{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-48","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-48","heading":"Oklahoma Opportunity Fund","body":"A. There is hereby created in the State Treasury a revolving\n\nfund for the Oklahoma Department of Commerce to be designated the\n\n\"Oklahoma Opportunity Fund\". The fund shall be a continuing fund,\n\nnot subject to fiscal year limitations and shall consist of:\n\n1. All monies apportioned or allocated to the fund pursuant to\n\nlaw;\n\n2. Any amounts appropriated by the Legislature to the fund;\n\n3. Interest earned on the investment of money in the fund; and\n\n4. Gifts, grants, and other donations received for the fund.\n\nB. All monies accruing to the credit of the fund are hereby\n\nappropriated and may be budgeted and expended by the Governor for\n\nthe purposes of economic development and related infrastructure\n\ndevelopment, subject to the unanimous approval of the Contingency\n\nReview Board pursuant to subsection E of this section. Expenditures\n\nfrom the fund shall be made upon warrants issued by the State\n\nTreasurer against claims filed as prescribed by law with the\n\nDirector of the Office of Management and Enterprise Services for\n\napproval and payment.\n\nC. Expenditures from the Oklahoma Opportunity Fund shall be\n\nproposed by the Director of the Oklahoma Department of Commerce.\n\nThe Director of the Oklahoma Department of Commerce shall only\n\npropose expenditures that the Director determines are expected to\n\nresult in a substantial economic benefit to the state through any of\n\nthe following:\n\n1. The creation of new jobs which offer a basic health benefit\n\nplan, as defined in the Oklahoma Quality Jobs Program Act;\n\n2. The maintenance of existing jobs which are at risk for\n\ntermination;\n\n3. Investment in new real property, plant or equipment or in\n\nthe improvement or retooling of existing plant or equipment; or\n\n4. Additional revenues in either ad valorem, income or sales\n\nand use taxes.\n\nD. The Oklahoma Department of Commerce shall develop rules for\n\nthe process of reviewing proposed expenditures from the Oklahoma\n\nOpportunity Fund and for determination of whether or not proposed\n\nexpenditures meet the criteria identified in subsection C of this\n\nsection. Criteria shall include requirements for economic impact,\n\nlocal participation in the project and average wage thresholds.\n\nE. No expenditure shall be made from the Oklahoma Opportunity\n\nFund unless such expenditure has been unanimously approved by the\n\nContingency Review Board.\n\nF. The Oklahoma Department of Commerce shall administer the\n\nOklahoma Opportunity Fund. The Governor may, on behalf of this\n\nstate and with the express approval of the Contingency Review Board,\n\naward monies by entering into a written agreement.\n\nG. Before awarding any monies pursuant to subsection F of this\n\nsection, the Governor shall enter into a written agreement with the\n\nentity to be awarded the money specifying that:\n\n1. If any or all of the amount to be awarded is used to build a\n\ncapital improvement:\n\na. the state retains a lien or other interest in the\n\ncapital improvement in proportion to the amount\n\nawarded by the written agreement for the capital\n\nimprovement, and\n\nb. if the capital improvement is sold, the recipient of\n\nthe award shall:\n\n(1) repay to the state the money awarded to pay for\n\nthe capital improvement, with interest at the\n\nrate and according to the other terms provided by\n\nthe agreement, and\ntains a lien or other interest in the\n\ncapital improvement in proportion to the amount\n\nawarded by the written agreement for the capital\n\nimprovement, and\n\nb. if the capital improvement is sold, the recipient of\n\nthe award shall:\n\n(1) repay to the state the money awarded to pay for\n\nthe capital improvement, with interest at the\n\nrate and according to the other terms provided by\n\nthe agreement, and\n\n(2) share with the state a proportionate amount of\n\nany profit realized from the sale; and\n\n2. If, as of the date certain provided in the agreement, the\n\naward recipient has not used monies awarded under this section for\n\nthe intended purposes, the recipient shall repay that amount and any\n\nrelated interest to the state at the agreed rate and on the agreed\n\nterms.\n\nH. The Legislature finds that for profit entities, nonprofit\n\nentities and state and local governmental entities that qualify for\n\nfunding pursuant to the provisions of this section are a source of\n\neconomic benefits for the state, its political subdivisions and its\n\nresidents that can only be achieved through the use of specialized\n\neconomic incentives. All expenditures from the Oklahoma Opportunity\n\nFund shall be deemed to be in furtherance of essential governmental\n\nfunctions for public purposes as a method of promoting and\n\nsustaining economic growth and activity within the State of\n\nOklahoma.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"aa073ebf6aa79f11c3c85474d3aaa894dad380dd4ada926725efd8d852b6ed76","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-479","next":"us-ok/okla.-stat.-tit.-62-62-48.1"},"notice":"GroundRules: Original legal text. Not legal advice."}