Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB760 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	ENGR. H. A. to ENGR. S. B. NO. 760 Page 1 1
	3	+	SB760 HFLR Page 1
	4	+	BOLD FACE denotes Committee Amendments. 1
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28		-	ENGROSSED HOUSE AMENDME NT
29		-	TO
30		-	ENGROSSED SENATE BILL NO . 760 By: Kirt and Hall of the Senate
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
31	30
32		-	~~and~~
	31	+	STATE OF OKLAHOMA
33	32
34		-	Boatman of the House
35		-
36		-
37		-
38		-	An Act relating to the Oklahoma Capital Investment
39		-	Board; amending 74 O.S. 2021, Sections 5085 .5,
40		-	5085.6, 5085.8, 5085.10, 508 5.11, 5085.12, 5085.14,
41		-	5085.15, and 5085.16, which relate to the Oklahoma
42		-	Capital Formation Act; modifying definition;
43		-	modifying reference; dissolving Board upon certain
44		-	date; transferring certain contracts and management
45		-	of certain investments to the Oklahoma Science and
46		-	Technology Research and Development Board ; updating
47		-	statutory reference; updating statutory langu age; and
48		-	providing an effective date .
49		-
50		-
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52		-	AMENDMENT NO. 1. Page 1, Lines 6 through 11, strike the title to
53		-	read:
54		-
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57		-
58		-	"[ Oklahoma Capital Investment Board - Oklahoma
59		-	Capital Formation Act – transfer of contracts and
60		-	management of investments to the Oklahoma Science
61		-	and Technology Research and Development Board -
62		-	effective date ]"
63		-
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89		-	Passed the House of Representatives the 27th day of April, 2023.
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95		-	Presiding Officer of the House of
96		-	Representatives
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99		-	Passed the Senate the ____ day of _______ ___, 2023.
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105		-	Presiding Officer of the Senate
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108		-	ENGR. S. B. NO. 760 Page 1 1
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	33	+	1st Session of the 59th Legislature (2023)
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133	35		ENGROSSED SENATE
134	36		BILL NO. 760 By: Kirt and Hall of the Senate
135	37
136	38		and
137	39
138	40		Boatman of the House
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143	45		An Act relating to the Oklahoma Capital Investment
144	46		Board; amending 74 O.S. 2021, Sections 5085 .5,
145	47		5085.6, 5085.8, 5085.10, 5085.11, 5085.12, 5085.14,
146	48		5085.15, and 5085.16, which relate to the Oklahoma
147	49		Capital Formation Act; modifying definition;
148	50		modifying reference; dissolving Board upon certain
149	51		date; transferring certain contracts and management
150	52		of certain investments to the Oklahoma Science and
151	53		Technology Research and Development Board ; updating
152	54		statutory reference; updating statutory langu age; and
153	55		providing an effective date .
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157	59		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
158	60		SECTION 1. AMENDATORY 74 O.S. 2021, Section 5085.5, is
159	61		amended to read as follows:
160	62		Section 5085.5. For purposes of this act the Oklahoma Capital
161	63		Formation Act:
162	64		1. “Board” means the Oklahoma Capital Investment Board Science
163	65		and Technology Research and Development Board of the Oklahoma Cente r
164	66		for the Advancement of Science and Technology;
165	67		2. “Director” means any person who is a member of t he Board;
166		-	3. “Equity capital” means capital invested in common or
167		-	preferred stock, royalty rights, limited partnership inter ests, and
168	68
169		-	ENGR. S. B. NO. 760 Page 2 1
	69	+	SB760 HFLR Page 2
	70	+	BOLD FACE denotes Committee Amendments. 1
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	95	+	3. “Equity capital” means capital invested in common or
	96	+	preferred stock, royalty rights, limited partnership inter ests, and
194	97		any other securities or rights that evidence ownership in private
195	98		businesses;
196	99		4. “Investor group” means any individual, corporation,
197	100		partnership, or other lawfully organized entity;
198	101		5. “Near-equity capital” means capital invested in unsecured,
199	102		undersecured, subordinated , or convertible loans or debt securities;
200	103		6. “Persons” means individuals, corporations, partnerships , or
201	104		other lawfully organized entities;
202	105		7. “Put option” means a right or privilege to sell an amount of
203	106		a particular security or c lass of securities during a time period
204	107		ending on the expiration date of the option; and
205	108		8. “Tax credits” means tax credits ava ilable against
206	109		liabilities imposed by Section 2355 of Title 68 of the Oklahoma
207	110		Statutes or Section 624 of Title 36 of the Oklaho ma Statutes and
208	111		issued or transferred pursuant to this act the Oklahoma Capital
209	112		Formation Act.
