Free Market Friday: Questionable borrowing
April 14, 2017 - 8:38am CDT
Not only is Oklahoma facing the reality of less state revenue, the governor and her staff have drained the entire balance from the Rainy Day Fund – which appears to be in violation of Oklahoma’s Constitution.
To best understand this, it helps to remember a rule from basic civics: The constitution always supersedes a statute passed by the Legislature or an action taken by the executive. Article 10 of the Oklahoma Constitution provides specific rules under which money from the Rainy Day Fund can be appropriated by the Legislature and withdrawn.