Okla. Stat. tit. 2, § 2-4019

A. The State of Oklahoma expressly approves the creation of a

public trust to be named the "Oklahoma State University Veterinary

Medical Trust", of which the State of Oklahoma shall be the

beneficiary, provided such approval shall be contingent upon

satisfaction of the following conditions:

1. Finalizing of the declaration of trust;

2. Adoption of the declaration of trust by an official action

of the trustees of the Trust;

3. Submission of the Trust for acceptance of the beneficial

interest and approval as required by Section 177 of Title 60 of the

Oklahoma Statutes; and

4. The approved declaration of trust shall:

a. clearly state that the principal purpose of the

Oklahoma State University Veterinary Medical Trust is

to effectuate the purposes of the Oklahoma State

University Veterinary Medicine Authority as

established in the Oklahoma State University

Veterinary Medicine Authority Act,

b. except as otherwise provided by law, provide that the

title to real property held by the Oklahoma State

University Veterinary Medicine Authority shall not be

transferred, conveyed, or assigned to the Oklahoma

State University Veterinary Medical Trust without the

express consent of the Legislature as the governing

entity of the beneficiary pursuant to Section 176 of

Title 60 of the Oklahoma Statutes,

c. provide that any indebtedness incurred by the Oklahoma

State University Veterinary Medical Trust or the

trustees of the Trust shall not be secured with or

create a lien upon real property to which title is

held by the Oklahoma State University Veterinary

Medicine Authority and shall not involve the bonding

capacity of the Oklahoma State University Veterinary

Medicine Authority,

d. provide that the trust estate of the Oklahoma State

University Veterinary Medical Trust shall not include

fee simple title to real property owned by the

Oklahoma State University Veterinary Medicine

Authority,

e. clearly state that the creation of the Oklahoma State

University Veterinary Medical Trust shall not in any

way reduce, limit or interfere with the power granted

Oklahoma Statutes - Title 2. Agriculture Page 788

to the Oklahoma State University Veterinary Medicine

Authority in the Oklahoma State University Veterinary

Medicine Authority Act,

f. provide that any lease or contractual agreement

involving use of the real property to which title is

held by the Oklahoma State University Veterinary

Medicine Authority and any improvements thereto shall

contain a provision and covenants requiring the proper

maintenance and upkeep of the real property and

improvements,

g. provide that the trustees of the Oklahoma State

University Veterinary Medical Trust shall be the

acting members of the Oklahoma State University

Veterinary Medicine Authority as provided in the

Oklahoma State University Veterinary Medicine

Authority Act, and

h. provide that the trustees of the Oklahoma State

University Veterinary Medical Trust shall have the

duty to submit an annual report to the Governor, the

Speaker of the House of Representatives, and the

President Pro Tempore of the Senate. The report shall

be submitted by January 1 of each year and shall

include an account of all operations, actions of the

Trust, and an account of all revenue received and

disbursed by the Trust for the previous fiscal year.

The report shall also provide a complete accounting of

how the Trust meets its primary function of

effectuating the purposes of the Oklahoma State

University Veterinary Medicine Authority, as

established in the Oklahoma State University

Veterinary Medicine Authority Act.

B. The Oklahoma State University Veterinary Medical Trust shall

require any agreements which it enters into with any entity pursuant

to Section 22 of this act for the operations of facilities leased by

the Oklahoma State University Veterinary Medicine Authority to the

Trust to include, but not be limited to:
as

established in the Oklahoma State University

Veterinary Medicine Authority Act.

B. The Oklahoma State University Veterinary Medical Trust shall

require any agreements which it enters into with any entity pursuant

to Section 22 of this act for the operations of facilities leased by

the Oklahoma State University Veterinary Medicine Authority to the

Trust to include, but not be limited to:

1. The inclusion of all the members of the Trust, representing

the State of Oklahoma in a governing committee;

2. Binding arbitration shall not be required by such agreements

for resolving issues under consideration by the governing committee;

and

3. Major decisions shall be resolved by the governing

committee, and approval of any major decision by the governing

committee must include the approval of a majority of the state

appointees and the approval of a majority of the private entity

appointees to the governing committee. Major decisions shall

include:

Oklahoma Statutes - Title 2. Agriculture Page 789

a. approval of the operating and capital budgets,

b. sale or disposition of assets over Two Hundred Fifty

Thousand Dollars ($250,000.00),

c. the termination, transfer, material addition, or

material diminution of animal medical services at the

Oklahoma State University Veterinary Hospital related

to and part of a teaching program of the Oklahoma

State University College of Veterinary Medicine, and

d. other major decisions as may be agreed upon by the

Trust and the private entity.

C. To the extent it is determined by legislative enactment that

the Trust has expended funds in contravention of its mission as set

forth in this section, the Trust shall remit, upon a thirty (30) day

written notice from the Oklahoma State University Veterinary

Medicine Authority, such sum or sums to the Oklahoma State

University Veterinary Medicine Authority.