Okla. Stat. tit. 74, § 74-5060.2: Statement of need - Oklahoma Center for the Advancement

of Science and Technology created.

A. In order to attain the goals as set forth in the Oklahoma

Science and Technology Research and Development Act, Oklahoma

enterprises need institutions that combine the resources of the

public and private sectors to encourage the development of new

products, new processes and whole new industries in Oklahoma. The

institutions are needed to:

1. Support the development of new or expanded technologies;

2. Provide basic and applied research capital to move

innovation to commercial application;

3. Encourage the transfer of technology to firms and farms

throughout the geographic regions of the state;

4. Stimulate seed-capital investment in firms that will use

innovation, new technologies, or technological advances in

profitable commercial applications;

5. Foster competitiveness, productivity and modernization in

Oklahoma firms and farms; and

6. Establish public-private partnerships to provide

opportunities for development, expansion, and retention of, funding

and financing for, and investment in, technology-oriented

enterprises in Oklahoma.

B. There is hereby created the Oklahoma Center for the

Advancement of Science and Technology. The Oklahoma Center for the

Advancement of Science and Technology is hereby constituted an

instrumentality of the state and the exercise of the authority and

powers conferred by law shall be deemed and held to be the

performance of an essential governmental function.