A. There is hereby created in the State Treasury a revolving fund for the Insurance Department, to be designated the "Strengthen Oklahoma Homes Revolving Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of any monies deposited to the fund from the receipt of federal grants or funds or from other sources of grants or funds. All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the Department for the purpose of assisting the Strengthen Oklahoma Homes (SOH) Program in performing all acts that relate to the function and purpose of the SOH Program. Warrants for expenditures from the revolving fund shall be drawn by the State Treasurer, based on claims signed by an authorized employee or employees of the Insurance Department, and filed with the Director of the Office of Management and Enterprise Services. B. Monies collected pursuant to this act shall be deposited in the Strengthen Oklahoma Homes Revolving Fund. Monies shall not lapse, unless otherwise specified under federal funding or federal grant, or a grant or funds from another source, or be transferred to the State Insurance Commissioner Revolving Fund or other state funds and shall not be redistributed. C. Notwithstanding any other provision of law, the Insurance Commissioner may transfer from the State Insurance Commissioner Revolving Fund to the Strengthen Oklahoma Homes Revolving Fund up to fifty percent (50%), but in an amount not to exceed Ten Million Dollars ($10,000,000.00), of the balance remaining in the State Insurance Commissioner Revolving Fund at the end of each fiscal year beginning with the fiscal year ending on June 30, 2024.
‹ Prev All Oklahoma sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.