OKLAHOMA CITY (AP) - Oklahoma Gov. Mary Fallin has placed on the Nov. 6 general election ballot a proposal to create a new oil and natural gas trust fund to help operate state government.
Fallin said Thursday she signed an executive order scheduling a statewide vote on the Oklahoma Vision Fund ballot question. If State Question 800 is approved, at least 5 percent of gross production tax receipts would be deposited into the fund annually.
No more than 5 percent of the endowment could be used for service payments on bonds. Four percent of the average annual principal balance could be transferred to the state's principal operating fund annually.
Supporters of the measure say it would help prepare state government for the cyclical nature of its energy economy and fund core services during downturns.
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