2023 Oklahoma Statutes › Title 74. State Government › §74-2276.2. Oklahoma Tourism and Recreation Commission - Duties as 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 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 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.
Added by Laws 2006, c. 67, § 4, emerg. eff. April 20, 2006. Amended by Laws 2007, c. 106, § 4, eff. July 1, 2007.