210	113		a. The tax credits issued or tran sferred pursuant to the
211	114		Oklahoma Capital Formation Act, upon elect ion by the
212	115		purchaser at utilizat ion, will be treated as a payment
213	116		or prepayment in lieu o f tax imposed under Section
214	117		2355 of Title 68 of the Oklahoma Statutes;
215		-	b. Tax credits utilized pursua nt to subparagraph a of
216		-	this paragraph shall be treated and may be claimed as
217		-	a payment of tax or estimated tax for the purposes of
218	118
219		-	ENGR. S. B. NO. 760 Page 3 1
	119	+	SB760 HFLR Page 3
	120	+	BOLD FACE denotes Committee Amendments. 1
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	145	+	b. Tax credits utilized pursua nt to subparagraph a of
	146	+	this paragraph shall be treated and may be claimed as
	147	+	a payment of tax or estimated tax for the purposes of
244	148		and as defined in Secti ons 2375, 2385.9, and 2385.13
245	149		of Title 68 of the Oklahoma Statutes. Such tax
246	150		credits are further sub ject to the system developed in
247	151		conjunction with the Oklahoma Tax Commission as
248	152		required by subsection C of Section 5085.7 of this
249	153		title for registration a nd verification of the tax
250	154		credits. Taxpayers may rely upon the provision s of
251	155		the registration and v erification system developed
252	156		pursuant to Section 5085.7 of this ti tle.
253	157		SECTION 2. AMENDATORY 74 O.S. 2021, Section 5085.6, is
254	158		amended to read as follows:
255	159		Section 5085.6. A. The Until the effective date of this act,
256	160		the Oklahoma Capital Investment Board shall consist of five (5)
257	161		Directors who shall be appointed by the Governo r with the advice and
258	162		consent of the Senate. Directors s hall be selected based upon
259	163		outstanding knowledge and leadership and shall pos sess experience in
260	164		the management of investments similar in nature and in value to
261	165		those of the Board. Directors shall s erve for a term of office of
262	166		five (5) years. Provided, t he initial Board of Directors of the
263	167		Oklahoma Capital Investment Board shall c onsist of the trustees of
264	168		the trust certified as the Oklahoma Capital Investment Board
265		-	pursuant to the provisions of Section 2 of this act Section 5085.2
266		-	of this title and the Directors of the Oklahoma Capital Investment
267		-	Board who were appointed pursuant to the provisions of Section
268	169
269		-	ENGR. S. B. NO. 760 Page 4 1
	170	+	SB760 HFLR Page 4
	171	+	BOLD FACE denotes Committee Amendments. 1
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	196	+	pursuant to the provisions of Section 2 of this act Section 5085.2
	197	+	of this title and the Directors of the Oklahoma Capital Investment
	198	+	Board who were appointed pursuant to the provisions of Section
294	199		5061.6 of Title 74 of the Oklahoma Statutes . Positions on the Board
295	200		of Directors held by trustee s of such trust shall not be filled as
296	201		the terms of office for said the trustees expire. Positions on the
297	202		Board of Directors held by D irectors of the Oklahom a Capital
298	203		Investment Board shall be filled by the Governor wit h the advice and
299	204		consent of the Senate as the terms of office for said the Directors
300	205		expire and in a manner to allow one member to rotate off o f the
301	206		Board each year.
