{"data":{"id":"us-ok/okla.-stat.-tit.-63-63-3276","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 63, § 63-3276","heading":"Oklahoma State University Medical Authority - Powers and","body":"duties - Applicable statutes.\n\nA. The Oklahoma State University Medical Authority shall have\n\nthe power 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 for\n\neducational programs, professional staffing, research and other\n\nmedical 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 Medical Authority 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 hospitals or clinics, or to discharge its\n\nduties and responsibilities or to make any of its powers effective;\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 Medical Authority 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 Medical Authority Act shall\n\nauthorize the issuance of any bonds of the Authority payable other\n\nthan from revenues of the Authority. Funds appropriated to the\n\nAuthority shall not be used for issuance of bonds. Authority\n\nrevenue bonds issued under the provisions of this act shall not at\n\nany time be deemed to constitute a debt of the state or of any\n\npolitical subdivision thereof or a pledge of the faith and credit of\n\nthe state or of any political subdivision, but such bonds shall be\n\npayable solely from the funds herein provided. Such revenue bonds\n\nshall contain on the face thereof a statement to the effect that\n\nneither the state nor the Authority shall be obligated to pay the\n\nsame or the interest thereon except from the revenues of the project\n\nor projects for which they are issued and that neither the faith and\n\ncredit nor the taxing power of the state or any political\n\nsubdivision thereof is pledged, or may hereafter be pledged, to the\n\npayment of the principal of or the interest on such bonds. The\n\nmaximum amount of outstanding bonds at any time shall not exceed\n\nFifty Million Dollars ($50,000,000.00) unless a greater amount is\n\nexpressly approved by the Legislature by a concurrent resolution\n\nadopted prior to commencing any action in anticipation of issuance\n\nof revenue bonds of the Oklahoma State University Medical Authority\n\nfor the greater amount;\n\n12. Provide for complete financial audits on all accounts of\n\nthe Oklahoma State University Medical Authority and to authorize\n\nperiodic audits by an independent external auditing agency. Such\n\naudits shall be performed annually in a format approved by the State\n\nAuditor and Inspector, and all such audits shall be submitted to the\n\nState Auditor and Inspector for review. Such audits shall be made\n\nin accordance with generally accepted auditing standards and\n\ngovernment auditing standards. Financial statements shall be\nize\n\nperiodic audits by an independent external auditing agency. Such\n\naudits shall be performed annually in a format approved by the State\n\nAuditor and Inspector, and all such audits shall be submitted to the\n\nState Auditor and Inspector for review. Such audits shall be made\n\nin accordance with generally accepted auditing standards and\n\ngovernment auditing standards. Financial statements shall be\n\nprepared in accordance with generally accepted accounting\n\nprinciples. In addition to said audits, whenever the State Auditor\n\nand Inspector deems it appropriate, and at least once each five (5)\n\nyears, or upon receipt of a request to do so from the Governor, the\n\nAttorney General, the President Pro Tempore of the Oklahoma State\n\nSenate, the Speaker of the Oklahoma House of Representatives or the\n\nAuthority, the State Auditor and Inspector shall conduct a special\n\naudit of the Authority;\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. Provide funding to other entities for purposes related to\n\npublic health, teaching, research, and the purposes of the Oklahoma\n\nState University Medical Authority Act when provided funding for\n\nsuch purposes by the Legislature;\n\n17. Do all other things necessary and proper to implement the\n\nprovisions of the Oklahoma State University Medical Authority Act;\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 exemption;\n\n19. Arrange for guaranties or insurance of its bonds by the\n\nfederal 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 3273\n\nof this title. 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 Medical\n\nAuthority Act.\n\nB. The Oklahoma State University Medical Authority shall be\n\nsubject to the Oklahoma Budget Law of 1947.\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 63"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os63.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a97f65b92f48ec85dd8c4a864386081404ef9e427e100a24299f15dcdfe46f96","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-63-63-3275","next":"us-ok/okla.-stat.-tit.-63-63-3277"},"notice":"GroundRules: Original legal text. Not legal advice."}