Oklahoma HB 3440
Oklahoma HB 3440 directs the Commissioners of the Land Office to disburse capital gains from the trust’s $2.4 billion investment portfolio as bonuses to public school teachers. Commissioners of the Land Office Secretary Harry Birdwell said most of that is in the form of unrealized capital gains that must remain part of the trust principal, even if they are liquidated.
The analysis from Attorney General Mike Hunter agreed. “Any distribution of capital gains from the fund to provide monies for teacher bonuses would be an invasion of the fund’s principal and would be unlawful.”
View the OK State Constitution here.
Articles Concerning HB3440
Constitutional Issues Raised by Proposal to Tap Trust Funds for Oklahoma Teacher Bonuses
AG says Legislature can’t raid school land fund for teacher bonuses
Wayne Greene: Legislative fools take on God’s law, federal law and math’s law
Proposed raid on school land fund would not be legal, official says
