Okla. Stat. tit. 64, § 64-1014: Investment of permanent school funds in real property

owned or acquired by state or Tourism and Recreation Department and

under jurisdiction of Tourism and Recreation Commission.

A. The Commissioners of the Land Office may invest the

permanent school funds in real property owned or acquired by the

State of Oklahoma or the Oklahoma Tourism and Recreation Department

and under the jurisdiction of the Oklahoma Tourism and Recreation

Commission. The Commissioners of the Land Office shall not invest

more than three percent (3%) of the total value of the permanent

school funds in connection with this investment.

B. The Commissioners of the Land Office are authorized to

acquire, exchange, and grant any real property under its

jurisdiction as is necessary to carry out the investment in the real

property.

C. The Commissioners of the Land Office may carry out the

investment as authorized in this section only if the investment

complies with all provisions of the Oklahoma Constitution related to

preservation and use of the permanent school fund and with all other

trust requirements under law related to investment of the fund.

D. Any investment in or acquisition, exchange or grant of any

real property by the Commissioners of the Land Office relating to

the Texoma State Park, Lake Texoma Lodge or any real property in the

area owned by the Oklahoma Tourism and Recreation Department shall

be subject to the following provisions:

1. Employees at Texoma State Park and/or Lake Texoma Lodge who

have a minimum of two (2) years’ continuous service with the

Oklahoma Tourism and Recreation Department at Texoma State Park

and/or Lake Texoma Lodge on the date of the facilities’ closure

shall have the opportunity to obtain employment with any successor

operator of a resort or park facility located on the lands held by

the Oklahoma Tourism and Recreation Department on the effective date

of this act, provided such employees are qualified and eligible for

any such employment. Further, the Oklahoma Tourism and Recreation

Department is hereby directed to develop a severance package for all

such employees affected by any closure of facilities as provided for

in this section;

2. Any investment in or acquisition, exchange or grant of real

property authorized by this section shall ensure a fair return to

the Oklahoma Tourism and Recreation Department to be distributed as

provided for in paragraph 3 of this subsection;

3. All proceeds to the Oklahoma Tourism and Recreation

Department from any such investment in or acquisition, exchange or

grant of state property in the park shall be reinvested in the

Texoma area in projects that enhance the visitor experience or

augment the public facilities available to visitors as provided for

in Section 1852.3 of Title 74 of the Oklahoma Statutes;

4. Any such investment in or acquisition, exchange or grant of

state property must lead to the highest and best use of the

property;

5. Existing concessionaires in and around the park shall be

consulted and given opportunities to participate in any and all

business opportunities and improvements resulting from such

investment in or acquisition, exchange or grant of real property.

The private investments of existing concessionaires in and around

the park shall be given due consideration by any state agency that

is a party to any investment in or acquisition, exchange or grant of

real property authorized by this act; and

6. Any such investment in or acquisition, exchange or grant of

any real property shall include a provision to ensure the Oklahoma

Department of Tourism and Recreation grants to the Lake Texoma

Association the real property that includes the association’s

headquarters and that the association be allowed to remain at its

current location.