Oklahoma § 2-4006 - Powers and duties of Authority

§ 2-4006. Powers and duties of Authority

A. On and after July 1, 2023, the Authority shall have the

power and duty to:

1. Adopt bylaws and promulgate rules for the regulation of its

affairs and the conduct of its business;

2. Adopt an official seal;

3. Maintain an office at a location to be determined by the

Authority;

4. Sue and be sued, subject to the provisions of the

Governmental Tort Claims Act;

5. Enter into cooperative agreements with the Board of Regents

for the Oklahoma Agricultural and Mechanical Colleges and/or other

Oklahoma State University agencies, authorities, trusts or entities

for educational programs, professional staffing, research and other

veterinary activities;

6. Make and enter into all contracts necessary or incidental to

the performance of its duties and the execution of its powers

pursuant to the Oklahoma State University Veterinary Medicine

Authority Act;

7. Purchase or lease equipment, furniture, materials and

supplies, and incur such other expenses as may be necessary to

maintain and operate animal hospitals or clinics, or to discharge

its duties and responsibilities or to make any of its powers

effective;

8. Acquire by purchase, lease, gift, or by any other manner,

and to maintain, use and operate or to contract for the maintenance,

use and operation of or lease of any and all property of any kind,

real, personal, or mixed or any interest therein unless otherwise

provided by the Oklahoma State University Veterinary Medicine

Authority Act;

9. Appoint such officers, agents, and employees, including but

not limited to attorneys, as it deems necessary and to prescribe

their duties and to fix their compensation;

10. Accept grants from the United States of America, or from

any corporation or agency created or designed by the United States

of America, and, in connection with any grant, to enter into such

agreements as the United States of America or such corporation or

agency may require;

11. Make and issue bonds and to pledge revenues of the

Authority subject to the Oklahoma Bond Oversight and Reform Act.

Nothing in the Oklahoma State University Veterinary Medicine

Authority Act shall authorize the issuance of any bonds of the

Authority payable other than from revenues of the Authority.

Authority revenue bonds issued under the provisions of this act

shall not at any time be deemed to constitute a debt of the state or

of any political subdivision thereof, or a pledge of the faith and

Oklahoma Statutes - Title 2. Agriculture

credit of the state or of any political subdivision, but such bonds

shall be payable solely from the funds herein provided. Such

revenue bonds shall contain on the face thereof a statement to the

effect that neither the state nor the Authority shall be obligated

to pay the same or the interest thereon except from the revenues of

the project or projects for which they are issued and that neither

the faith and credit nor the taxing power of the state or any

political subdivision thereof is pledged, or may hereafter be

pledged, to the payment of the principal of or the interest on such

bonds. The maximum amount of outstanding bonds at any time shall

not exceed Fifty Million Dollars ($50,000,000.00) unless a greater

amount is expressly approved by the Legislature by a concurrent

resolution adopted prior to commencing any action in anticipation of

issuance of revenue bonds of the Oklahoma State University

Veterinary Medicine Authority for the greater amount;

12. Provide for complete financial audits on all accounts of

the Oklahoma State University Veterinary Medicine Authority and to

authorize periodic audits by an independent external auditing

agency. Such audits shall be performed annually in a format

approved by the State Auditor and Inspector, and all such audits

shall be submitted to the State Auditor and Inspector for review.

Such audits shall be made in accordance with generally accepted

auditing standards and government auditing standards. Financial

statements shall be prepared in accordance with generally accepted

accounting principles;

13. Engage in long-term planning for the operation and

management of the Authority;

14. Establish petty cash funds and provide for appropriate

accounting procedures and controls;

15. Contract with national manufacturers and distributors of

drugs and medical supplies when appropriate to carry out the

purposes of this act;

16. Do all other things necessary and proper to implement the

provisions of the Oklahoma State University Veterinary Medicine

Authority Act;

17. Provide funding to other entities related to public health,

animal health, teaching, research, and the purposes of the Oklahoma

State Veterinary Medicine Authority Act when provided funding for

such purposes by the Legislature;

18. Waive, by such means as the Authority deems appropriate,

the exemption from federal income taxation of interest on the

Authority's bonds provided by the Internal Revenue Code of 1986, as

amended, or any other federal statute providing a similar

exemption;19. Arrange for guaranties or insurance of its bonds by

the federal government or by any private insurer, and to pay any

premiums therefor; and

Oklahoma Statutes - Title 2. Agriculture

20. Make a declaration of necessity as provided in Section 3 of

this act. The Authority may, in its exclusive judgment, make a

declaration of necessity when such a declaration is deemed necessary

to effectuate the purposes of the Oklahoma State University

Veterinary Medicine Authority Act.

B. The Oklahoma State University Veterinary Medicine Authority

shall be subject to the Oklahoma State Finance Act.

C. The Authority shall prepare monthly a "budget vs. actual"

report which shows by budget activity the monthly and year-to-date

revenues and expenditures compared to budgeted revenues and

expenditures. Such report shall be submitted to the Office of

Management and Enterprise Services and to the Directors of the House

of Representatives Fiscal Division and the Senate Fiscal Division.

D. The Authority shall be subject to the professional risk

management program provided for in Section 85.58A of Title 74 of the

Oklahoma Statutes.

Added by Laws 2023, c. 297, § 6, eff. July 1, 2023.