{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5060.30","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5060.30","heading":"Oklahoma Technology Trust Fund","body":"A. The \"Oklahoma Technology Trust Fund\" is hereby created. The\n\ntrust fund shall be administered as follows:\n\n1. The trustees of the trust fund shall consist of seven\n\nmembers of the Oklahoma Science and Technology Research and\n\nDevelopment Board who are the presidents of Oklahoma State\n\nUniversity, the University of Oklahoma, and the private university\n\noffering graduate engineering degrees and the four chief executive\n\nofficers or senior executive officers of corporations or\n\nfoundations. The chair of the board of trustees shall be elected by\n\nthe trustees from among the four chief executive officers or senior\n\nexecutive officers who also serve on the Oklahoma Science and\n\nTechnology Research and Development Board.\n\n2. After January 1, 2003, the board of trustees may by\n\nunanimous vote expand the number of trustees at any time. No more\n\nthan three members added by the board of trustees may serve\n\nconcurrently. The members added by the board of trustees shall be\n\nrepresentatives of industries, shall have full voting rights, and\n\nshall serve four-year terms. A position added by the board of\n\ntrustees may be filled at the end of the term by vote of the\n\ntrustees. A position not filled by the trustees at the end of the\n\nterm shall be considered abolished.\n\n3. The trust fund principal shall consist of monies received\n\nfrom any monies the Legislature appropriates for, or transfers to,\n\nthe trust fund and any monies or assets contributed to the trust\n\nfund from any other source, public or private. Notwithstanding\n\nother provisions of law, income and investment return on trust fund\n\nprincipal shall accrue to the trust fund and may be authorized upon\n\na majority vote of the trustees for use and expenditure by the\n\nOklahoma Science and Technology Research and Development Board. Use\n\nof the trust fund principal may be authorized upon a vote of three-\n\nfourths of the trustees for use and expenditure by the Oklahoma\n\nScience and Technology Research and Development Board.\n\n4. The trustees shall develop procedures for accomplishing\n\ntransfer of income and investment return to appropriate accounts set\n\nup in the Office of the State Treasurer.\n\n5. The trust fund may be dissolved upon an act approved by\n\nthree-fourths (3/4) of both houses of the Legislature or pursuant to\n\na plan for use of the principal, leading to dissolution of the trust\n\nfund, over a ten-year period that has been proposed by the trustees\n\nand approved by the Legislature and the Governor. Upon the trust\n\nfund's dissolution, any funds in the trust fund shall be placed in\n\nthe state general revenue fund, unless the Legislature specifically\n\nprovides otherwise.\n\nB. There is hereby created in the State Treasury a fund for the\n\nOklahoma Center for the Advancement of Science and Technology to be\n\ndesignated the \"Oklahoma Technology Fund\". The fund shall be a\n\ncontinuing fund, not subject to fiscal year limitations, and shall\n\nconsist of any monies received by the Center from the Legislature or\n\nother sources for the fund. All monies accruing to the credit of\n\nthe fund are hereby appropriated and may be budgeted and expended by\n\nthe Oklahoma Science and Technology Research and Development Board\n\nfor the purposes of the Center. Expenditures from the fund shall be\n\nmade upon warrants issued by the State Treasurer against claims\n\nfiled as prescribed by law with the Director of the Office of\n\nManagement and Enterprise Services for approval and payment. The\n\nOklahoma Science and Technology Research and Development Board shall\n\ndevelop procedures for setting up accounts within the fund as\n\nnecessary in the Office of the State Treasurer. The Board shall\n\nplace only funds appropriated for or otherwise received for the\n\nCenter in the accounts for the Center and shall not commingle funds\n\nthat are not appropriated or otherwise received for the Center with\nBoard shall\n\ndevelop procedures for setting up accounts within the fund as\n\nnecessary in the Office of the State Treasurer. The Board shall\n\nplace only funds appropriated for or otherwise received for the\n\nCenter in the accounts for the Center and shall not commingle funds\n\nthat are not appropriated or otherwise received for the Center with\n\nfunds appropriated or received for any other purpose of the Center.","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":"b6aed4b013be25e759e7e5bcde8431001ce4dab1be877f8eb321bc24501bfb69","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5060.3","next":"us-ok/okla.-stat.-tit.-74-74-5060.3a"},"notice":"GroundRules: Original legal text. Not legal advice."}