Okla. Stat. tit. 68, § 68-4206

– Consideration by Governor, Speaker and President Pro Tempore –

Investments authorized.

A. The Quality Investment Committee shall meet not less than

once per quarter and consider applications for Quality Investment

Contracts from at-risk establishments. The Committee shall review

each application received since its last meeting and consider for

each application economic impacts, historical contributions trends

and tax revenue projections analyses conducted by or on behalf of

the Oklahoma Department of Commerce; whether the establishment is

located in an economically distressed area of the state; whether

loss of the establishment would cause the local community to become

an economically distressed area; the number of jobs of Oklahoma

citizens which are at risk; and the average salary of the jobs which

are at risk.

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B. Based on its review of applications, the Committee shall

make recommendations to the Governor, the Speaker of the House of

Representatives and the President Pro Tempore of the Senate as to

which applications for investment contracts should be approved and

the percentage of investment the state should make as an incentive

payment to the at-risk establishment for those contracts which are

approved. In making such recommendations, the Committee shall not

make recommendations for Quality Investment Contracts which could

require payments in any year in excess of the amount allowed by the

Oklahoma Quality Investment Act or the provisions of Section 23 of

Article X of the Oklahoma Constitution.

C. The Governor, the Speaker of the House of Representatives

and the President Pro Tempore of the Senate shall meet as often as

is necessary to consider recommendations of the Quality Investment

Committee. The Governor shall schedule and chair such meetings.

Quality Investment Contracts shall only be entered into upon the

unanimous approval by the Governor, the Speaker of the House of

Representatives and the President Pro Tempore of the Senate of the

terms of the contract. A decision on recommendations of the Quality

Investment Committee shall be made within thirty (30) days of

receipt of such recommendations.

D. For any fiscal year, the incentives shall not exceed ten

percent (10%) of the amount invested by an establishment in capital

assets to be utilized in this state. The contract shall make

payment of any incentives in any fiscal year contingent on the

balance at the beginning of such fiscal year in the Constitutional

Reserve Fund being equal to or greater than Eighty Million Dollars

($80,000,000.00) and on the certification by the State Board of

Equalization for such fiscal year General Revenue Fund being greater

than that of the preceding fiscal year certification. Investment

contracts authorized by this act shall provide that if any incentive

payment is payable during a fiscal year in which either the balance

at the beginning of the fiscal year in the Constitutional Reserve

Fund is not equal to or greater than Eighty Million Dollars

($80,000,000.00) or when the certification by the State Board of

Equalization for such fiscal year General Revenue Fund is less than

that of the immediately prior fiscal year certification, then any

incentive payments which would have been payable during such fiscal

year shall be payable in the first fiscal year when funds are

available pursuant to the provisions of division 1 of subparagraph

(b) of paragraph 6 of Section 23 of Article X of the Oklahoma

Constitution. In the event that the amount of incentives due in any

year under investment contracts authorized by this subsection is

less than the amounts available for payment under this subsection in

such year, then incentives payments for such year shall be reduced

pro rata.

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