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