Okla. Stat. tit. 62, § 62-34.102

A. There is hereby created in the State Treasury a revolving

fund to be known and designated as the "Revenue Stabilization Fund".

Oklahoma Statutes - Title 62. Public Finance Page 130

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

limitations.

B. For determinations made regarding deposits for fiscal years

beginning on or after July 1, 2019, no monies shall be deposited to

the credit of the Revenue Stabilization Fund until such time as the

amount of actual revenue certified by the State Board of

Equalization as having been deposited into the General Revenue Fund

for the first fiscal year prior to the beginning of the fiscal year

that deposits to the Revenue Stabilization Fund are first made

equals or exceeds Six Billion Six Hundred Million Dollars

($6,600,000,000.00).

C. Once the provisions prescribed by subsection B of this

section have been met, deposits to the Revenue Stabilization Fund as

prescribed by this section may be made during any subsequent fiscal

year according to the requirements and limitations imposed by this

act; provided that no deposits shall be made during a fiscal year

where the State Board of Equalization General Revenue Fund

certification for said fiscal year is less than the State Board of

Equalization General Revenue Fund certification for the previous

fiscal year plus an increment equal to the amount otherwise

calculated for deposit pursuant to subsection E of this section.

D. Notwithstanding any other provisions of this section, unless

such deposits are the result of a direct appropriation to the

Revenue Stabilization Fund by the Legislature, no monies shall be

deposited to the credit of the Revenue Stabilization Fund:

1. For any month during a fiscal year after the month during

which the declaration of a revenue failure pursuant to the

provisions of Section 34.49 of this title has been made. For

purposes of this subsection, the limitation on deposits to the

Revenue Stabilization Fund shall be imposed for the remaining months

of the fiscal year during which the revenue failure was declared,

but shall not operate as a limitation upon deposits for any

subsequent fiscal year unless a revenue failure is declared at some

time during such fiscal year; or

2. That would cause deposits to the Revenue Stabilization Fund

for the fiscal year to exceed three percent (3%) of the State Board

of Equalization General Revenue Fund certification for that fiscal

year.

E. Except as provided in subsection I of this section, the

Revenue Stabilization Fund shall consist of:

1. One hundred percent (100%) of the revenue derived from the

gross production tax on oil levied pursuant to Section 1001 of Title

68 of the Oklahoma Statutes which is in excess of the five-year

average computed as prescribed by Section 34.103 of this title;

2. One hundred percent (100%) of the revenue derived from the

gross production tax on natural gas levied pursuant to Section 1001

Oklahoma Statutes - Title 62. Public Finance Page 131

of Title 68 of the Oklahoma Statutes which is in excess of the five-

year average computed as prescribed by Section 34.103 of this title;

3. Seventy-five percent (75%) of the revenue derived from

corporate income tax levied pursuant to Section 2355 of Title 68 of

the Oklahoma Statutes which is in excess of the five-year average

computed as prescribed by Section 34.103 of this title; and

4. Any amounts appropriated by the Legislature.

F. 1. Except as provided in paragraph 2 of this subsection, in

the event that a revenue failure is declared with respect to the

General Revenue Fund pursuant to Section 34.49 of this title, the

Director of the Office of Management and Enterprise Services may

withdraw up to one-quarter (1/4) of the balance of the Revenue

Stabilization Fund available at the beginning of the fiscal year,

provided the total amount withdrawn shall not exceed the amount of
in

the event that a revenue failure is declared with respect to the

General Revenue Fund pursuant to Section 34.49 of this title, the

Director of the Office of Management and Enterprise Services may

withdraw up to one-quarter (1/4) of the balance of the Revenue

Stabilization Fund available at the beginning of the fiscal year,

provided the total amount withdrawn shall not exceed the amount of

the declared revenue failure, to in equal proportions reduce or

avoid reductions to agencies for the current fiscal year and to

mitigate potential reductions of funds to be expended by common

school districts which were appropriated or authorized by the

Legislature, but excluding any funds which are apportioned directly

to common school districts.

2. For the fiscal year ending June 30, 2020, in the event that

a revenue failure is declared with respect to the General Revenue

Fund pursuant to Section 34.49 of this title, the Director of the

Office of Management and Enterprise Services may withdraw amounts up

to a total of one-half (1/2) of the highest balance during the

fiscal year ending June 30, 2020, of the Revenue Stabilization Fund;

provided, the total amount withdrawn shall not exceed the amount of

the declared revenue failure less any appropriations made by the

Legislature to offset such revenue failure, to in equal proportions

reduce or avoid reductions to agencies for the fiscal year and to

mitigate potential reductions of funds to be expended by common

school districts which were appropriated or authorized by the

Legislature for the fiscal year ending June 30, 2020, but excluding

any funds which are apportioned directly to common school districts.

No monies shall be withdrawn under the provisions of this subsection

for the purpose of reducing or avoiding reductions of appropriations

made pursuant to Section 129 of Enrolled House Bill No. 2765 of the

1st Session of the 57th Oklahoma Legislature or Section 1 of

Enrolled Senate Bill No. 1076 of the 1st Session of the 57th

Oklahoma Legislature.

G. In the event that a revenue failure is declared with respect

to the General Revenue Fund pursuant to Section 34.49 of this title,

the Legislature may appropriate up to one-quarter (1/4) of the

balance of the Revenue Stabilization Fund available at the beginning

of the fiscal year, not to exceed the amount of the revenue failure

as declared with respect to the General Revenue Fund pursuant to

Section 34.49 of this title.

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H. If the amount of revenue certified by the State Board of

Equalization at its February meeting in any year to be collected in

the General Revenue Fund for the upcoming fiscal year is less than

the amount of revenue certified by the State Board of Equalization

to be collected in the General Revenue Fund for the current fiscal

year as determined at its February meeting conducted in the

preceding calendar year, the Legislature may appropriate up to one-

half (1/2) of the balance of the Revenue Stabilization Fund

available at the beginning of the fiscal year; provided, that the

amount withdrawn shall not exceed the amount of the decline in

revenue certified.

I. If during the Board of Equalization certification process,

one or more of the revenue sources identified in paragraphs 1, 2 and

3 of subsection E of this section are forecasted to experience a

revenue decrease, then the total deposits to the Revenue

Stabilization Fund as otherwise calculated under subsection E of

this section shall be reduced in an amount equal to such revenue

decreases. For purposes of this subsection, "revenue decrease"

means an identified revenue source derived in an amount less than

the five-year average for such revenue source.