Okla. Stat. tit. 62, § 62-48.2v1

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

fund for the Oklahoma Department of Commerce to be designated the

Oklahoma Quick Action Closing 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;

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

and

5. Five percent (5%) of all funds paid by the Tax Commission to

establishments that execute contracts for payment of incentives

pursuant to the Oklahoma Quality Jobs Program Act and the 21st

Century Quality Jobs Incentive Act if the contract is executed on or

after August 2, 2018.

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 in instances in which expenditure of such funds would

likely be a determining factor in locating a high-impact business

project or facility in Oklahoma or in retaining such project or

facility within the state. Expenditures from the fund shall be made

upon warrants issued by the State Treasurer against claims filed as

prescribed by law with the Director of the Office of Management and

Enterprise Services for approval and payment.

C. In order to qualify for any funds from the Oklahoma Quick

Action Closing Fund, the establishment making application shall:

1. Be engaged in a business activity described by a North

American Industry Classification System (NAICS) Code used to define

eligibility for incentive payments from the Oklahoma Quality Jobs

Program Act as defined in Section 3603 of Title 68 of the Oklahoma

Statutes or a business activity described by Section 3603 of Title

68 of the Oklahoma Statutes or be engaged in a "basic industry" used

to define eligibility for incentive payments from the 21st Century

Quality Jobs Incentive Act as prescribed by Section 3913 of Title 68

of the Oklahoma Statutes; and

2. Be required to pay new jobs for which an application is

being made an average annualized wage which exceeds the average

county wage as that percentage is determined by the Department of

Commerce based upon the most recent U.S. Department of Commerce data

for the county in which the new jobs are located. For purposes of

this paragraph, health care premiums paid by the applicant for

individuals in new jobs shall not be included in the annualized

wage.

D. The Governor shall not approve payments from the Oklahoma

Quick Action Closing Fund unless the Department of Commerce has

conducted a complete analysis of the potential impact of the

applicant's business activity which shall include, but not be

limited to:

1. The number of jobs to be created by a new business

establishment;

2. The number of jobs to be retained by an existing business

establishment;

3. The average salary of jobs to be created by a new

establishment;

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4. The average salary of jobs to be retained by an existing

business establishment;

5. The total capital investment to be made by the business

establishment;

6. The likelihood of other business establishments locating

within the same vicinity or within the state as a result of the

business activity to be conducted by the entity to receive payments

from the Oklahoma Quick Action Closing Fund;

7. The impact on the economy of the area or community in which

the business activity of the applicant is or will be conducted; and

8. Such other factors as the Governor and the Department of

Commerce determine to be relevant.

E. The Oklahoma Department of Commerce shall administer the

Oklahoma Quick Action Closing Fund, and expenditures from the fund
m the Oklahoma Quick Action Closing Fund;

7. The impact on the economy of the area or community in which

the business activity of the applicant is or will be conducted; and

8. Such other factors as the Governor and the Department of

Commerce determine to be relevant.

E. The Oklahoma Department of Commerce shall administer the

Oklahoma Quick Action Closing Fund, and expenditures from the fund

shall be recommended by the Director of the Oklahoma Department of

Commerce to the Governor after a thorough evaluation of selected

projects or facilities. The Director of the Oklahoma Department of

Commerce shall only recommend expenditures that the Director

determines are expected to result in a net economic benefit to the

state through 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 a 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.

F. The Oklahoma Department of Commerce shall develop rules for

the process of reviewing proposed expenditures from the Oklahoma

Quick Action Closing Fund and for the determination of whether or

not proposed expenditures meet the criteria identified in subsection

E of this section. Criteria shall include requirements for economic

impact, local participation in the project, capital investment and

average wage thresholds.

G. Upon receipt of an evaluation that recommends an expenditure

from the Oklahoma Quick Action Closing Fund from the Director of the

Oklahoma Department of Commerce, the Governor shall provide the

evaluation and recommendation to the President Pro Tempore of the

State Senate and the Speaker of the Oklahoma House of

Representatives before giving final approval for the expenditure on

the project. The Executive Office of the Governor shall recommend

final approval of an expenditure on a project pursuant to

consultation with the President Pro Tempore of the State Senate and

the Speaker of the Oklahoma House of Representatives.

H. Upon approval by the Governor, the Oklahoma Department of

Commerce shall enter into an agreement that sets forth the

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conditions for payment of monies from the Oklahoma Quick Action

Closing Fund. The agreement must include:

1. The total amount of funds awarded;

2. The performance conditions that must be met to obtain the

award, including, but not limited to, net new employment in the

state, average salary, and total capital investment;

3. If appropriate, a baseline of current service and measure of

enhanced capability;

4. The methodology of validating performance;

5. The schedule of payments from the fund, and claw-back

provisions for failure to meet performance conditions; and

6. A requirement that no monies paid from the Oklahoma Quick

Action Closing Fund shall be used by a recipient or any other person

or entity for purposes of any political contribution to or on behalf

of any candidate or for the support of or opposition to any measure

including but not limited to an initiative petition or referendum.

I. The Department of Commerce shall make available on its

website or other website dedicated for this purpose a complete

disclosure of all payments made from the Oklahoma Quick Action

Closing Fund. The disclosure shall include a description of the

expenditures made by the business establishment with the payments

made from the fund. No proprietary information of the business

establishment shall be subject to the requirements of this

subsection.

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

capital improvement:

1. The funds used for the capital improvement shall be deemed
disclosure shall include a description of the

expenditures made by the business establishment with the payments

made from the fund. No proprietary information of the business

establishment shall be subject to the requirements of this

subsection.

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

capital improvement:

1. The funds used for the capital improvement shall be deemed

to be held in trust for the benefit of the state and shall be

considered as a priority claim for purposes of federal bankruptcy

law; and

2. If the capital improvement is sold, the recipient of the

award shall:

a. repay 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

b. share with the state a proportionate amount of any

profit realized from the sale.

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

award recipient has not used monies awarded 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 and

any such amounts shall be deemed to be held in trust for the benefit

of the state and shall be considered as a priority claim for

purposes of federal bankruptcy law.

L. The provisions of this act shall cease to have the force and

effect of law on July 1, 2024.

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