{"data":{"id":"us-ok/okla.-stat.-tit.-64-64-1014","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 64, § 64-1014","heading":"Investment of permanent school funds in real property","body":"owned or acquired by state or Tourism and Recreation Department and\n\nunder jurisdiction of Tourism and Recreation Commission.\n\nA. The Commissioners of the Land Office may invest the\n\npermanent school funds in real property owned or acquired by the\n\nState of Oklahoma or the Oklahoma Tourism and Recreation Department\n\nand under the jurisdiction of the Oklahoma Tourism and Recreation\n\nCommission. The Commissioners of the Land Office shall not invest\n\nmore than three percent (3%) of the total value of the permanent\n\nschool funds in connection with this investment.\n\nB. The Commissioners of the Land Office are authorized to\n\nacquire, exchange, and grant any real property under its\n\njurisdiction as is necessary to carry out the investment in the real\n\nproperty.\n\nC. The Commissioners of the Land Office may carry out the\n\ninvestment as authorized in this section only if the investment\n\ncomplies with all provisions of the Oklahoma Constitution related to\n\npreservation and use of the permanent school fund and with all other\n\ntrust requirements under law related to investment of the fund.\n\nD. Any investment in or acquisition, exchange or grant of any\n\nreal property by the Commissioners of the Land Office relating to\n\nthe Texoma State Park, Lake Texoma Lodge or any real property in the\n\narea owned by the Oklahoma Tourism and Recreation Department shall\n\nbe subject to the following provisions:\n\n1. Employees at Texoma State Park and/or Lake Texoma Lodge who\n\nhave a minimum of two (2) years’ continuous service with the\n\nOklahoma Tourism and Recreation Department at Texoma State Park\n\nand/or Lake Texoma Lodge on the date of the facilities’ closure\n\nshall have the opportunity to obtain employment with any successor\n\noperator of a resort or park facility located on the lands held by\n\nthe Oklahoma Tourism and Recreation Department on the effective date\n\nof this act, provided such employees are qualified and eligible for\n\nany such employment. Further, the Oklahoma Tourism and Recreation\n\nDepartment is hereby directed to develop a severance package for all\n\nsuch employees affected by any closure of facilities as provided for\n\nin this section;\n\n2. Any investment in or acquisition, exchange or grant of real\n\nproperty authorized by this section shall ensure a fair return to\n\nthe Oklahoma Tourism and Recreation Department to be distributed as\n\nprovided for in paragraph 3 of this subsection;\n\n3. All proceeds to the Oklahoma Tourism and Recreation\n\nDepartment from any such investment in or acquisition, exchange or\n\ngrant of state property in the park shall be reinvested in the\n\nTexoma area in projects that enhance the visitor experience or\n\naugment the public facilities available to visitors as provided for\n\nin Section 1852.3 of Title 74 of the Oklahoma Statutes;\n\n4. Any such investment in or acquisition, exchange or grant of\n\nstate property must lead to the highest and best use of the\n\nproperty;\n\n5. Existing concessionaires in and around the park shall be\n\nconsulted and given opportunities to participate in any and all\n\nbusiness opportunities and improvements resulting from such\n\ninvestment in or acquisition, exchange or grant of real property.\n\nThe private investments of existing concessionaires in and around\n\nthe park shall be given due consideration by any state agency that\n\nis a party to any investment in or acquisition, exchange or grant of\n\nreal property authorized by this act; and\n\n6. Any such investment in or acquisition, exchange or grant of\n\nany real property shall include a provision to ensure the Oklahoma\n\nDepartment of Tourism and Recreation grants to the Lake Texoma\n\nAssociation the real property that includes the association’s\n\nheadquarters and that the association be allowed to remain at its\n\ncurrent location.","path":["OK Code","Title 64"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os64.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"b8b82a9898886ba95cb3b4fa876c67ee084907901b2540888363ae47e1f69a91","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-64-64-1013","next":"us-ok/okla.-stat.-tit.-64-64-1015"},"notice":"GroundRules: Original legal text. Not legal advice."}