Okla. Stat. tit. 62, § 62-2307
This is the official text of Okla. Stat. tit. 62, § 62-2307, part of Oklahoma’s Stat. tit. 62, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 62,." Browse the sections below, each linked to its official government source.
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Determination of earnings
Official statutory text
A. On or before September 1 of each year, the Board of
Investors of the Tobacco Settlement Endowment Trust Fund shall
determine the earnings of the trust fund for the previous fiscal
year ending June 30. In determining earnings, the Board of
Investors shall certify an amount which is prudent under the
standard set forth in paragraph C of this section. The earnings so
determined and certified by the Board of Investors for each fiscal
year shall constitute the earnings of the Tobacco Settlement
Endowment Trust Fund for the purposes of Section 40 of Article X of
the Oklahoma Constitution.
B. “Earnings” consist of dividends and interest, less fees to
manage the fund.
C. In the administration of the powers to determine earnings,
to make and retain investments, and to delegate investment
management of institutional funds, the Board of Investors shall
exercise ordinary business care and prudence under the facts and
circumstances prevailing at the time of the action or decision. In
so doing, the Board of Investors shall consider:
1. Long- and short-term needs of the trust fund in carrying out
its purposes;
Oklahoma Statutes - Title 62. Public Finance Page 644
2. The present and anticipated financial requirements for
programs funded by the Board of Directors of the Tobacco Settlement
Endowment Trust Fund;
3. Expected total return on its investments;
4. Price level and inflation trends; and
5. General economic conditions.
Investors of the Tobacco Settlement Endowment Trust Fund shall
determine the earnings of the trust fund for the previous fiscal
year ending June 30. In determining earnings, the Board of
Investors shall certify an amount which is prudent under the
standard set forth in paragraph C of this section. The earnings so
determined and certified by the Board of Investors for each fiscal
year shall constitute the earnings of the Tobacco Settlement
Endowment Trust Fund for the purposes of Section 40 of Article X of
the Oklahoma Constitution.
B. “Earnings” consist of dividends and interest, less fees to
manage the fund.
C. In the administration of the powers to determine earnings,
to make and retain investments, and to delegate investment
management of institutional funds, the Board of Investors shall
exercise ordinary business care and prudence under the facts and
circumstances prevailing at the time of the action or decision. In
so doing, the Board of Investors shall consider:
1. Long- and short-term needs of the trust fund in carrying out
its purposes;
Oklahoma Statutes - Title 62. Public Finance Page 644
2. The present and anticipated financial requirements for
programs funded by the Board of Directors of the Tobacco Settlement
Endowment Trust Fund;
3. Expected total return on its investments;
4. Price level and inflation trends; and
5. General economic conditions.
Status: in_force · Read it on the official government site
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