Okla. Stat. tit. 27A, § 27A-2-7-201

Oklahoma Statutes - Title 27A. Environment and Natural Resources Page 198

A. The county commissioners of the counties which are within a

ten-mile radius of an off-site hazardous waste facility may

establish a Special Economic Development Trust Fund for those

counties.

B. The trust fund shall be used to market advantages of

industrial development and to promote industrial development in the

counties located within the trust area. Such uses shall allow the

authority to acquire assets, develop property, and to contract with

local municipalities or economic development trusts or authorities

to promote economic development in the counties located within the

trust area.

C. The trust fund shall consist of:

1. All monies received pursuant to Section 2-7-121 of this

title;

2. All income from the investment of monies held in the trust

fund;

3. Interest resulting from the deposit of such monies; and

4. Any other sums designated for deposit to the fund from any

source, public or private.

D. Any trust established pursuant to the provisions of this

section shall be governed by the provisions of Sections 176 through

180.4 of Title 60 of the Oklahoma Statutes.

E. 1. Such Trust shall be governed by a Board of Trustees of

not less than six nor more than ten members. Each county within the

Trust area shall be represented equally on the Board of Trustees.

2. Each Trustee shall be appointed by a majority vote of the

county commissioners of the county that the Trustee represents. A

Trustee may be removed prior to the expiration of the term of office

by a majority vote of the county commissioners of the county that

the Trustee represents. In the event there are two or more Trustees

from each county, the initial appointments shall be made so that the

terms are staggered. After the initial appointment, each Trustee

shall serve a term of two (2) years and may be reappointed.

3. The Trustees shall receive no compensation for service on

the Board of Trustees, but may be reimbursed for actual and

necessary expenses incurred in the performance of their duties as

trustees in accordance with the State Travel Reimbursement Act.

4. Any action of the Board of Trustees must be approved by a

two-thirds vote of the total authorized membership of the Board.

5. The Trustees shall have authority to exercise such powers as

are necessary to perform the duties and functions imposed by the

provisions of this section.

F. The Board of Trustees shall meet not less than twice each

calendar year. At the first meeting in a new calendar year the

members shall elect a chairman, a vice-chairman, a secretary, and a

treasurer.

Oklahoma Statutes - Title 27A. Environment and Natural Resources Page 199