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§68-1353.
§68-1353.
Purpose of Article - Apportionment of Revenues.
It is hereby declared to be the purpose of the Oklahoma Sales Tax Code
to provide funds for the financing of the program provided for by the
Oklahoma Social Security Act and to provide revenues for the support
of the functions of the state government of Oklahoma, and for this
purpose it is hereby expressly provided that, for the fiscal year
beginning July 1, 1999, and for each fiscal year thereafter, revenues
derived pursuant to the provisions of the Oklahoma Sales Tax Code
shall be apportioned as follows:
1. Eighty-six and four one-hundredths percent (86.04%) shall be paid
to the State Treasurer to be placed to the credit of the General
Revenue Fund to be paid out pursuant to direct appropriation by the
Legislature;
2. Ten and forty-two one-hundredths percent (10.42%) shall be paid to
the State Treasurer to be placed to the credit of the Education Reform
Revolving Fund of the State Department of Education; and
3. Three and fifty-four one-hundredths percent (3.54%) shall be paid
to the State Treasurer to be placed to the credit of the Teachers'
Retirement System Dedicated Revenue Revolving Fund; provided, when the
total deposits to such Fund from all sources exceed One Hundred
Thirty-six Million Dollars ($136,000,000.00) for the fiscal year
beginning July 1, 1999, any funds received in the fiscal year
beginning July 1, 1999, in excess of such amount shall be paid to the
State Treasurer to be placed to the credit of the General Revenue
Fund.
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