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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
COMMITTEE SUBSTITUTE
FOR ENGROSSED
HOUSE BILL 4064 By: Wallace of the House
and
Hall of the Senate
COMMITTEE SUBSTITUTE
An Act relating to state fiscal affairs ; creating the
OK Invest Advisory Commission; designating membership
appointments; prescribing member qualifications;
prohibiting certain interest; designating chair;
providing for quorum; providing certain
reimbursement; authorizing promulgation of rules;
requiring certain annual plan; creating the OK Invest
Fund; providing sources of funds; providing for
investment of funds; prescribing fixed rate and terms
of investments; requiring income, interest, and
investment returns to accrue to the balance of the
fund; providing for codification; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 89.12 of Title 62, unless there
is created a duplication in numbering, reads as follows:
A. There is hereby created the OK Invest Ad visory Commission to
develop plans for investment from the OK Invest Fund created
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pursuant to Section 2 of this act. The Commission shall con sist of
seven (7) members as follows:
1. Two members appointed by the President Pro Tempore of the
Senate;
2. Two members appointed by the Speaker of the House of
Representatives;
3. Two members appointed by the Governor; and
4. The State Treasurer .
All appointees shall be from the public at large. Within thirty
(30) days of the effective date of this act, the ap pointing
authorities shall appoint new members to the Commission. Members
shall serve at the will of the appointing authority . The appointing
authorities shall appoint members who possess knowledge, skills, and
abilities to perform the duties of the Commission. No member of the
Commission shall be interested, directly or indirectly, in any
investment in an entity, or contract entered into with an entity
approved by the Commission during the period of service of the
member, nor shall any person be appoint ed as a member of the
Commission if such person is interested, directly or indirectly, in
any investment in an entity, or contract entered int o with an entity
approved prior to the appointment. An indirect interest shall
include, but not be limited to, an interest of an immediate family
member of the member of the Commission or a business with which the
member of the Commission is associate d.
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B. The State Treasurer shall serve as the chair of the
Commission. Four members of the Commission shall constitut e a
quorum. Members of the Commission shall serve without compensation,
but shall be entitled to reimbursement, pursuant to the State Travel
Reimbursement Act, for expenses incurred in the performance of their
duties.
C. The Oklahoma Center for the Advancement of Science and
Technology may promulgate rules to implement the provisions of this
section. The Center shall provide staffing for the Commission and
other such assistance as the Commission may require.
D. The Commission shall prepare an annual cap ital investment
plan. The plan shall determine options for investments, loans, seed
capital, or other forms of financing for entities headqua rtered and
investing in this state with monies within the OK Invest Fund.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 89.13 of Title 62, unless there
is created a duplication in numberi ng, reads as follows:
A. There is hereby created in the State Treasury a fund to be
known and designated as the “OK Invest Fund”. The fund shall be a
continuing fund, not subject to fiscal year limitations, and shall
consist of monies held by the State Treasury for investments.
B. The OK Invest Advisory Commission shall provide for the
investments, loans, seed capital, or other forms of financing of the
monies of the fund. Financing shall for terms of five (5) years
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with a fixed rate and no more than fo ur adjustable renewal terms;
provided, no term, including renewals, shall exceed twenty (20)
years.
C. The fund principal shall consist of monies held by the State
Treasury which are deposited in the fund. Notwithstanding any other
provisions of law, inc ome, interest, and investment return on fund
principal shall accrue to the fund.
SECTION 3. This act shall become effective November 1, 2024.
59-2-3740 QD 4/8/2024 4:46:03 PM