Okla. Stat. tit. 74, § 74-2276.2

trustees of Oklahoma State Park Trust Fund - Use of funds -

Custodian - Investment plan and reports.

A. The Oklahoma Tourism and Recreation Commission shall

discharge their duties as trustees of the Oklahoma State Park Trust

Fund created in Section 2276.1 of this title, hereafter referred to

as the "Trust Fund":

1. With the care, skill, prudence, and diligence under the

circumstances then prevailing that a prudent person acting in a like

capacity and familiar with such matters would use in the conduct of

an enterprise of a like character and with like aims;

2. By diversifying the investments of the Trust Fund so as to

minimize the risk of large losses, unless under the circumstances it

is clearly prudent not to do so; and

3. In accordance with the laws, documents and instruments

governing the Trust Fund.

B. The Commission may procure insurance indemnifying the

members of the Commission from personal loss or accountability from

liability resulting from the action or inaction of a member as a

trustee.

C. The Commission may utilize the written investment policy

developed by the State Treasurer for the investment of public funds

for the investment and management of the Trust Fund. Investments of

the Trust Fund may be consistent with the guidelines set forth in

Section 89.2 of Title 62 of the Oklahoma Statutes which establishes

the investment requirements for public funds by the State Treasurer.

D. Funds and revenues for investment by the Commission shall be

placed with a custodian selected by the Commission. Payment of any

fees for the services of a custodian may be paid from the income and

investment return on the Trust Fund. The custodian may be the State

Treasurer or a bank or trust company offering pension fund master

trustee and master custodial services. If other than the State

Treasurer is utilized, the custodian shall be chosen by a

solicitation of proposals on a competitive bid basis pursuant to

standards set by the Commission. In compliance with the investment

Oklahoma Statutes - Title 74. State Government Page 931

policy guidelines of the Commission, the custodian bank or trust

company shall be contractually responsible for ensuring that all

monies of the Trust Fund are invested in income-producing investment

vehicles at all times. If a custodian bank or trust company has not

received direction from the Commission as to the investment of the

monies of the Trust Fund in specific investment vehicles, the

custodian bank or trust company shall be contractually responsible

to the Commission for investing the monies in appropriately

collateralized short-term interest-bearing investment vehicles. If

the State Treasurer is utilized as the custodian and has not

received direction from the Commission as to the investment of the

monies of the Trust Fund in specific investment vehicles, the State

Treasurer shall invest the monies in accordance with the investment

policy developed by the State Treasurer for investment of public

funds and in a manner consistent with the guidelines for the

investment of public funds set forth in Section 89.2 of Title 62 of

the Oklahoma Statutes.

E. By November 1, 2006, and prior to August 1 of each year

thereafter, the Commission shall develop a written investment plan

for the Trust Fund.

F. The Commission shall compile quarterly financial reports of

all the funds and accounts of the Trust Fund on a fiscal year basis.

The reports shall include several relevant measures of investment

value, including acquisition cost and current fair market value with

appropriate summaries of total holdings and returns. The report

shall be distributed to the Director of the Legislative Service

Bureau.

G. After July 1 and before October 1 of each year, the

Commission shall publish an annual report presented in simple and

easily understood language. The report shall be submitted to the

Governor, the Speaker of the House of Representatives, the President
th

appropriate summaries of total holdings and returns. The report

shall be distributed to the Director of the Legislative Service

Bureau.

G. After July 1 and before October 1 of each year, the

Commission shall publish an annual report presented in simple and

easily understood language. The report shall be submitted to the

Governor, the Speaker of the House of Representatives, the President

Pro Tempore of the Senate, and the Director of the Legislative

Service Bureau. The annual report shall cover the operation of the

Trust Fund during the past fiscal year, including income,

disbursements, and the financial condition of the Trust Fund at the

end of the fiscal year. The annual report shall also contain the

information issued in the quarterly reports required pursuant to

subsection F of this section as well as a summary of the results of

the most recent actuarial valuation to include total assets, total

liabilities, unfunded liability or over-funded status, contributions

and any other information deemed relevant by the Commission.