Okla. Stat. tit. 63, § 63-3276

duties - Applicable statutes.

A. The Oklahoma State University Medical Authority shall have

the power and duty to:

1. Adopt bylaws and promulgate rules for the regulation of its

affairs and the conduct of its business;

2. Adopt an official seal;

3. Maintain an office at a location to be determined by the

Authority;

4. Sue and be sued, subject to the provisions of The

Governmental Tort Claims Act;

5. Enter into cooperative agreements with the Board of Regents

for the Oklahoma Agricultural and Mechanical Colleges for

educational programs, professional staffing, research and other

medical activities;

6. Make and enter into all contracts necessary or incidental to

the performance of its duties and the execution of its powers

pursuant to the Oklahoma State University Medical Authority Act;

7. Purchase or lease equipment, furniture, materials and

supplies, and incur such other expenses as may be necessary to

maintain and operate hospitals or clinics, or to discharge its

duties and responsibilities or to make any of its powers effective;

8. Acquire by purchase, lease, gift, or by any other manner,

and to maintain, use and operate or to contract for the maintenance,

use and operation of or lease of any and all property of any kind,

real, personal, or mixed or any interest therein unless otherwise

provided by the Oklahoma State University Medical Authority Act;

9. Appoint such officers, agents and employees, including but

not limited to attorneys, as it deems necessary and to prescribe

their duties and to fix their compensation;

10. Accept grants from the United States of America, or from

any corporation or agency created or designed by the United States

of America, and, in connection with any grant, to enter into such

agreements as the United States of America or such corporation or

agency may require;

11. Make and issue bonds and to pledge revenues of the

Authority subject to the Oklahoma Bond Oversight and Reform Act.

Nothing in the Oklahoma State University Medical Authority Act shall

authorize the issuance of any bonds of the Authority payable other

than from revenues of the Authority. Funds appropriated to the

Authority shall not be used for issuance of bonds. Authority

revenue bonds issued under the provisions of this act shall not at

any time be deemed to constitute a debt of the state or of any

political subdivision thereof or a pledge of the faith and credit of

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the state or of any political subdivision, but such bonds shall be

payable solely from the funds herein provided. Such revenue bonds

shall contain on the face thereof a statement to the effect that

neither the state nor the Authority shall be obligated to pay the

same or the interest thereon except from the revenues of the project

or projects for which they are issued and that neither the faith and

credit nor the taxing power of the state or any political

subdivision thereof is pledged, or may hereafter be pledged, to the

payment of the principal of or the interest on such bonds. The

maximum amount of outstanding bonds at any time shall not exceed

Fifty Million Dollars ($50,000,000.00) unless a greater amount is

expressly approved by the Legislature by a concurrent resolution

adopted prior to commencing any action in anticipation of issuance

of revenue bonds of the Oklahoma State University Medical Authority

for the greater amount;

12. Provide for complete financial audits on all accounts of

the Oklahoma State University Medical Authority and to authorize

periodic audits by an independent external auditing agency. Such

audits shall be performed annually in a format approved by the State

Auditor and Inspector, and all such audits shall be submitted to the

State Auditor and Inspector for review. Such audits shall be made

in accordance with generally accepted auditing standards and

government auditing standards. Financial statements shall be
ize

periodic audits by an independent external auditing agency. Such

audits shall be performed annually in a format approved by the State

Auditor and Inspector, and all such audits shall be submitted to the

State Auditor and Inspector for review. Such audits shall be made

in accordance with generally accepted auditing standards and

government auditing standards. Financial statements shall be

prepared in accordance with generally accepted accounting

principles. In addition to said audits, whenever the State Auditor

and Inspector deems it appropriate, and at least once each five (5)

years, or upon receipt of a request to do so from the Governor, the

Attorney General, the President Pro Tempore of the Oklahoma State

Senate, the Speaker of the Oklahoma House of Representatives or the

Authority, the State Auditor and Inspector shall conduct a special

audit of the Authority;

13. Engage in long-term planning for the operation and

management of the Authority;

14. Establish petty cash funds and provide for appropriate

accounting procedures and controls;

15. Contract with national manufacturers and distributors of

drugs and medical supplies when appropriate to carry out the

purposes of this act;

16. Provide funding to other entities for purposes related to

public health, teaching, research, and the purposes of the Oklahoma

State University Medical Authority Act when provided funding for

such purposes by the Legislature;

17. Do all other things necessary and proper to implement the

provisions of the Oklahoma State University Medical Authority Act;

18. Waive, by such means as the Authority deems appropriate,

the exemption from federal income taxation of interest on the

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Authority’s bonds provided by the Internal Revenue Code of 1986, as

amended, or any other federal statute providing a similar exemption;

19. Arrange for guaranties or insurance of its bonds by the

federal government or by any private insurer, and to pay any

premiums therefor; and

20. Make a declaration of necessity as provided in Section 3273

of this title. The Authority may, in its exclusive judgment, make a

declaration of necessity when such a declaration is deemed necessary

to effectuate the purposes of the Oklahoma State University Medical

Authority Act.

B. The Oklahoma State University Medical Authority shall be

subject to the Oklahoma Budget Law of 1947.

C. The Authority shall prepare monthly a “budget vs. actual”

report which shows by budget activity the monthly and year-to-date

revenues and expenditures compared to budgeted revenues and

expenditures. Such report shall be submitted to the Office of

Management and Enterprise Services and to the Directors of the House

of Representatives Fiscal Division and the Senate Fiscal Division.

D. The Authority shall be subject to the professional risk

management program provided for in Section 85.58A of Title 74 of the

Oklahoma Statutes.