§64-1069. Bonuses, royalties and delayed rental income - Multiyear

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Education Distribution Stabilization Revolving Fund.

A. The proceeds derived in bonuses and royalties and from other inducements and considerations for the execution and operation of the oil and gas leases as authorized in this title, except oil and gas leases on state-owned lands set apart and designated for the use, benefit, and occupancy of state educational institutions, shall be for the use and benefit of the lands which were granted by the United States to the State of Oklahoma, and to the territory now comprising the area embraced within the state, under the provisions of the Enabling Act and any and all other Acts of Congress.

Bonus and delay rental income received by the Land Office and other income as designated by the Secretary of the Land Office for transfer and received by the Land Office may be distributed to current beneficiaries in like manner as lease income received from surface leases, except that if determined to be in the best interest of the trust, the distributions may be made upon a schedule determined by a five-year rolling average of bonus and delay rental income.

B. There is hereby created a revolving fund for the Commissioners of the Land Office to be designated the "Multiyear Education Distribution Stabilization Revolving Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of bonus and delay rental income received by the Commission, if it is determined by the Commission to be in the best interest of the trust to make distributions of the income upon a five-year rolling average schedule as authorized in subsection A of this section.

Monies in the fund may be invested by the State Treasurer in the manner prescribed in Section 89.1a et seq. of Title 62 of the Oklahoma Statutes. Interest income derived from the investment of monies in the fund shall be credited to and placed in the fund. R.L. 1910, § 7203. Amended by Laws 1933, c. 106, p. 209, § 2; Laws 2010, c. 41, § 45, emerg. eff. April 2, 2010. Renumbered from § 289 of this title by Laws 2010, c. 41, § 121, emerg. eff. April 2, 2010. Amended by Laws 2012, c. 114, § 2, eff.

July 1, 2012; Laws 2013, c. 250, § 4, emerg. eff. May 13, 2013.