An Act
ENROLLED SENATE
BILL NO. 939 By: Jech of the Senate
and
Archer and Moore of the
House
An Act relating to state government; amending 74 O.S.
2021, Section 5207, which relates to the Board of
Directors for the Oklahoma Space Industry Development
Authority; modifying number of terms board members
may serve; and providing an effective date.
SUBJECT: Oklahoma Space Industry D evelopment Authority
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 74 O.S. 2021, Section 5207, is
amended to read as follows:
Section 5207. A. Subject to the provisions of Section 5206 of
this title, there is created within the Oklahoma Space Industry
Development Authority, the Board of Directors consisting of seven
(7) members who shall be appoi nted by the Governor with advice and
consent of the Senate. All but one Board member shall be a resident
of this state. Each member appointed to serve on the B oard shall
have experience in the aerospace or commercial space in dustry or
finance, or have other significant rele vant experience.
B. 1. Initially, the Governor shall appoint four members for
terms of three (3) years and three members for terms of four (4)
years. Thereafter, each member shall se rve a term of four (4) years
or until a successor i s appointed and qual ified. Initial
appointments shall be made no later than sixty (60) days after the
motion to activate the Authority is memoria lized pursuant to Section
5206 of this title. The term of the members shall com mence on the
ENR. S. B. NO. 939 Page 2
date of appointment and terminate on June 30 of the year of the end
of the term. No member shall serve on the Board for more than two
three full four-year terms. Except as prohibited by the Oklahoma
Constitution, appoint ment to the Board sha ll not preclude any member
from holding any other private or public position.
2. An appointment to fill a vacancy in a member ’s office shall
be made by the Governor for the unexpire d portion of the term of the
member who vacated that office. An appointment to complete an
unexpired term shall not count t oward three full four-year terms.
C. The Governor has the authority to remov e from the Board any
member in the manner and for cause as defined by the laws of this
state and applicable to situations which may arise before the Boa rd.
Unless excused by the chair of the Board, a member’s absence from
two or more consecutive Board mee tings creates a vacancy in the
office to which the member was appointed.
D. The Governor shall designate a member to serve as chair of
the Board who, if such person remains a member of the Board, shall
serve as chair until the expiration of the three -year terms of those
members of the Board appointed initially for three -year terms. Each
subsequent chair shall be selected by the Board members and shall
serve a two-year term.
E. 1. The Board shall hold its initial meeting no later than
twenty (20) days after the members have been appointe d. Meetings
shall be held quarterly or more frequently at the call of the chair.
A majority of the members on the Bo ard shall constitute a quorum,
and a majority vote of the members present is necessary for any
action taken by the Board.
2. At its initial meeting, or as soon thereafter as is
practicable, the Board shall appoint a chief execu tive officer who
shall serve at the pleasure of the Board. A member of the Board may
be appointed as chief executive officer; provi ded, if a member of
the Board is so appointed, the member shall resign as a member of
the Board and the vacancy shall be fil led as provided in paragraph 2
of subsection B of this section. The Board shall determine the
annual salary of the chief executive officer.
ENR. S. B. NO. 939 Page 3
F. Each member shall be reimbursed for expenses incurred in the
performance of duties on behalf of the Authority as provided for in
the State Travel Reimbursement Act.
G. Before the issuance of any revenue bonds under the
provisions of the Oklah oma Space Industry Development Act , each
member of the Board shall execute a surety bond in the penal sum of
Twenty-five Thousand Dollars ($25,000.00). Each such surety bond
shall be conditioned upon the faithful performance of the duties of
the member’s office, shall be executed by a sur ety company
authorized to transact business in the State of Oklahoma as surety,
and shall be filed in the office of th e Secretary of State.
SECTION 2. This act shall become effective November 1, 2023.
ENR. S. B. NO. 939 Page 4
Passed the Senate the 14th day of March, 2023.
Presiding Officer of the Senate
Passed the House of Representatives th e 26th day of April, 2023.
Presiding Officer of the House
of Representatives
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this _______ _____________
day of _________________ __, 20_______, at _______ o'clock _______ M.
By: _______________________________ __
Approved by the Governor of the State of Oklahoma this _____ ____
day of _________________ __, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this _______ ___
day of __________________, 20 _______, at _______ o'clock _______ M.
By: _______________________________ __