302	207		B. Annually, the Directors shall select a chairman to preside
303	208		at their meetings. The Dir ectors shall have the authority to m anage
304	209		the Oklahoma Capital Inves tment Board in accord ance with the
305	210		requirements of this act the Oklahoma Capital Formation Act and its
306	211		trust indenture.
307	212		C. The meetings of the Directors shall be subject to the
308	213		Oklahoma Open Meeting Act, Section 301 et seq. of Title 25 of the
309	214		Oklahoma Statutes, and the Oklaho ma Open Records Act, Section 24A.1
310	215		et seq. of Title 51 of the Oklahoma Statutes. Any inf ormation
311	216		submitted to or compiled by the Oklahoma Capital Investment Board
312	217		with respect to the marketing plans, fi nancial statements, trade
313	218		secrets, research concepts, methods or products, or any other
314	219		proprietary information of persons, firms, association s,
315		-	partnerships, agencies, corporations, or other entities shall be
316		-	confidential, except to the extent that the pe rson or entity that
317		-	provided such information or that is the subject of such information
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319		-	ENGR. S. B. NO. 760 Page 5 1
	221	+	SB760 HFLR Page 5
	222	+	BOLD FACE denotes Committee Amendments. 1
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	247	+	partnerships, agencies, corporations, or other entities shall be
	248	+	confidential, except to the extent that the pe rson or entity that
	249	+	provided such information or that is the subject of such information
344	250		consents to disclosure. Executive sessions may be he ld to discuss
345	251		such materials if deemed necessary by the Directors.
346	252		D. A conflict of interest shall be deemed to e xist in any
347	253		contractual relationship in which a Direc tor of the Board, officer,
348	254		agent or employee or any for -profit firm or corporation in whi ch
349	255		such Director, officer, agent, or employee or any member of his or
350	256		her immediate family is an officer, partner, or principal
351	257		stockholder, shall directly or indirect ly buy or sell goods or
352	258		services to, or otherwise contract with the Board. Upon a showing
353	259		thereof, such Director, officer, agent, or employee shall be subject
354	260		to removal and such contract shall be deeme d unenforceable as
355	261		against the Board unless the recor ds of the Board shall reflect that
356	262		such Director, officer, agent , or employee fully and pu blicly
357	263		disclosed all such interest or interests, and unless such
358	264		contractual relationship shall have been secured by competitive
359	265		bidding following a public invitation to bid. If a Director,
360	266		officer, agent, or employee holds such an interest, he or she sha ll
361	267		refrain from any further official involvement in regard to such
362	268		contract or agreement, from voting on any matt er pertaining to such
363	269		contract or agreement, and from communicating with other Board
364		-	members, officers, agents , or employees concerning said the contract
365		-	or agreement.
366		-	E. Bonds issued by the Oklahoma Capital Investment Board shall
367		-	be subject to oversight pursuant to the Oklahoma Bond Oversight and
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369		-	ENGR. S. B. NO. 760 Page 6 1
	271	+	SB760 HFLR Page 6
	272	+	BOLD FACE denotes Committee Amendments. 1
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	297	+	members, officers, agents , or employees concerning said the contract
	298	+	or agreement.
	299	+	E. Bonds issued by the Oklahoma Capital Investment Board shall
	300	+	be subject to oversight pursuant to the Oklahoma Bond Oversight and
394	301		Reform Act, Section 695.1 et seq. of Title 62 of the Oklahoma
395	302		Statutes.
396	303		F. Upon the effective date of this act, t he Oklahoma Capital
397	304		Investment Board shall be dissolved. Any contracts or agreements
398	305		executed by the Board or by any subsidiary or affiliate of the Bo ard
399	306		and any investment of funds required by the provisions of a contract
400	307		executed by the Board or by any subsidiary or affiliate of the Board
401	308		shall be transferred to a nd managed by the Oklahoma Center fo r the
402	309		Advancement of Science and Technology.
