Okla. Stat. tit. 74, § 74-5062.6

Industrial Finance Authority.

A. Upon certification by the Governor of a public trust as

qualifying to become the Oklahoma Development Finance Authority, the

board of trustees of such trust shall become the governing board of

the Oklahoma Development Finance Authority with the addition of two

(2) other persons. From and after the effective date of this act,

the Governor, the board of directors of the Oklahoma Development

Finance Authority and the board of directors of the Oklahoma

Industrial Finance Authority, governed by Section 851 of this title,

shall begin the consolidation of the membership of the boards of

both authorities. The Oklahoma Development Finance Authority is

authorized to amend its trust indenture, to provide that its board

shall be composed of the members of the board of directors of the

Oklahoma Industrial Finance Authority except for the State Treasurer

of Oklahoma and to provide that the terms of office of the board of

directors of the Oklahoma Development Finance Authority shall be

identical to the terms of the Oklahoma Industrial Finance Authority.

Any director of the Oklahoma Development Finance Authority who is in

office upon the effective date of this act, and who is not also at

that time a member of the board of directors of the Oklahoma

Industrial Finance Authority, shall finish the term for which he or

she was appointed. Upon the end of such a director’s term, or upon

such a director vacating his or her office, the Governor shall

appoint a member of the board of directors of the Oklahoma

Oklahoma Statutes - Title 74. State Government Page 1113

Industrial Finance Authority to fill the vacancy, or to the new

term. The qualifications for the board of directors of the Oklahoma

Development Finance Authority shall be identical to the

qualifications for the board of directors of the Oklahoma Industrial

Finance Authority. As soon as the two boards of directors of each

authority are composed of the same members, the boards shall be

considered as consolidated. From and after that consolidation,

persons appointed to the board of directors of the Oklahoma

Industrial Finance Authority shall also become directors of the

Oklahoma Development Finance Authority. Even though the membership

of each board shall be identical, the authorities shall be

considered and treated as separate legal entities. The funds of

each authority shall not be commingled and shall be separately

accounted for. This consolidation of board membership shall not be

construed as effecting a merger of estates or otherwise be construed

to terminate the trust status of the Oklahoma Development Finance

Authority. The Oklahoma Development Finance Authority shall

continue to exist as a public trust, created under the Oklahoma

Public Trust Act. The S.S.C. Development Authority is hereby

authorized to amend its trust indenture to permit the members of the

Oklahoma Industrial Finance Authority to become the governing board

of such trust. Any such amendment shall not affect the separate

legal status of such trust. The governing and administrative powers

of the Oklahoma Development Finance Authority shall be vested in the

governing board as provided by this section.

B. Each appointive member may receive reimbursement for

expenses pursuant to the provisions of the State Travel

Reimbursement Act. In addition, each appointive member shall

receive a monthly stipend of Three Hundred Dollars ($300.00) if,

during the month, the member attended a meeting of the board of

directors at which a quorum was present. Provided, a member who is

also to receive a stipend for attending, during said month, a board

meeting of the Oklahoma Industrial Finance Authority shall not

receive a stipend pursuant to this subsection for said month except

to the extent that payment to the member may be divided between the

two boards in proportion to the service rendered by the member to

each board.
h a quorum was present. Provided, a member who is

also to receive a stipend for attending, during said month, a board

meeting of the Oklahoma Industrial Finance Authority shall not

receive a stipend pursuant to this subsection for said month except

to the extent that payment to the member may be divided between the

two boards in proportion to the service rendered by the member to

each board.

C. Members shall annually elect from among the membership a

chair, vice-chair, secretary and treasurer, and may elect an

assistant secretary or assistant secretaries who need not be members

of the board. Four members of the board shall constitute a quorum

and the affirmative vote of the majority of members present at a

meeting of the board shall be necessary and sufficient for any

action taken by the board, except that the affirmative vote of at

least four members shall be required for the approval of any

resolution authorizing the issuance of any bonds or approving any

loan transaction pursuant to Section 5062.1 et seq. of this title.

