reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 74. State Government › §74-5064.6. Proposals - Contracts.

A. The Oklahoma Center for the Advancement of Science and Technology (OCAST) shall charge a filing fee of One Hundred Dollars ($100.00) for each proposal submitted for review and evaluation.
B. After review and evaluation, proposals shall be accepted or rejected for development under the inventors assistance program. OCAST shall not charge for any services to aid in the development of the product. Services may include patent searches, market analysis, product research and development, assistance in obtaining financing, including financing from private sources, and business counseling, if needed. Provided, OCAST shall receive a fee not to exceed an amount equal to ten percent (10%) of all royalties from any product developed under the inventors assistance program for a period of ten (10) years from the first day after royalties are received from the commercial licensing, rental or sale of the product.
C. Before services to aid in the development of the product shall commence, OCAST shall enter into a contract with the inventor which shall include, in addition to any other provisions consistent with the provisions of Section 5064.1 et seq. of this title:
1. The services which OCAST will provide to aid in the development of the product;
2. Any other services which OCAST will assist the inventor in obtaining and for which the inventor shall be liable pursuant to written consent;
3. Authorization for OCAST to receive a fee not to exceed an amount equal to ten percent (10%) of all royalties from the product for a period of ten (10) years; and
4. An agreement from the inventor that all products developed under the program shall be researched, developed, manufactured, packaged and distributed from this state to the extent that it is economically feasible. Provided, the fee not to exceed an amount equal to ten percent (10%) of all royalties from products developed under this program wherever manufactured shall accrue to this state pursuant to the provisions of Section 5064.1 et seq. of this title.
Added by Laws 1987, c. 121, § 6, eff. Nov. 1, 1987. Amended by Laws 1988, c. 313, § 3, emerg. eff. July 1, 1988; Laws 1998, c. 250, § 3, eff. July 1, 1998.
2023 Oklahoma Statutes › Title 74. State Government › §74-5064.7. Incentives for inventors and businesses.

A. The following incentives shall be available to inventors for products developed and manufactured in this state and to instate manufacturers of said products; provided, to qualify for the incentives, the product shall be patented or have patent pending pursuant to federal law and shall be registered with the Oklahoma Center for the Advancement of Science and Technology (OCAST):
1. Royalty earned by an inventor from a product developed and manufactured in this state shall be exempt from state income tax for a period of seven (7) years from January 1 of the first year in which such royalty is received as long as the manufacturer remains in the state; and
2. An instate manufacturer of a product developed in this state by an inventor shall be eligible for a tax credit, as provided for in Section 2357.4 of Title 68 of the Oklahoma Statutes. In addition such manufacturer may exclude from Oklahoma taxable income, or in the case of an individual, the Oklahoma adjusted gross income, sixty-five percent (65%) of the cost of depreciable property purchased and utilized directly in manufacturing the product. The maximum exclusion shall not exceed Five Hundred Thousand Dollars ($500,000.00). If the exclusion allowed by this paragraph exceeds the Oklahoma taxable income, or in the case of an individual, the Oklahoma adjusted gross income, the amount of the exclusion that is in excess of such income may be carried forward as an exclusion against subsequent Oklahoma taxable income or in the case of an individual, subsequent Oklahoma adjusted gross income, for a period not to exceed four (4) years. For the purposes of this paragraph, "depreciable property" means machinery, fixtures, equipment, buildings, or substantial improvements thereto, placed in service in this state during the taxable year.
B. The Oklahoma Tax Commission, in conjunction with the Oklahoma Center for the Advancement of Science and Technology, shall promulgate rules to implement the provisions of this section.
Added by Laws 1987, c. 121, § 7, eff. Nov. 1, 1987. Amended by Laws 1988, c. 313, § 4, emerg. eff. July 1, 1988; Laws 1998, c. 250, § 4, eff. July 1, 1998.
2023 Oklahoma Statutes › Title 74. State Government › §74-5064.8. Inventors and Entrepreneurs Program Fund.

A. There is hereby created in the State Treasury a separate revolving fund for the Oklahoma Department of Commerce, to be designated the "Inventors and Entrepreneurs Program Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies received by the Department for implementation of this act from all funds appropriated thereto by the Legislature, all fees received pursuant to this act, any federal funds, gifts, private and matching funds and all contributions dedicated thereto from private, state, federal or whatever source. All monies accruing to the credit of said fund are hereby appropriated and may be budgeted and expended by the Department for the purpose of implementing this act; however, monies expended for administrative costs shall not exceed five percent (5%) of the total amount of monies in said fund. Any amount in said fund not directly needed to implement the provisions of this act shall go to the General Revenue Fund of the state. Expenditures from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.
B. On July 1, 1998, the Inventors and Entrepreneurs Program Fund shall be abolished and any unencumbered funds remaining in the Inventors and Entrepreneurs Program Fund shall be transferred to the credit of the OCAST Research Support Revolving Fund. Any unexpended funds remaining in the Inventors and Entrepreneurs Program Fund after November 1, 1998, shall be transferred to the credit of the OCAST Research Support Revolving Fund.
Added by Laws 1987, c. 121, § 8, eff. Nov. 1, 1987. Amended by Laws 1988, c. 313, § 5, emerg. eff. July 1, 1988; Laws 1994, c. 322, § 30, emerg. eff. June 8, 1994; Laws 1998, c. 250, § 5, eff. July 1, 1998; Laws 2012, c. 304, § 1041.
2023 Oklahoma Statutes › Title 74. State Government › §74-5064.9. Reports.