403	310		SECTION 3. AMENDATORY 74 O.S. 2021, S ection 5085.8, is
404	311		amended to read as follows:
405	312		Section 5085.8. A. Except as otherwise provided by subsections
406	313		F and G of this section, the Oklahoma Capital Investment Science and
407	314		Technology Research a nd Development Board shall have the power to
408	315		solicit proposals from qua lified investor groups for inves tment of
409	316		capital in accordance with the requirements of the Okla homa Capital
410	317		Formation Act. The Boa rd shall establish criteria for selection of
411	318		persons, firms, corporations, or other entities deemed qualified to
412	319		generate capital for investment in a manner which will result in a
413	320		significant potential to create jobs and to diversify and stabilize
414		-	the economy of the State of Oklahoma this state. Such criteria
415		-	shall include the applicant’s level of experience, quality of
416		-	management, investment philosophy and pr ocess, historical investment
417		-	performance, probability of success in fund raising, the amount and
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419		-	ENGR. S. B. NO. 760 Page 7 1
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	323	+	BOLD FACE denotes Committee Amendments. 1
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	348	+	the economy of the State of Oklahoma this state. Such criteria
	349	+	shall include the applicant’s level of experience, quality of
	350	+	management, investment philosophy and pr ocess, historical investment
	351	+	performance, probability of succe ss in fund raising, the amount and
444	352		timing of fees to be paid, and such other investment c riteria as may
445	353		be commonly used in professional portfolio management as the Board
446	354		may deem appropriate.
447	355		B. Except as otherwise provided by s ubsections F and G of this
448	356		section, the Board shall have the p ower to extend a guarantee in the
449	357		form of a put option or such other method as selected by the Board.
450	358		Guarantees may extend to princip al plus interest over t he term of
451	359		the guarantee at a rate s et by Board resolution fro m time to time.
452	360		Guarantees in whatever form negotiated by the Board may be made for
453	361		any period of time, but no term shall expire prior to January 1,
454	362		1992. The Board may charge a reasonable fee for costs and the fair
455	363		compensation of risk associated with i ts guarantee. The guarantees
456	364		extended by the Board shall in no way be an obligation of t he state
457	365		and may be restricted to specific funds or assets of the Board;
458	366		provided, however, proceeds from the sale of any tax credits shall
459	367		be sufficient to meet contr actual guarantee obligations of the
460	368		Board. The Board shall have the right to contract fr eely to protect
461	369		the interests of the State of Oklahoma this state. The Board shall
462	370		ensure that at least Two Dollars ($2.00) will be invested in
463		-	Oklahoma businesses or projects for every One Dollar ($1.0 0) of
464		-	principal guaranteed by the Board.
465		-	C. If the Board purchases any security pursuant to an agreement
466		-	with an investor group, the Board shall acquire such securities and
467		-	may invest, manage, transfer , or dispose of such securities in
468	371
469		-	ENGR. S. B. NO. 760 Page 8 1
	372	+	SB760 HFLR Page 8
	373	+	BOLD FACE denotes Committee Amendments. 1
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	398	+	Oklahoma businesses or projects for every One Dollar ($1.0 0) of
	399	+	principal guaranteed by the Board.
	400	+	C. If the Board purchases any security pursuant to an agreement
	401	+	with an investor group, the Board shall acquire such securities and
	402	+	may invest, manage, transfer , or dispose of such securities in
494	403		accordance with policies for management of assets adopted by the
495	404		Board.
496	405		D. Except as otherwise provided by subsections F and G of this
497	406		section, the Board shall have the power to make any contract,
498	407		execute any document, perfo rm any act, or enter into any financial
499	408		or other transaction necessary in order to carry out its missio n.
500	409		The Board may employ such persons as may be required for the
501	410		performance of any function a uthorized or required by the Okl ahoma
502	411		Capital Formation Act or necessary for the accomplishment of any
503	412		such function. Such persons shall be selected based upon
504	413		outstanding knowledge and leadership in the field for which the
505	414		person performs services for th e Board. In selecting such pers ons,
506	415		the Board shall hire pe rsons who meet standards applicable to
507	416		persons responsible for investment of equity and near -equity
508	417		securities.