Oklahoma Statutes - Title 74. State Government Page 1114

D. No vacancy in the membership of the board shall impair the

right of a quorum to exercise all rights and perform all the duties

of the board. Any action taken by the board may be authorized by

resolution at any regular, special, or emergency meeting and shall

take effect upon the date the chair or vice-chair certifies the

action of the Authority by affixing a signature to the resolution

unless some other date is otherwise provided in the resolution.

E. The board may delegate to its employees, persons under

contract to provide administrative or staff services to the board,

its members and/or officers of the Authority such duties as it deems

necessary or convenient to carry out the purposes of this act. The

board may contract with the Oklahoma Industrial Finance Authority to

provide all or part of the board’s administrative and staff

services. Funds of the Oklahoma Development Finance Authority may

be paid to the Oklahoma Industrial Finance Authority for services

reasonably attributable to the operation of the Oklahoma Development

Finance Authority.

F. Except as otherwise provided by law, no part of the funds of

the Authority shall inure to the benefit of, or be distributed to

its employees, officers, or board of directors, except that the

Authority shall be authorized and empowered to pay its employees and

agents reasonable compensation and benefits.

G. The meetings of the board of directors of the Oklahoma

Development Finance Authority shall be subject to the Oklahoma Open

Meeting Act and the Oklahoma Open Records Act. Any information

submitted to or compiled by the Oklahoma Development Finance

Authority with respect to the marketing plans, financial statements,

trade secrets or any other commercially sensitive information of

persons, firms, associations, partnerships, agencies, corporations

or other entities shall be confidential, except to the extent that

the person or entity which provided such information or which is the

subject of such information consents to disclosure. Executive

sessions may be held to discuss such materials if deemed necessary

by the board of directors.

H. The Authority shall assist minority businesses in obtaining

financial assistance. The terms and conditions of loans or other

means of financial assistance, including the charges for interest

and other services, will be consistent with the provisions of this

act. The Authority shall solicit proposed minority business

ventures for review and analysis.

I. The Authority shall not be subject to state laws regulating

the classification, employment, promotion, suspension, disciplinary

action or dismissal of state employees. The Oklahoma Development

Finance Authority shall not be subject to the provisions of the

Oklahoma Central Purchasing Act. The Oklahoma Development Finance
solicit proposed minority business

ventures for review and analysis.

I. The Authority shall not be subject to state laws regulating

the classification, employment, promotion, suspension, disciplinary

action or dismissal of state employees. The Oklahoma Development

Finance Authority shall not be subject to the provisions of the

Oklahoma Central Purchasing Act. The Oklahoma Development Finance

Authority shall be subject to the provisions of law governing

Oklahoma Statutes - Title 74. State Government Page 1115

administrative procedures pursuant to Title 75 of the Oklahoma

Statutes.

J. If a member of the board of directors, officer, agent or

employee of the Oklahoma Development Finance Authority has any

direct or any indirect interest in any approval, contract or

agreement upon which the member, officer, agent or employee may be

called upon to act or vote, the board member, officer, agent or

employee shall disclose the same to the secretary of the Authority

prior to the taking of final action by the Authority concerning such

contract or agreement and shall so disclose the nature and extent of

such interest and his or her acquisition thereof, which disclosure

shall be publicly acknowledged by the Authority and entered upon the

minutes of the Authority. If a board member, officer, agent or

employee holds such an interest, he or she shall refrain from any

further official involvement in regard to such contract or

agreement, from voting on any matter pertaining to such contract or

agreement, and from communicating with other board members,

officers, agents or employees concerning said contract or agreement.

Employees of the Oklahoma Development Finance Authority shall be

subject to the provisions of Rule 257:20-1-4, Rules of the Ethics

Commission, 74 O.S. 2001, Ch. 62, App., in the same manner as other

state employees. Notwithstanding any other provision of law, any

contract or agreement entered into in conformity with this

subsection shall not be void or invalid by reason of the interest

described in this subsection, nor shall any person so disclosing the

interest and refraining from further official involvement as

provided for in this subsection be guilty of an offense, be removed

from office, or be subject to any other penalty on account of such

interest. Provided, any approval, contract or agreement made in

violation of this section shall give rise to no action against the

Authority.

Indirect interest shall include pecuniary or competitive

advantage which exists or could foreseeably accrue as a result of

the act or forebearance of the Authority.