Okla. Stat. tit. 74, § 74-5060.22

priorities.

A. The Oklahoma Science and Technology Research and Development

Board is authorized and instructed to make an annual report no later

than November 1 to the Governor, the President Pro Tempore of the

Senate, and the Speaker of the House of Representatives that shall

describe the accomplishments, the expenditures, and the activities

of the prior fiscal year. The report shall include elements the

Board identifies as hampering the state's economic progress and

recommendations for changes. The report shall include an

independent audit in accordance with auditing standards generally

accepted in the United States and the standards applicable to

financial audits contained in Government Auditing Standards, latest

revised edition, issued by the Comptroller General of the United

States, which shall examine, among other things, actions governed by

the administrative policies adopted by the Board on behalf of the

Oklahoma Center for the Advancement of Science and Technology. The

annual report shall specifically account for the ways in which the

need, mission and programs of the Center have been carried out,

including but not limited to a review of the results of the

operations and transactions according to objective measures set

forth in the business plan. The report shall recommend specific

changes in the activities of the Center which are necessary to

better carry out the need and mission described in the Oklahoma

Center for the Advancement of Science and Technology Act. The Board

shall distribute its annual report by such means that will make it

Oklahoma Statutes - Title 74. State Government Page 1092

widely available to those innovative enterprises of special

importance to the Oklahoma economy.

B. The Board shall annually review and prepare a report showing

how and at what level other states fund technology-based economic

development programs. The Board shall recommend an appropriate

funding level for Oklahoma which will make these programs nationally

competitive with those of other states. The Board's findings and

recommendations shall be included in the annual report to be

submitted to the Governor and the Legislature.

C. The Center shall adopt a threshold funding level for each of

the programs provided for by law. The threshold amount shall

provide for funding that is great enough to have a significant

impact and carry out the intent of the Legislature. If the funding

for these programs falls below the threshold, then no funding shall

be provided by the Center to the program funded below threshold

level.

D. The Board, on behalf of the Center, shall fund areas of

research and development that the Board selects as most likely to

stimulate information technology, biotechnology, genetics,

meteorology and climate studies, and emerging or developing

technology and related jobs; foster patents; result in new patents,

copyrights, trademarks, and licenses of value; pursue world-class

research teams that support the state's primary economic development

thrusts or focus areas; and stimulate private and public investments

with the intent to encourage economic development in Oklahoma.