509	418		E. In carrying out the mission of the Board as authorized in
510	419		the Oklahoma Capital F ormation Act, neither the Board nor its
511	420		officers, directors, or employees shall be considered to be broker -
512	421		dealers, agents, investment advisors , or investment adviser
513		-	representatives under Title 71 of the Oklahoma Statutes. The tax
514		-	credits issued or transfe rred pursuant to the Oklahoma Capital
515		-	Formation Act and Sect ion 2357.7 of Title 68 of the Oklahoma
516		-	Statutes shall not be considered to be securities under Title 71 of
517		-	the Oklahoma Statutes.
518	422
519		-	ENGR. S. B. NO. 760 Page 9 1
	423	+	SB760 HFLR Page 9
	424	+	BOLD FACE denotes Committee Amendments. 1
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	449	+	representatives under Title 71 of the Oklahoma Statutes. The tax
	450	+	credits issued or transfe rred pursuant to the Oklahoma Ca pital
	451	+	Formation Act and Sect ion 2357.7 of Title 68 of the Oklahoma
	452	+	Statutes shall not be considered to be securities under Title 71 of
	453	+	the Oklahoma Statutes.
544	454		F. On and after the effective date of this act June 8, 2012,
545	455		except for the investment of funds required by provisions in a
546	456		contract executed by the Board or by any subsidi ary or affiliate of
547	457		the Board prior to the effective date of this act June 8, 2012, or
548	458		executed by an entity that was not a subsidiary or affiliate o f the
549	459		Board at the time such contract was executed but which became a
550	460		subsidiary or affiliate of the Board subsequent to the execution of
551	461		such contract, but pri or to the effective date of this act June 8,
552	462		2012, neither the Board nor any entity which is a s ubsidiary or
553	463		affiliate of the Board nor any entity which is controlled either
554	464		directly or indirectl y by the Board or which acts under the
555	465		authority of or pursua nt to the direction of the Board shall:
556	466		1. Enter into any contract authorizing or requiring the
557	467		investment of any funds obtaine d by the Board, or commitment binding
558	468		the Board to make any investm ent of any funds obtained by the Board,
559	469		or the investment of any funds obtained by a subsidiary, affiliate ,
560	470		or any entity under the direct or indirect control of the Board, in
561	471		any corporation, general partnership, limited partne rship, limited
562		-	liability company, private equity or hedge fund , or other lawfully
563		-	recognized business entity; or
564		-	2. Modify any agreement executed prior to the effective date of
565		-	this act June 8, 2012, by the Board or executed by any subsidia ry or
566		-	affiliate of the Board or executed by any ent ity that was not a
567		-	subsidiary or affiliate of the Boa rd at the time such contract was
568	472
569		-	ENGR. S. B. NO. 760 Page 10 1
	473	+	SB760 HFLR Page 10
	474	+	BOLD FACE denotes Committee Amendments. 1
570	475		2
571	476		3
572	477		4
573	478		5
574	479		6
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576	481		8
577	482		9
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580	485		12
581	486		13
582	487		14
583	488		15
584	489		16
585	490		17
586	491		18
587	492		19
588	493		20
589	494		21
590	495		22
591	496		23
592	497		24
593	498
	499	+	liability company, private equity or hedge fund , or other lawfully
	500	+	recognized business entity; or
	501	+	2. Modify any agreement executed prior to the effective date of
	502	+	this act June 8, 2012, by the Board or executed by any subsidia ry or
	503	+	affiliate of the Board or executed by any ent ity that was not a
	504	+	subsidiary or affiliate of the Boa rd at the time such contract was
594	505		executed, but which subsequently became a subsidiary or affiliate,
595	506		in any manner that would have t he effect of increasi ng the amount of
596	507		any contractual commitment to make an investment of funds in a
597	508		general or limited partn ership, corporation, limited liability
598	509		company, private equity or hedge fund , or any other lawfully
599	510		recognized entity.
