1| STATE OF OKLAHOMA | | | 2| 1st Session of the 59th Legislature (2023) | | | 3|SENATE BILL 579 By: Montgomery | | | 4| | | | 5| | | | 6| AS INTRODUCED | | | 7| An Act relating to school district funding; creating | | the School District Ad Valorem Protest Assistance | 8| Revolving Fund; providing sources of funds; stating | | purpose; providing for expenditures from fund; | 9| authorizing the State Board of Education to provide | | loans and one-time funds to school districts under | 10| certain circumstance; stating amount of loan; | | prescribing repayment of loan; stating amount of | 11| one-time funds; authorizing school districts submit | | application; requiring the Board to provide certain | 12| forms; making issuance of loan and payment of fund | | contingent upon availability of funds; requiring | 13| certain payment as funds become available; providing | | for codification; and providing an effective date. | 14| | | | 15| | | | 16|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: | | | 17| SECTION 1. NEW LAW A new section of law to be codified | | | 18|in the Oklahoma Statutes as Section 3-104.12 of Title 70, unless | | | 19|there is created a duplication in numbering, reads as follows: | | | 20| A. There is hereby created in the State Treasury a revolving | | | 21|fund for the State Board of Education to be designated the "School | | | 22|District Ad Valorem Protest Assistance Revolving Fund". The fund | | | 23|shall be a continuing fund not subject to fiscal year limitations | | | 24|and shall consist of all monies appropriated or transferred to the | | | Req. No. 492 Page 1 ___________________________________________________________________________
1|fund by the Legislature. Except as otherwise provided in this | | | 2|section, all monies accruing to the credit of the fund are hereby | | | 3|appropriated and may be budgeted and expended by the State Board of | | | 4|Education for the purpose of providing financial assistance to local | | | 5|school districts pursuant to subsection B of this section. | | | 6|Expenditures from the fund shall be made on warrants issued by the | | | 7|State Treasurer against claims filed as prescribed by law with the | | | 8|Director of the Office of Management and Enterprise Services for | | | 9|approval and payment. | | | 10| B. The State Board of Education is authorized to provide loans | | | 11|to school districts whose funding is reduced from the budgeted | | | 12|amount due to ad valorem protests and one-time funds to school | | | 13|districts whose funds received from the formula for State Aid | | | 14|pursuant to Section 18-200.1 of Title 70 of the Oklahoma Statutes | | | 15|were reduced as a result of an error in valuation by a county | | | 16|assessor. | | | 17| C. Loans made to a school district shall be equal to the amount | | | 18|the district would have received from the taxes paid under protest | | | 19|that are held separate by the county treasurer pursuant to Section | | | 20|18-200.1 of Title 70 of the Oklahoma Statutes. Upon the | | | 21|apportionment of funds to the district pursuant to subsection E of | | | 22|Section 18-200.1 of Title 70 of the Oklahoma Statutes, the district | | | 23|shall remit to the Board the funds received from the apportionment | | | 24|and the loan shall be considered paid in full. | | | Req. No. 492 Page 2 ___________________________________________________________________________
1| D. One-time funds paid to a school district shall be equal to | | | 2|the difference between the amount of funds the district received for | | | 3|a school year from the formula for State Aid and the amount of funds | | | 4|the district would have received if the error in valuation had not | | | 5|occurred. | | | 6| E. School districts may apply for loans and one-time funds | | | 7|provided pursuant to this section on forms prescribed by the Board. | | | 8|Applications shall be processed by the Board in the order they are | | | 9|received, and the issuance of loans and payments of one-time funds | | | 10|shall require approval of the application by the Board and be | | | 11|subject to the availability of funds on balance in the School | | | 12|District Ad Valorem Protest Assistance Revolving Fund. Applications | | | 13|for one-time funds made pursuant to subsection D of this section | | | 14|approved by the Board but not paid due to unavailability of funds | | | 15|shall be paid as funds become available. | | | 16| SECTION 2. This act shall become effective November 1, 2023. | | | 17| | | | 18| 59-1-492 QD 1/17/2023 7:33:35 PM | | | 19| | | | 20| | | | 21| | | | 22| | | | 23| | | | 24| | | | Req. No. 492 Page 3