{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5062.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5062.6","heading":"Oklahoma Development Finance Authority and Oklahoma","body":"Industrial Finance Authority.\n\nA. Upon certification by the Governor of a public trust as\n\nqualifying to become the Oklahoma Development Finance Authority, the\n\nboard of trustees of such trust shall become the governing board of\n\nthe Oklahoma Development Finance Authority with the addition of two\n\n(2) other persons. From and after the effective date of this act,\n\nthe Governor, the board of directors of the Oklahoma Development\n\nFinance Authority and the board of directors of the Oklahoma\n\nIndustrial Finance Authority, governed by Section 851 of this title,\n\nshall begin the consolidation of the membership of the boards of\n\nboth authorities. The Oklahoma Development Finance Authority is\n\nauthorized to amend its trust indenture, to provide that its board\n\nshall be composed of the members of the board of directors of the\n\nOklahoma Industrial Finance Authority except for the State Treasurer\n\nof Oklahoma and to provide that the terms of office of the board of\n\ndirectors of the Oklahoma Development Finance Authority shall be\n\nidentical to the terms of the Oklahoma Industrial Finance Authority.\n\nAny director of the Oklahoma Development Finance Authority who is in\n\noffice upon the effective date of this act, and who is not also at\n\nthat time a member of the board of directors of the Oklahoma\n\nIndustrial Finance Authority, shall finish the term for which he or\n\nshe was appointed. Upon the end of such a director’s term, or upon\n\nsuch a director vacating his or her office, the Governor shall\n\nappoint a member of the board of directors of the Oklahoma\n\nIndustrial Finance Authority to fill the vacancy, or to the new\n\nterm. The qualifications for the board of directors of the Oklahoma\n\nDevelopment Finance Authority shall be identical to the\n\nqualifications for the board of directors of the Oklahoma Industrial\n\nFinance Authority. As soon as the two boards of directors of each\n\nauthority are composed of the same members, the boards shall be\n\nconsidered as consolidated. From and after that consolidation,\n\npersons appointed to the board of directors of the Oklahoma\n\nIndustrial Finance Authority shall also become directors of the\n\nOklahoma Development Finance Authority. Even though the membership\n\nof each board shall be identical, the authorities shall be\n\nconsidered and treated as separate legal entities. The funds of\n\neach authority shall not be commingled and shall be separately\n\naccounted for. This consolidation of board membership shall not be\n\nconstrued as effecting a merger of estates or otherwise be construed\n\nto terminate the trust status of the Oklahoma Development Finance\n\nAuthority. The Oklahoma Development Finance Authority shall\n\ncontinue to exist as a public trust, created under the Oklahoma\n\nPublic Trust Act. The S.S.C. Development Authority is hereby\n\nauthorized to amend its trust indenture to permit the members of the\n\nOklahoma Industrial Finance Authority to become the governing board\n\nof such trust. Any such amendment shall not affect the separate\n\nlegal status of such trust. The governing and administrative powers\n\nof the Oklahoma Development Finance Authority shall be vested in the\n\ngoverning board as provided by this section.\n\nB. Each appointive member may receive reimbursement for\n\nexpenses pursuant to the provisions of the State Travel\n\nReimbursement Act. In addition, each appointive member shall\n\nreceive a monthly stipend of Three Hundred Dollars ($300.00) if,\n\nduring the month, the member attended a meeting of the board of\n\ndirectors at which a quorum was present. Provided, a member who is\n\nalso to receive a stipend for attending, during said month, a board\n\nmeeting of the Oklahoma Industrial Finance Authority shall not\n\nreceive a stipend pursuant to this subsection for said month except\n\nto the extent that payment to the member may be divided between the\n\ntwo boards in proportion to the service rendered by the member to\n\neach board.\nh a quorum was present. Provided, a member who is\n\nalso to receive a stipend for attending, during said month, a board\n\nmeeting of the Oklahoma Industrial Finance Authority shall not\n\nreceive a stipend pursuant to this subsection for said month except\n\nto the extent that payment to the member may be divided between the\n\ntwo boards in proportion to the service rendered by the member to\n\neach board.\n\nC. Members shall annually elect from among the membership a\n\nchair, vice-chair, secretary and treasurer, and may elect an\n\nassistant secretary or assistant secretaries who need not be members\n\nof the board. Four members of the board shall constitute a quorum\n\nand the affirmative vote of the majority of members present at a\n\nmeeting of the board shall be necessary and sufficient for any\n\naction taken by the board, except that the affirmative vote of at\n\nleast four members shall be required for the approval of any\n\nresolution authorizing the issuance of any bonds or approving any\n\nloan transaction pursuant to Section 5062.1 et seq. of this title.\n\nD. No vacancy in the membership of the board shall impair the\n\nright of a quorum to exercise all rights and perform all the duties\n\nof the board. Any action taken by the board may be authorized by\n\nresolution at any regular, special, or emergency meeting and shall\n\ntake effect upon the date the chair or vice-chair certifies the\n\naction of the Authority by affixing a signature to the resolution\n\nunless some other date is otherwise provided in the resolution.