600	511		G. On and after the effective date of this act June 8, 2012,
601	512		except for the use of funds required by prov isions in a contract
602	513		executed by the Board or by any subsidiary or affiliate of the Board
603	514		prior to the effective date of this act June 8, 2012, or executed by
604	515		an entity that was not a subsidiary or affiliate of the Board at the
605	516		time such contract was executed but which became a subsidiary or
606	517		affiliate of the Board subsequent to the execution of such contract,
607	518		but prior to the effective date of this act June 8, 2012, neither
608	519		the Board nor any entity w hich is a subsidiary or a ffiliate of the
609	520		Board nor any entity which is controlled ei ther directly or
610	521		indirectly by the Board or which acts under the authority of or
611	522		pursuant to the directio n of the Board shall:
612		-	1. Enter into any contract for the purpose of guaranteeing, in
613		-	whole or in part, the repayment of obligations owed by a business
614		-	entity, other than a subsidiary of the Board, in connection with a
615		-	loan of money from a bank, financial institution or any other
616		-	entity; or
617	523
618		-	ENGR. S. B. NO. 760 Page 11 1
	524	+	SB760 HFLR Page 11
	525	+	BOLD FACE denotes Committee Amendments. 1
619	526		2
620	527		3
621	528		4
622	529		5
623	530		6
624	531		7
625	532		8
626	533		9
627	534		10
628	535		11
629	536		12
630	537		13
631	538		14
632	539		15
633	540		16
634	541		17
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636	543		19
637	544		20
638	545		21
639	546		22
640	547		23
641	548		24
642	549
	550	+	1. Enter into any contract for the purpose o f guaranteeing, in
	551	+	whole or in part, the repayment of obligations owed by a business
	552	+	entity, other than a subsidiary of the Board, in connection with a
	553	+	loan of money from a bank, financial institution or any other
	554	+	entity; or
643	555		2. Modify any contract describ ed by paragraph 1 of this
644	556		subsection executed prior to the effective date of this act June 8,
645	557		2012, by the Board or executed by any subsidiary or affiliate of the
646	558		Board or executed by any en tity that was not a subsidiary o r
647	559		affiliate of the Board at the ti me such contract was executed, but
648	560		which subsequently became a subsidiary or affiliate, i n a manner
649	561		that would increase any existing obligation of the Board or its
650	562		subsidiary or affiliate or extend the term of any such con tract.
651	563		SECTION 4. AMENDATORY 74 O.S. 2021, Se ction 5085.10, is
652	564		amended to read as follows:
653	565		Section 5085.10. Notwithstanding other provisions of law, the
654	566		Oklahoma Science and Technology Research and Dev elopment Board or
655	567		any entity designated by the Board, shall have the authority to
656	568		expend funds to administer and operate the programs of the Oklahoma
657	569		Capital Investment Board.
658	570		SECTION 5. AMENDATORY 74 O.S. 2021, Section 5 085.11, is
659	571		amended to read as follows:
660	572		Section 5085.11. A. There is hereby created in the St ate
661	573		Treasury a revolving fund for the Oklahoma Department of Comme rce to
662		-	be designated the “Oklahoma Capital Formation Revolving Fund ”. The
663		-	fund shall be a cont inuing fund, not subject to fiscal year
664		-	limitations, and shall consist of appropriated funds. All monies
665		-	accruing to the credit of said the fund are hereby appr opriated and,
666		-	as authorized by the Oklahoma Capital Investment Science and
667	574
668		-	ENGR. S. B. NO. 760 Page 12 1
	575	+	SB760 HFLR Page 12
	576	+	BOLD FACE denotes Committee Amendments. 1
669	577		2
670	578		3
671	579		4
672	580		5
673	581		6
674	582		7
675	583		8
676	584		9
677	585		10
678	586		11
679	587		12
680	588		13
681	589		14
682	590		15
683	591		16
684	592		17
685	593		18
686	594		19
687	595		20
688	596		21
689	597		22
690	598		23
691	599		24
692	600
	601	+	be designated the “Oklahoma Capital Formation Revolving Fund ”. The
	602	+	fund shall be a cont inuing fund, not subject to fiscal year
	603	+	limitations, and shall consist of appropriated funds. All monies
	604	+	accruing to the credit of said the fund are hereby appr opriated and,
	605	+	as authorized by the Oklahoma Capital Investment Science and
693	606		Technology Research and Develo pment Board, shall be expended by the
694	607		Oklahoma Department of C ommerce to perform the duties imposed upon
695	608		the Oklahoma Capital Investment Board by law. Expenditures of
696	609		appropriated funds from said the fund shall be made upon warrants
697	610		issued by the State Tr easurer against claims filed as prescribed by
698	611		law with the Director of the Office of Management and Enterprise
699	612		Services for approval and paym ent.
