Bill > HJR1077

This Joint Resolution directs the Secretary of State to put a proposed amendment to the Oklahoma Constitution before the voters for their approval or rejection, which would create a new fund called the "For Oklahoma’s Future Trust Fund" and transfer one billion dollars from the existing Tobacco Settlement Endowment Trust Fund to it. The Tobacco Settlement Endowment Trust Fund was established with money from legal settlements with tobacco companies to fund various health and education programs in Oklahoma, and this resolution aims to modify how its earnings are managed. Specifically, the proposed amendment would eliminate the current Board of Directors of the Tobacco Settlement Endowment Trust Fund and instead task the Board of Investors, which is responsible for managing the fund's investments, with investing the money in the new "For Oklahoma’s Future Trust Fund." Starting in fiscal year 2030, up to 80% of the earnings from this new fund can be appropriated by the Legislature for improving health and education outcomes, with the remaining 20% and any unappropriated earnings being retained in the fund. The resolution also includes the official ballot title that voters will see when deciding on this amendment and orders a special election to be held on August 25, 2026, for this purpose.