A. 1. There is hereby created in the State Treasury a revolving fund for the Oklahoma Arts Council to be designated the "Art in Public Places Administrative and Maintenance Revolving Fund". All monies accruing to the credit of said fund are hereby appropriated and may be budgeted and expended by the Council. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies received by the Council from the sources provided for in Section 9030.5 of this title.

2. This fund shall consist of two subaccounts, one account for maintenance and repair purposes and one account for administrative and education purposes. Monies accruing to the credit of the subaccount for maintenance and repair shall be used for the purpose of restoring art in all state public buildings including, but not limited to, public buildings at institutions within The Oklahoma State System of Higher Education.

3. Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.

B. Whenever the unencumbered balance in this fund exceeds One Million Dollars ($1,000,000.00), the assessment shall be placed in the Commissioning of Art in Public Places Revolving Fund to the credit of the subaccount established for the project upon which the assessment was made.

Added by Laws 2004, c. 254, § 8. Amended by Laws 2012, c. 304, § 1057; Laws 2015, c. 196, § 7, eff. July 1, 2015.