Okla. Stat. tit. 62, § 62-48

A. There is hereby created in the State Treasury a revolving

fund for the Oklahoma Department of Commerce to be designated the

"Oklahoma Opportunity Fund". The fund shall be a continuing fund,

not subject to fiscal year limitations and shall consist of:

1. All monies apportioned or allocated to the fund pursuant to

law;

2. Any amounts appropriated by the Legislature to the fund;

3. Interest earned on the investment of money in the fund; and

4. Gifts, grants, and other donations received for the fund.

B. All monies accruing to the credit of the fund are hereby

appropriated and may be budgeted and expended by the Governor for

the purposes of economic development and related infrastructure

development, subject to the unanimous approval of the Contingency

Review Board pursuant to subsection E of this section. Expenditures

from the fund shall be made upon warrants issued by the State

Treasurer against claims filed as prescribed by law with the

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Director of the Office of Management and Enterprise Services for

approval and payment.

C. Expenditures from the Oklahoma Opportunity Fund shall be

proposed by the Director of the Oklahoma Department of Commerce.

The Director of the Oklahoma Department of Commerce shall only

propose expenditures that the Director determines are expected to

result in a substantial economic benefit to the state through any of

the following:

1. The creation of new jobs which offer a basic health benefit

plan, as defined in the Oklahoma Quality Jobs Program Act;

2. The maintenance of existing jobs which are at risk for

termination;

3. Investment in new real property, plant or equipment or in

the improvement or retooling of existing plant or equipment; or

4. Additional revenues in either ad valorem, income or sales

and use taxes.

D. The Oklahoma Department of Commerce shall develop rules for

the process of reviewing proposed expenditures from the Oklahoma

Opportunity Fund and for determination of whether or not proposed

expenditures meet the criteria identified in subsection C of this

section. Criteria shall include requirements for economic impact,

local participation in the project and average wage thresholds.

E. No expenditure shall be made from the Oklahoma Opportunity

Fund unless such expenditure has been unanimously approved by the

Contingency Review Board.

F. The Oklahoma Department of Commerce shall administer the

Oklahoma Opportunity Fund. The Governor may, on behalf of this

state and with the express approval of the Contingency Review Board,

award monies by entering into a written agreement.

G. Before awarding any monies pursuant to subsection F of this

section, the Governor shall enter into a written agreement with the

entity to be awarded the money specifying that:

1. If any or all of the amount to be awarded is used to build a

capital improvement:

a. the state retains a lien or other interest in the

capital improvement in proportion to the amount

awarded by the written agreement for the capital

improvement, and

b. if the capital improvement is sold, the recipient of

the award shall:

(1) repay to the state the money awarded to pay for

the capital improvement, with interest at the

rate and according to the other terms provided by

the agreement, and
tains a lien or other interest in the

capital improvement in proportion to the amount

awarded by the written agreement for the capital

improvement, and

b. if the capital improvement is sold, the recipient of

the award shall:

(1) repay to the state the money awarded to pay for

the capital improvement, with interest at the

rate and according to the other terms provided by

the agreement, and

(2) share with the state a proportionate amount of

any profit realized from the sale; and

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2. If, as of the date certain provided in the agreement, the

award recipient has not used monies awarded under this section for

the intended purposes, the recipient shall repay that amount and any

related interest to the state at the agreed rate and on the agreed

terms.

H. The Legislature finds that for profit entities, nonprofit

entities and state and local governmental entities that qualify for

funding pursuant to the provisions of this section are a source of

economic benefits for the state, its political subdivisions and its

residents that can only be achieved through the use of specialized

economic incentives. All expenditures from the Oklahoma Opportunity

Fund shall be deemed to be in furtherance of essential governmental

functions for public purposes as a method of promoting and

sustaining economic growth and activity within the State of

Oklahoma.