Oklahoma § 74-5060.30 - Oklahoma Technology Trust Fund

§ 74-5060.30. Oklahoma Technology Trust Fund

A. The "Oklahoma Technology Trust Fund" is hereby created. The

trust fund shall be administered as follows:

1. The trustees of the trust fund shall consist of seven

members of the Oklahoma Science and Technology Research and

Development Board who are the presidents of Oklahoma State

University, the University of Oklahoma, and the private university

offering graduate engineering degrees and the four chief executive

officers or senior executive officers of corporations or

foundations. The chair of the board of trustees shall be elected by

the trustees from among the four chief executive officers or senior

executive officers who also serve on the Oklahoma Science and

Technology Research and Development Board.

Oklahoma Statutes - Title 74. State Government

2. After January 1, 2003, the board of trustees may by

unanimous vote expand the number of trustees at any time. No more

than three members added by the board of trustees may serve

concurrently. The members added by the board of trustees shall be

representatives of industries, shall have full voting rights, and

shall serve four-year terms. A position added by the board of

trustees may be filled at the end of the term by vote of the

trustees. A position not filled by the trustees at the end of the

term shall be considered abolished.

3. The trust fund principal shall consist of monies received

from any monies the Legislature appropriates for, or transfers to,

the trust fund and any monies or assets contributed to the trust

fund from any other source, public or private. Notwithstanding

other provisions of law, income and investment return on trust fund

principal shall accrue to the trust fund and may be authorized upon

a majority vote of the trustees for use and expenditure by the

Oklahoma Science and Technology Research and Development Board. Use

of the trust fund principal may be authorized upon a vote of threefourths of the trustees for use and expenditure by the Oklahoma

Science and Technology Research and Development Board.

4. The trustees shall develop procedures for accomplishing

transfer of income and investment return to appropriate accounts set

up in the Office of the State Treasurer.

5. The trust fund may be dissolved upon an act approved by

three-fourths (3/4) of both houses of the Legislature or pursuant to

a plan for use of the principal, leading to dissolution of the trust

fund, over a ten-year period that has been proposed by the trustees

and approved by the Legislature and the Governor. Upon the trust

fund's dissolution, any funds in the trust fund shall be placed in

the state general revenue fund, unless the Legislature specifically

provides otherwise.

B. There is hereby created in the State Treasury a fund for the

Oklahoma Center for the Advancement of Science and Technology to be

designated the "Oklahoma Technology Fund". The fund shall be a

continuing fund, not subject to fiscal year limitations, and shall

consist of any monies received by the Center from the Legislature or

other sources for the fund. All monies accruing to the credit of

the fund are hereby appropriated and may be budgeted and expended by

the Oklahoma Science and Technology Research and Development Board

for the purposes of the Center. 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. The

Oklahoma Science and Technology Research and Development Board shall

develop procedures for setting up accounts within the fund as

necessary in the Office of the State Treasurer. The Board shall

place only funds appropriated for or otherwise received for the

Oklahoma Statutes - Title 74. State Government

Center in the accounts for the Center and shall not commingle funds

that are not appropriated or otherwise received for the Center with

funds appropriated or received for any other purpose of the Center.

Added by Laws 2002, c. 484, § 12, eff. July 1, 2002. Amended by

Laws 2012, c. 304, § 1039; Laws 2013, c. 227, § 46, eff. Nov. 1,

2013.