Dollars
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16 ($759,392,964.00).
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17 SECTION 4. This act shall become effective July 1, 2025.
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18 SECTION 5. It being immediately necessary for the preservation
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19 of the public peace, health or safety, an emergency is hereby
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20 declared to exist, by reason whereof this act shall take effect and
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21 be in full force from and after its passage and approval.
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23 60-1-76 QD 12/30/2024 11:48:56 PM
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Req. No. 76 Page 4Every fact on this page links to its source, starting with the official bill record.