Oklahoma State Question 701, Tobacco Settlement Endowment Trust Fund Expenditures Amendment (2002)
| Oklahoma State Question 701 | |
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| Election date |
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| Topic State and local government budgets, spending, and finance and Tobacco laws |
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| Status |
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| Type Legislatively referred constitutional amendment |
Origin |
Oklahoma State Question 701 was on the ballot as a legislatively referred constitutional amendment in Oklahoma on November 5, 2002. It was defeated.
A "yes" vote supported allowing spending from the tobacco trust fund to be based on up to 5.5% of its average market value, as determined by the Board of Investors, and permitting fund monies to pay outside vendors and financial management services. |
A "no" vote opposed allowing spending from the tobacco trust fund to be based on up to 5.5% of its average market value, as determined by the Board of Investors, and permitting fund monies to pay outside vendors and financial management services. |
Election results
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Oklahoma State Question 701 |
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| Result | Votes | Percentage | ||
| Yes | 425,717 | 45.10% | ||
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518,280 | 54.90% | ||
Text of measure
Ballot title
The ballot title for State Question 701 was as follows:
| “ | This measure amends the Oklahoma Constitution. It amends Section 40 of Article 10. This measure changes certain procedures related to the tobacco trust fund. It changes the way it is determined how much money in the fund may be spent each year. Now only earnings of the fund may be spent. This measure would base spending from the fund on the average market value of the fund. Each year an amount not to exceed 5½ percent of the average market value of the fund may be spent. The actual percentage amount to be expended is set by the Board of Investors. It cannot exceed 5½ percent. Monies from the fund may be used to pay outside vendors and for financial management services. | ” |
Path to the ballot
- See also: Amending the Oklahoma Constitution
A simple majority vote is required during one legislative session for the Oklahoma State Legislature to place a constitutional amendment on the ballot. That amounts to a minimum of 51 votes in the Oklahoma House of Representatives and 24 votes in the Oklahoma State Senate, assuming no vacancies. Amendments do not require the governor's signature to be referred to the ballot.
See also
External links
Footnotes
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