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§ 2307. Determination of earnings

Oklahoma Statutes AnnotatedTitle 62. Public Finance

Oklahoma Statutes Annotated
Title 62. Public Finance (Refs & Annos)
Chapter 15. Tobacco Settlement Endowment Trust Fund Act
62 Okl.St.Ann. § 2307
§ 2307. Determination of earnings
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;
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.

Credits

Laws 2001, c. 274, § 7, emerg. eff. May 31, 2001; Laws 2002, c. 95, § 5, eff. July 1, 2002; Laws 2003, c. 149, § 1, emerg. eff. April 28, 2003.
62 Okl. St. Ann. § 2307, OK ST T. 62 § 2307
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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