700	613		B. On the effective date of this act July 1, 1991, any
701	614		unencumbered funds remaining in the Oklahoma Capital I nvestment
702	615		Board Revolving Fund shall be transferred to the credit of the
703	616		Oklahoma Capital Formation Revolving Fund. Any unexpended funds
704	617		remaining in the Oklahoma Capital Investment Board Revolving Fund
705	618		after November 15, 1991, shall be transferred to the credit of the
706	619		Oklahoma Capital Formation Revolving Fund.
707	620		SECTION 6. AMENDATORY 74 O.S. 2021, Section 5085.12, is
708	621		amended to read as follows:
709	622		Section 5085.12. Nothing contained herein is or shall be
710	623		construed as a restriction or limitation upon any powers which the
711	624		Oklahoma Capital Investment Science and Technology Research an d
712		-	Development Board might otherwise have under any o ther law of this
713		-	state heretofore or h ereafter enacted and the provisions of this act
714		-	the Oklahoma Capital Formation Act are cumulative to such po wers.
715		-	The provisions hereof do and shall be construed to provide a
716		-	complete, additional , and alternative meth od for the doing of the
717	625
718		-	ENGR. S. B. NO. 760 Page 13 1
	626	+	SB760 HFLR Page 13
	627	+	BOLD FACE denotes Committee Amendments. 1
719	628		2
720	629		3
721	630		4
722	631		5
723	632		6
724	633		7
725	634		8
726	635		9
727	636		10
728	637		11
729	638		12
730	639		13
731	640		14
732	641		15
733	642		16
734	643		17
735	644		18
736	645		19
737	646		20
738	647		21
739	648		22
740	649		23
741	650		24
742	651
	652	+	Development Board might otherwise have under any o ther law of this
	653	+	state heretofore or h ereafter enacted and the provisions of this act
	654	+	the Oklahoma Capital Formation Act are cumulative to such po wers.
	655	+	The provisions hereof do and shall be construed to provide a
	656	+	complete, additional , and alternative meth od for the doing of the
743	657		things authorized and shall be regarded as supple mental and
744	658		additional to powers conferred by any other laws.
745	659		SECTION 7. AMENDATORY 74 O.S. 2021, Section 5085.14, is
746	660		amended to read as follows:
747	661		Section 5085.14. A. The Oklahoma Capital Investment Science
748	662		and Technology Research and Development Board may adopt rules,
749	663		policies, procedures, and regulatory and adminis trative measures
750	664		necessary to administer the programs of the Board or convenient for
751	665		the organization and internal management of Board responsibilities.
752	666		B. The level, timing , or degree of success of the Oklahoma
753	667		Capital Investment Board in mobilizing or en suring investment in
754	668		Oklahoma businesses or projects, accomplishing other economic
755	669		development objectives, or achieving any other statutory duty shall
756	670		not compromise, diminish, invali date, or affect the enforceability
757	671		of any guarantee of the Board.
