Okla. Stat. tit. 70, § 70-18-109.7

A. Pursuant to Section 12a of Article X of the Oklahoma

Constitution, there is hereby created in the State Treasury a fund

to be designated as the "Common School Fund". Monies from this fund

shall be apportioned by the State Treasurer for distribution as

provided for by the Legislature through the State Aid Formula for

the benefit of the common schools of this state.

B. Beginning January 1, 1991, taxes collected on public service

corporation property for the benefit of the common schools pursuant

to paragraph 2 of subsection B of Section 12a of Article X of the

Oklahoma Constitution, except that portion of such taxes collected

for the benefit of school districts in this state pursuant to

Section 26 of Article X of the Oklahoma Constitution and that

portion of such taxes collected for purposes of raising money for a

building fund for a school district pursuant to Section 9 of Article

X of the Oklahoma Constitution, and taxes collected on locally

assessed commercial/industrial real and personal property for the

benefit of the common schools pursuant to paragraph 2 of subsection

C of Section 12a of Article X of the Oklahoma Constitution, except

that portion of such taxes collected for the benefit of school

districts in this state pursuant to Section 26 of Article X of the

Oklahoma Statutes - Title 70. Schools Page 822

Oklahoma Constitution and that portion of such taxes collected for

purposes of raising money for a building fund for a school district

pursuant to Section 9 of Article X of the Oklahoma Constitution,

together with any revenues accruing to it pursuant to law and any

money appropriated to it by the Legislature shall be paid to the

State Treasurer to be placed in the Common School Fund.

C. Beginning July 1, 1991, gross production taxes collected on

oil and gas which are apportioned for common school purposes

pursuant to the provisions of Section 1004 of Title 68 of the

Oklahoma Statutes, motor vehicle taxes and fees collected pursuant

to the Oklahoma Vehicle License and Registration Act which are

apportioned for common school purposes pursuant to the provisions of

Section 1104 of Title 47 of the Oklahoma Statutes and taxes levied

upon rural electric cooperative corporations which are apportioned

for common school purposes pursuant to the provisions of Section

1806 of Title 68 of the Oklahoma Statutes together with any revenues

accruing to it pursuant to law and any money appropriated to it by

the Legislature shall be paid to the State Treasurer to be placed in

the Common School Fund.

D. The provisions of this section shall not have the force and

effect of law unless and until the voters of the State of Oklahoma

approve amendments to Section 12a of Article X of the Oklahoma

Constitution contained in Enrolled House Joint Resolution No. 1005

of the 1st Extraordinary Session of the 42nd Oklahoma Legislature.