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53	53	STATE OF OKLAHOMA
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55	55	1st Session of the 59th Legislature (2023)
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57	57	SENATE BILL 308 By: Rader
58	58
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63	63	AS INTRODUCED
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65	65	An Act relating to the Oklahoma Center for the
66	66	Advancement of Science and Technology; a mending 74
67	67	O.S. 2021, Section 5060.20a, which relates to the
68	68	development and implementation of a t echnology
69	69	business financing program; requiring binding
70	70	commitment to provide certain data for certain time;
71	71	requiring the Center to provide certain survey; and
72	72	providing an effective da te.
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79	79	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
80	80	SECTION 1. AMENDATORY 74 O.S. 2021, Section 5060.20a, is
81	81	amended to read as follows:
82	82	Section 5060.20a. A. The Oklahoma Center fo r the Advancement
83	83	of Science and Technology (OCAST), in conjunction with the
84	84	Commercialization Center, may develop and implement a technology
85	85	business financing p rogram to provide funding and financing for and
86	86	to assist qualified Oklahoma enterprises to commercialize new
87	87	products, services, technology, inn ovations, and processes. In
88	88	order to obtain funding or financing from the technology business
89	89	financing program, a recipient shall be required to obtain separate
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141	141	private investment or funding, and may als o be required to pay
142	142	royalties, fees, interest , profits, or other payments generated or
143	143	arising from the sale, lease, licensing, distribution, manufacture,
144	144	marketing, or development of products, services, technology,
145	145	innovations, and processes, whether alo ne or in conjunction with
146	146	others, or generated or a rising from a sale, acquisition, merger, or
147	147	other transfer or takeover of the enterprise . Any such royalties,
148	148	fees, interest, profits, or other payments or return of fu nding and
149	149	financing shall be retaine d for use in the program. OCAST, in
150	150	conjunction with the Commercialization Center, shall establish
151	151	program specifications. OCAST may contract with the
152	152	Commercialization Center or other qualified entity to operate and
153	153	manage the program. Program funds shall not be used to pay
154	154	administrative, management, or operating expenses of OCAST.
155	155	B. Enterprises that receive funding pursuant to subsection A of
156	156	this section shall make a binding comm itment to provide data
157	157	annually through a survey provided by OC AST, in conjunction with the
158	158	Commercialization Center. The binding commitment to provide data
159	159	shall be for five (5) years or until the rep ayment amount has been
160	160	paid, whichever is later. The data required by the survey shall
161	161	include but not be limited to jobs created, total revenue, total
162	162	payroll, and average a nnual wages. The enterprise must also provide
163	163	the proportion of jobs , total revenue, and payroll that are
164	164	generated in this state.
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216	216	SECTION 2. This act shall become effective November 1, 2023.
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218	218	59-1-155 QD 1/12/2023 6:07:07 PM

Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB308 Compare Versions