\n\nE. The board may delegate to its employees, persons under\n\ncontract to provide administrative or staff services to the board,\n\nits members and/or officers of the Authority such duties as it deems\n\nnecessary or convenient to carry out the purposes of this act. The\n\nboard may contract with the Oklahoma Industrial Finance Authority to\n\nprovide all or part of the board’s administrative and staff\n\nservices. Funds of the Oklahoma Development Finance Authority may\n\nbe paid to the Oklahoma Industrial Finance Authority for services\n\nreasonably attributable to the operation of the Oklahoma Development\n\nFinance Authority.\n\nF. Except as otherwise provided by law, no part of the funds of\n\nthe Authority shall inure to the benefit of, or be distributed to\n\nits employees, officers, or board of directors, except that the\n\nAuthority shall be authorized and empowered to pay its employees and\n\nagents reasonable compensation and benefits.\n\nG. The meetings of the board of directors of the Oklahoma\n\nDevelopment Finance Authority shall be subject to the Oklahoma Open\n\nMeeting Act and the Oklahoma Open Records Act. Any information\n\nsubmitted to or compiled by the Oklahoma Development Finance\n\nAuthority with respect to the marketing plans, financial statements,\n\ntrade secrets or any other commercially sensitive information of\n\npersons, firms, associations, partnerships, agencies, corporations\n\nor other entities shall be confidential, except to the extent that\n\nthe person or entity which provided such information or which is the\n\nsubject of such information consents to disclosure. Executive\n\nsessions may be held to discuss such materials if deemed necessary\n\nby the board of directors.\n\nH. The Authority shall assist minority businesses in obtaining\n\nfinancial assistance. The terms and conditions of loans or other\n\nmeans of financial assistance, including the charges for interest\n\nand other services, will be consistent with the provisions of this\n\nact. The Authority shall solicit proposed minority business\n\nventures for review and analysis.\n\nI. The Authority shall not be subject to state laws regulating\n\nthe classification, employment, promotion, suspension, disciplinary\n\naction or dismissal of state employees. The Oklahoma Development\n\nFinance Authority shall not be subject to the provisions of the\n\nOklahoma Central Purchasing Act. The Oklahoma Development Finance\nsolicit proposed minority business\n\nventures for review and analysis.\n\nI. The Authority shall not be subject to state laws regulating\n\nthe classification, employment, promotion, suspension, disciplinary\n\naction or dismissal of state employees. The Oklahoma Development\n\nFinance Authority shall not be subject to the provisions of the\n\nOklahoma Central Purchasing Act. The Oklahoma Development Finance\n\nAuthority shall be subject to the provisions of law governing\n\nadministrative procedures pursuant to Title 75 of the Oklahoma\n\nStatutes.\n\nJ. If a member of the board of directors, officer, agent or\n\nemployee of the Oklahoma Development Finance Authority has any\n\ndirect or any indirect interest in any approval, contract or\n\nagreement upon which the member, officer, agent or employee may be\n\ncalled upon to act or vote, the board member, officer, agent or\n\nemployee shall disclose the same to the secretary of the Authority\n\nprior to the taking of final action by the Authority concerning such\n\ncontract or agreement and shall so disclose the nature and extent of\n\nsuch interest and his or her acquisition thereof, which disclosure\n\nshall be publicly acknowledged by the Authority and entered upon the\n\nminutes of the Authority. If a board member, officer, agent or\n\nemployee holds such an interest, he or she shall refrain from any\n\nfurther official involvement in regard to such contract or\n\nagreement, from voting on any matter pertaining to such contract or\n\nagreement, and from communicating with other board members,\n\nofficers, agents or employees concerning said contract or agreement.\n\nEmployees of the Oklahoma Development Finance Authority shall be\n\nsubject to the provisions of Rule 257:20-1-4, Rules of the Ethics\n\nCommission, 74 O.S. 2001, Ch. 62, App., in the same manner as other\n\nstate employees. Notwithstanding any other provision of law, any\n\ncontract or agreement entered into in conformity with this\n\nsubsection shall not be void or invalid by reason of the interest\n\ndescribed in this subsection, nor shall any person so disclosing the\n\ninterest and refraining from further official involvement as\n\nprovided for in this subsection be guilty of an offense, be removed\n\nfrom office, or be subject to any other penalty on account of such\n\ninterest. Provided, any approval, contract or agreement made in\n\nviolation of this section shall give rise to no action against the\n\nAuthority.\n\nIndirect interest shall include pecuniary or competitive\n\nadvantage which exists or could foreseeably accrue as a result of\n\nthe act or forebearance of the Authority.","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":"c3b0887da53058853872665fc4b2ab28fccac6819a5a5b14fa4582bf528b6292","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5062.5","next":"us-ok/okla.-stat.-tit.-74-74-5062.6a"},"notice":"GroundRules: Original legal text. Not legal advice."}