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ENGROSSED SENATE
BILL NO. 1294 By: Rosino of the Senate
and
Miller of the House
An Act relating to the Oklahoma Department of
Aerospace and Aeronautics; authorizing establishment
of the Oklahoma Aerospace Foundation; allowing
Foundation to receive contributions; directing
Foundation to be incorporated as a 501(c); placing
limits on voting membership; requiring financials of
Foundation to be available for audit; 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 85.4 of Title 3, unless there is
created a duplication in numbering, reads as follows:
A. There is hereby a uthorized the establishment of a not-for-
profit foundation, to be known as the Oklahoma Aerospace Foundation,
for the purpose of encouraging contributions for the educational and
industry outreach and development initiatives of the Oklahoma
Department of Aerospace and Aeronautics. Such support from a not -
for-profit shall be supplementary to any state funding received by
the Department and shall be a means to further assist in the
development of the aviation and aerospace industry in the state.
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B. The Oklahoma Aerospace Foundation, created pursuant to this
section, may receive contributions from any public or private source
to carry out the purposes of this act including , but not limited to,
gifts or grants from private individuals , companies, foundations,
corporations, and others in the private and public sectors.
C. Upon incorporation, the Oklahoma Aerospace Foundation shall
secure tax-exempt status under the appropriate provision of Section
501(c) of the Internal Revenue Code, 26 U.S.C., Section 501(c).
D. No employee of the Oklahoma Department of Aerospace and
Aeronautics shall be a voting member of the board of the Oklahoma
Aerospace Foundation . Any member of the Foundation who may have a
financial interest in an action under consideration by the
Foundation shall abstain from voting on such matter.
E. The Oklahoma Aerospace Foundation shall make all its
financial records and documents including work papers, except for
the names of donors and other privileged materials, available to
auditors who are performing audits of the Oklahoma Department of
Aerospace and Aeronautics.
SECTION 2. This act shall become effective November 1, 2024.
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Passed the Senate the 1 4th day of March, 2024.
Presiding Officer of the Se nate
Passed the House of Representatives the ____ day of __________,
2024.
Presiding Officer of the House
of Representatives