{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-2276.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-2276.2","heading":"Oklahoma Tourism and Recreation Commission - Duties as","body":"trustees of Oklahoma State Park Trust Fund - Use of funds -\n\nCustodian - Investment plan and reports.\n\nA. The Oklahoma Tourism and Recreation Commission shall\n\ndischarge their duties as trustees of the Oklahoma State Park Trust\n\nFund created in Section 2276.1 of this title, hereafter referred to\n\nas the \"Trust Fund\":\n\n1. With the care, skill, prudence, and diligence under the\n\ncircumstances then prevailing that a prudent person acting in a like\n\ncapacity and familiar with such matters would use in the conduct of\n\nan enterprise of a like character and with like aims;\n\n2. By diversifying the investments of the Trust Fund so as to\n\nminimize the risk of large losses, unless under the circumstances it\n\nis clearly prudent not to do so; and\n\n3. In accordance with the laws, documents and instruments\n\ngoverning the Trust Fund.\n\nB. The Commission may procure insurance indemnifying the\n\nmembers of the Commission from personal loss or accountability from\n\nliability resulting from the action or inaction of a member as a\n\ntrustee.\n\nC. The Commission may utilize the written investment policy\n\ndeveloped by the State Treasurer for the investment of public funds\n\nfor the investment and management of the Trust Fund. Investments of\n\nthe Trust Fund may be consistent with the guidelines set forth in\n\nSection 89.2 of Title 62 of the Oklahoma Statutes which establishes\n\nthe investment requirements for public funds by the State Treasurer.\n\nD. Funds and revenues for investment by the Commission shall be\n\nplaced with a custodian selected by the Commission. Payment of any\n\nfees for the services of a custodian may be paid from the income and\n\ninvestment return on the Trust Fund. The custodian may be the State\n\nTreasurer or a bank or trust company offering pension fund master\n\ntrustee and master custodial services. If other than the State\n\nTreasurer is utilized, the custodian shall be chosen by a\n\nsolicitation of proposals on a competitive bid basis pursuant to\n\nstandards set by the Commission. In compliance with the investment\n\npolicy guidelines of the Commission, the custodian bank or trust\n\ncompany shall be contractually responsible for ensuring that all\n\nmonies of the Trust Fund are invested in income-producing investment\n\nvehicles at all times. If a custodian bank or trust company has not\n\nreceived direction from the Commission as to the investment of the\n\nmonies of the Trust Fund in specific investment vehicles, the\n\ncustodian bank or trust company shall be contractually responsible\n\nto the Commission for investing the monies in appropriately\n\ncollateralized short-term interest-bearing investment vehicles. If\n\nthe State Treasurer is utilized as the custodian and has not\n\nreceived direction from the Commission as to the investment of the\n\nmonies of the Trust Fund in specific investment vehicles, the State\n\nTreasurer shall invest the monies in accordance with the investment\n\npolicy developed by the State Treasurer for investment of public\n\nfunds and in a manner consistent with the guidelines for the\n\ninvestment of public funds set forth in Section 89.2 of Title 62 of\n\nthe Oklahoma Statutes.\n\nE. By November 1, 2006, and prior to August 1 of each year\n\nthereafter, the Commission shall develop a written investment plan\n\nfor the Trust Fund.\n\nF. The Commission shall compile quarterly financial reports of\n\nall the funds and accounts of the Trust Fund on a fiscal year basis.\n\nThe reports shall include several relevant measures of investment\n\nvalue, including acquisition cost and current fair market value with\n\nappropriate summaries of total holdings and returns. The report\n\nshall be distributed to the Director of the Legislative Service\n\nBureau.\n\nG. After July 1 and before October 1 of each year, the\n\nCommission shall publish an annual report presented in simple and\n\neasily understood language. The report shall be submitted to the\n\nGovernor, the Speaker of the House of Representatives, the President\nth\n\nappropriate summaries of total holdings and returns. The report\n\nshall be distributed to the Director of the Legislative Service\n\nBureau.\n\nG. After July 1 and before October 1 of each year, the\n\nCommission shall publish an annual report presented in simple and\n\neasily understood language. The report shall be submitted to the\n\nGovernor, the Speaker of the House of Representatives, the President\n\nPro Tempore of the Senate, and the Director of the Legislative\n\nService Bureau. The annual report shall cover the operation of the\n\nTrust Fund during the past fiscal year, including income,\n\ndisbursements, and the financial condition of the Trust Fund at the\n\nend of the fiscal year. The annual report shall also contain the\n\ninformation issued in the quarterly reports required pursuant to\n\nsubsection F of this section as well as a summary of the results of\n\nthe most recent actuarial valuation to include total assets, total\n\nliabilities, unfunded liability or over-funded status, contributions\n\nand any other information deemed relevant by the Commission.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"e7e646eb780c53b375a46a5068481d58067254cf609b647bc15d49d4976944bc","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-2276.1","next":"us-ok/okla.-stat.-tit.-74-74-2276.3"},"notice":"GroundRules: Original legal text. Not legal advice."}