A. Pursuant to the powers and duties granted by paragraph 8 of subsection A of Section 5-117 of Title 70 of the Oklahoma Statutes, the board of education of each school district may establish a casualty and flood insurance recovery fund for the purpose of purchasing a high-deductible property insurance policy. B. Monies for the casualty and flood insurance recovery fund shall be transferred from the school district general fund, as defined in Section 1-117 of Title 70 of the Oklahoma Statutes. The amount of monies transferred from the general fund shall not exceed the amount of the high-deductible property insurance policy deductible.Added by Laws 2024, c. 12, § 1, eff. July 1, 2024.
Oklahoma Legal Code