758	672		SECTION 8. AMENDATORY 74 O.S. 2021, Section 5085.15, is
759	673		amended to read as follows:
760	674		Section 5085.15. Within thirty (30) days after the Oklahoma
761	675		Capital Investment Science and Technology Research and Development
762		-	Board or any subsidiary or affil iate of the Board has made payment
763		-	of any remaining expense or obligation created by the Board or by
764		-	the subsidiary or affiliate, pursuant to the terms of any promissory
765		-	note, loan agreement, guaranty agreement, investment agreement, or
766		-	other contract or agreement, any remaining monies paid to either the
767	676
768		-	ENGR. S. B. NO. 760 Page 14 1
	677	+	SB760 HFLR Page 14
	678	+	BOLD FACE denotes Committee Amendments. 1
769	679		2
770	680		3
771	681		4
772	682		5
773	683		6
774	684		7
775	685		8
776	686		9
777	687		10
778	688		11
779	689		12
780	690		13
781	691		14
782	692		15
783	693		16
784	694		17
785	695		18
786	696		19
787	697		20
788	698		21
789	699		22
790	700		23
791	701		24
792	702
	703	+	Board or any subsidiary or aff iliate of the Board has made payment
	704	+	of any remaining expense or obligation created by the Board or by
	705	+	the subsidiary or affiliate, pursuant to the terms of any promissory
	706	+	note, loan agreement, guaranty agreement, investment a greement, or
	707	+	other contract or agreement, any remaining monies paid to either the
793	708		Board or any subsidiary or affiliate of the Board pursuant to the
794	709		terms of an agreement or contract entered into prior to the
795	710		effective date of this act June 8, 2012, shall be paid by the Board
796	711		or by its subsidiary or affiliate to the Genera l Revenue Fund of the
797	712		State Treasury.
798	713		SECTION 9. AMENDATORY 74 O.S. 2021, Section 5085.16, is
799	714		amended to read as follows:
800	715		Section 5085.16. None of the provisions o f this act the
801	716		Oklahoma Capital Formation Act shall alter, amend, modify, affect,
802	717		diminish, or impair the enforceabili ty of, or any obligation or
803	718		liability of the Oklahoma Capital Investment Science and Technology
804	719		Research and Development Board or any entity which is a subsidiary
805	720		or affiliate of the Oklahoma Capital Inve stment Board or any entity
806	721		which is controlled ei ther directly or indirectly by the Oklahoma
807	722		Capital Investment Board under any contract, agreement, guarante e,
808	723		or instrument entered into or delivered by such party with any
809	724		business entity or bank, financia l institution, or any other entity
810	725		existing as of the effective date of this act June 8, 2012,
811	726		including, without limitation, any guaran tee extended by the
812		-	Oklahoma Capital Investment Board and any assignment of any third -
813		-	party commitments to purchase, and proceeds released from the sale
814		-	of, tax credits, all of which shall remain in full force and effect.
815		-	SECTION 10. This act shall become effec tive November 1, 2023.
816	727
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818	730		2
819	731		3
820	732		4
821	733		5
822	734		6
823	735		7
824	736		8
825	737		9
826	738		10
827	739		11
828	740		12
829	741		13
830	742		14
831	743		15
832	744		16
833	745		17
834	746		18
835	747		19
836	748		20
837	749		21
838	750		22
839	751		23
840	752		24
841	753
842		-	Passed the Senate the 8th day of March, 2023.
	754	+	Oklahoma Capital Investment Board and any assignment of any thi rd-
	755	+	party commitments to purchase, and proceeds released from the sale
	756	+	of, tax credits, all of which shall remain in full force and effect.
	757	+	SECTION 10. This act shall become effec tive November 1, 2023.
843	758
844		-
845		-
846		-	Presiding Officer of the Senate
847		-
848		-
849		-	Passed the House of Representatives the ___ _ day of __________,
850		-	2023.
851		-
852		-
853		-
854		-	Presiding Officer of the House
855		-	of Representatives
856		-
857		-
	759	+	COMMITTEE REPORT BY: COMMITTEE ON GOVE RNMENT MODERNIZATION AND
	760	+	TECHNOLOGY, dated 04/04/2023 - DO PASS.