Resolution 38, introduced by Howard, proposes an amendment to Section 40 of Article X of the Oklahoma Constitution, which would establish a Tobacco Settlement Endowment Trust Fund. This fund would be created from settlements with tobacco companies, with a mandated schedule for the percentage of these funds to be deposited into the trust fund, starting at 50% in the fiscal year ending June 30, 2002, and increasing to a minimum of 75% in subsequent years. The resolution also outlines the creation of a Board of Investors and a Board of Directors to manage the fund, ensuring that members have expertise in investment and health care, respectively.

Additionally, the resolution mandates that the Board of Investors divest 5% of the trust fund's assets annually on November 1, with the proceeds deposited into the Health Care Enhancement Fund. These funds would be appropriated by the Legislature to enhance the health of Oklahomans, including direct medical expenditures. The proposed amendment will be presented to the public for approval or rejection, with a ballot title summarizing the key points of the resolution.