Okla. Stat. tit. 60, § 60-176.1: Presumptions and conditions - Relationship of trust and

beneficiary.

A. Except as provided in subsection F of this section and if

the conditions set out in subsection B of this section are satisfied

in compliance with Section 176 et seq. of this title, a public trust

duly created in accordance with the provisions of Section 176 et

seq. of this title shall be presumed for all purposes of Oklahoma

law to:

1. Exist for the public benefit;

2. Exist as a legal entity separate and distinct from the

settlor and from the governmental entity that is its beneficiary;

and

3. Act on behalf and in the furtherance of a public function or

functions for which it is created even though facilities financed by

the public trust or in which the public trust has an ownership

interest may be operated by private persons or entities pursuant to

contract.

B. The conditions to be satisfied as required in subsection A

of this section are as follows:

1. The trustees of the public trust are appointed by the

governing body of the beneficiary or beneficiaries or as otherwise

provided by law. This paragraph shall not apply to public trusts in

existence as of July 1, 1992;

2. The public trust delivers to the governing body of the

beneficiaries, or in the case of the state as beneficiary, to the

State Auditor and Inspector, annual audits as provided in Section

180.1 of this title;

3. With respect to city or county beneficiary public trusts,

the function or enterprise in which the public trust is engaged is

or could be authorized by state law to be performed by the

beneficiary; and

4. With respect to city or county beneficiary public trusts,

all indebtedness incurred by the public trust is approved by the

governing body of the beneficiary as provided in subsection E of

Section 176 of this title.

C. The existence of a contract for the operation or management

of the facility financed by the public trust is hereby declared to

be in furtherance of the public purpose of the public trust and

shall not affect the validity of such public trust.

D. Except where the provisions of the trust indenture or of

Section 176 et seq. of this title, or of any other law written

specifically to govern the affairs of public trusts, expressly

requires otherwise, the affairs of the public trust shall be

separate and independent from the affairs of the beneficiary in all

matters or activities authorized by the written instrument creating

such public trust including, but not limited to, the public trust's

budget, expenditures, revenues and general operation and management

of its facilities or functions; provided, that either the public

trust or the beneficiary may make payment of money to the other

unless prohibited by the written instrument creating such public

trust or by existing state law.

E. For all purposes of Oklahoma law, the existence and validity

of any public trust shall be determined and established solely by

the provisions of the written instrument creating such public trust,

and by the provisions of Section 176 et seq. of this title and of

any other law written specifically to create a public trust.

Actions taken or omitted by the trustees of a public trust shall not

affect the existence or validity of the entity as a public trust but

shall be subject to subsequent review or ratification by said

trustees or to correction by the district court in a proper

proceeding.

F. Nothing in this section shall affect coverage of any entity

under The Governmental Tort Claims Act.