{"data":{"id":"us-ok/okla.-stat.-tit.-2-2-4006","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 2, § 2-4006","heading":"Powers and duties of Authority","body":"A. On and after July 1, 2023, the Authority shall have the\n\npower and duty to:\n\n1. Adopt bylaws and promulgate rules for the regulation of its\n\naffairs and the conduct of its business;\n\n2. Adopt an official seal;\n\n3. Maintain an office at a location to be determined by the\n\nAuthority;\n\n4. Sue and be sued, subject to the provisions of the\n\nGovernmental Tort Claims Act;\n\n5. Enter into cooperative agreements with the Board of Regents\n\nfor the Oklahoma Agricultural and Mechanical Colleges and/or other\n\nOklahoma State University agencies, authorities, trusts or entities\n\nfor educational programs, professional staffing, research and other\n\nveterinary activities;\n\n6. Make and enter into all contracts necessary or incidental to\n\nthe performance of its duties and the execution of its powers\n\npursuant to the Oklahoma State University Veterinary Medicine\n\nAuthority Act;\n\n7. Purchase or lease equipment, furniture, materials and\n\nsupplies, and incur such other expenses as may be necessary to\n\nmaintain and operate animal hospitals or clinics, or to discharge\n\nits duties and responsibilities or to make any of its powers\n\neffective;\n\n8. Acquire by purchase, lease, gift, or by any other manner,\n\nand to maintain, use and operate or to contract for the maintenance,\n\nuse and operation of or lease of any and all property of any kind,\n\nreal, personal, or mixed or any interest therein unless otherwise\n\nprovided by the Oklahoma State University Veterinary Medicine\n\nAuthority Act;\n\n9. Appoint such officers, agents, and employees, including but\n\nnot limited to attorneys, as it deems necessary and to prescribe\n\ntheir duties and to fix their compensation;\n\n10. Accept grants from the United States of America, or from\n\nany corporation or agency created or designed by the United States\n\nof America, and, in connection with any grant, to enter into such\n\nagreements as the United States of America or such corporation or\n\nagency may require;\n\n11. Make and issue bonds and to pledge revenues of the\n\nAuthority subject to the Oklahoma Bond Oversight and Reform Act.\n\nNothing in the Oklahoma State University Veterinary Medicine\n\nAuthority Act shall authorize the issuance of any bonds of the\n\nAuthority payable other than from revenues of the Authority.\n\nAuthority revenue bonds issued under the provisions of this act\n\nshall not at any time be deemed to constitute a debt of the state or\n\nof any political subdivision thereof, or a pledge of the faith and\n\ncredit of the state or of any political subdivision, but such bonds\n\nshall be payable solely from the funds herein provided. Such\n\nrevenue bonds shall contain on the face thereof a statement to the\n\neffect that neither the state nor the Authority shall be obligated\n\nto pay the same or the interest thereon except from the revenues of\n\nthe project or projects for which they are issued and that neither\n\nthe faith and credit nor the taxing power of the state or any\n\npolitical subdivision thereof is pledged, or may hereafter be\n\npledged, to the payment of the principal of or the interest on such\n\nbonds. The maximum amount of outstanding bonds at any time shall\n\nnot exceed Fifty Million Dollars ($50,000,000.00) unless a greater\n\namount is expressly approved by the Legislature by a concurrent\n\nresolution adopted prior to commencing any action in anticipation of\n\nissuance of revenue bonds of the Oklahoma State University\n\nVeterinary Medicine Authority for the greater amount;\n\n12. Provide for complete financial audits on all accounts of\n\nthe Oklahoma State University Veterinary Medicine Authority and to\n\nauthorize periodic audits by an independent external auditing\n\nagency. Such audits shall be performed annually in a format\n\napproved by the State Auditor and Inspector, and all such audits\n\nshall be submitted to the State Auditor and Inspector for review.\n\nSuch audits shall be made in accordance with generally accepted\nccounts of\n\nthe Oklahoma State University Veterinary Medicine Authority and to\n\nauthorize periodic audits by an independent external auditing\n\nagency. Such audits shall be performed annually in a format\n\napproved by the State Auditor and Inspector, and all such audits\n\nshall be submitted to the State Auditor and Inspector for review.\n\nSuch audits shall be made in accordance with generally accepted\n\nauditing standards and government auditing standards. Financial\n\nstatements shall be prepared in accordance with generally accepted\n\naccounting principles;\n\n13. Engage in long-term planning for the operation and\n\nmanagement of the Authority;\n\n14. Establish petty cash funds and provide for appropriate\n\naccounting procedures and controls;\n\n15. Contract with national manufacturers and distributors of\n\ndrugs and medical supplies when appropriate to carry out the\n\npurposes of this act;\n\n16. Do all other things necessary and proper to implement the\n\nprovisions of the Oklahoma State University Veterinary Medicine\n\nAuthority Act;\n\n17. Provide funding to other entities related to public health,\n\nanimal health, teaching, research, and the purposes of the Oklahoma\n\nState Veterinary Medicine Authority Act when provided funding for\n\nsuch purposes by the Legislature;\n\n18. Waive, by such means as the Authority deems appropriate,\n\nthe exemption from federal income taxation of interest on the\n\nAuthority's bonds provided by the Internal Revenue Code of 1986, as\n\namended, or any other federal statute providing a similar\n\nexemption;19. Arrange for guaranties or insurance of its bonds by\n\nthe federal government or by any private insurer, and to pay any\n\npremiums therefor; and\n\n20. Make a declaration of necessity as provided in Section 3 of\n\nthis act. The Authority may, in its exclusive judgment, make a\n\ndeclaration of necessity when such a declaration is deemed necessary\n\nto effectuate the purposes of the Oklahoma State University\n\nVeterinary Medicine Authority Act.\n\nB. The Oklahoma State University Veterinary Medicine Authority\n\nshall be subject to the Oklahoma State Finance Act.\n\nC. The Authority shall prepare monthly a \"budget vs. actual\"\n\nreport which shows by budget activity the monthly and year-to-date\n\nrevenues and expenditures compared to budgeted revenues and\n\nexpenditures. Such report shall be submitted to the Office of\n\nManagement and Enterprise Services and to the Directors of the House\n\nof Representatives Fiscal Division and the Senate Fiscal Division.\n\nD. The Authority shall be subject to the professional risk\n\nmanagement program provided for in Section 85.58A of Title 74 of the\n\nOklahoma Statutes.","path":["OK Code","Title 2"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os2.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"06febd7c4e8e36f719684cb888ff895f1a4273538a9dc0b52d72b7af7fd0ba0c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-2-2-4005","next":"us-ok/okla.-stat.-tit.-2-2-4007"},"notice":"GroundRules: Original legal text. Not legal advice."}