The President of the Oklahoma Center for the Advancement of Science and Technology (OCAST) shall include in OCAST's annual report on program outcomes program information including:
1. The number of seminars and training programs held for inventors and entrepreneurs and the number of persons attending such seminars and programs;
2. The number of inventors and entrepreneurs assisted; and
3. The number of jobs created and preserved as a result of this program.
Added by Laws 1987, c. 121, § 9, eff. Nov. 1, 1987. Amended by Laws 1994, c. 322, § 31, emerg. eff. June 8, 1994; Laws 1998, c. 250, § 6, eff. July 1, 1998.
2023 Oklahoma Statutes › Title 74. State Government › §74-5066.2. Definitions.

As used in this act:
1. "Commercial stage" means the point at which the product has advanced beyond the theoretical and prototype stage and is capable of being manufactured or reduced to practice commercially;
2. "Intellectual property" means a patent, patent pending, trademark, copyright or trade secret;
3. "Licensor" means the person who owns the intellectual property rights of a product;
4. "Licensee" means the person to whom the intellectual properties related to a product have been licensed or assigned;
5. "Person" means any individual, sole proprietor, partnership or corporation;
6. "Product" means any device, technique or process;
7. "Royalties" means all things of value received by a licensor in connection with the licensing, rental or sale of a product patented, patent pending, copyrighted or trademarked pursuant to federal law; and
8. "Strategic alliances" means a business agreement such as licensing, joint venture partnership, etc., between two or more persons.
Added by Laws 1992, c. 246, § 3, emerg. eff. May 21, 1992.
2023 Oklahoma Statutes › Title 74. State Government › §74-5066.3. Product development assistance program.

The Oklahoma Department of Commerce shall establish a program to provide product development assistance to Oklahoma manufacturing and marketing businesses. The program shall:
1. Identify, characterize and catalogue Oklahoma businesses interested in and committed to expansion by commercialization of new products utilizing their available capital, knowledge and human assets;
2. Identify new product opportunities on a worldwide basis that match the current or expanding manufacturing and marketing base of Oklahoma businesses;
3. Provide assistance to make new products available to Oklahoma businesses, which shall include assistance in forming strategic alliances, market and product analysis, business counseling and other assistance necessary to develop the products to the commercial stage; and
4. Facilitate the formation of a product development investment fund.
Added by Laws 1992, c. 246, § 4, emerg. eff. May 21, 1992.
2023 Oklahoma Statutes › Title 74. State Government › §74-5066.4. Authority of Department of Commerce.

The Oklahoma Department of Commerce shall have the authority to:
1. Enter into contracts with public and private agencies, institutions, organizations and individuals for the purpose of providing assistance to and services for Oklahoma manufacturing and marketing firms as required by this act. Such contracts shall be exempt from the provisions of Section 85.1 et seq. of Title 74 of the Oklahoma Statutes;
2. Solicit the support and contributions of public and private agencies, organizations, institutions and individuals;
3. Receive and administer funds for the purpose of operating the product development program;
4. Advertise and promote the product development program; and
5. Promulgate rules and regulations to implement the provisions of this act.
Added by Laws 1992, c. 246, § 5, emerg. eff. May 21, 1992.
2023 Oklahoma Statutes › Title 74. State Government › §74-5066.5. Agreement to pay royalty fee.

The Oklahoma Department of Commerce may enter into an agreement with a potential licensor to receive a fee not to exceed an amount equal to twenty percent (20%) of all royalties from any product commercialized under the product development program for the life of the license.
Added by Laws 1992, c. 246, § 6, emerg. eff. May 21, 1992.
2023 Oklahoma Statutes › Title 74. State Government › §74-5066.6. Product Development Program Fund.

There is hereby created in the State Treasury a separate revolving fund for the Oklahoma Department of Commerce to be designated as the "Product Development Program Fund". The fund shall be a continuing fund, not subject to fiscal year limitations and shall consist of all monies received by the Department for implementation of the Product Development Act from all funds appropriated thereto by the Oklahoma State Legislature, all fees received pursuant to this act, any federal funds, gifts, private and matching funds and all contributions dedicated thereto from any source. All monies accruing to the credit of said fund are hereby appropriated and may be budgeted and expended by the Department for the purposes of this act. Any amount in said fund not directly needed to implement the provisions of this act shall go to the General Revenue Fund of the state. Expenditures from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.
Added by Laws 1992, c. 246, § 7, emerg. eff. May 21, 1992. Amended by Laws 2012, c. 304, § 1042.
2023 Oklahoma Statutes › Title 74. State Government › §74-5066.7. Annual report.

The Director of the Oklahoma Department of Commerce shall submit an annual report on or before December 31 of each year to the Governor and the Oklahoma State Legislature which shall include but not be limited to:
1. The number of products and description thereof of products developed to the commercial stage; and
2. The total fees collected and donations received.
Added by Laws 1992, c. 246, § 8, emerg. eff. May 21, 1992.
2023 Oklahoma Statutes › Title 74. State Government › §74-5072. Purpose of act.

The purpose of the Small Business Incubators Incentives Act shall be to promote, encourage and advance economic prosperity and employment throughout the state by creating a more favorable tax climate for tenants of small business incubators in this state.
Added by Laws 1987, c. 228, § 2, eff. Jan. 1, 1988. Amended by Laws 2019, c. 320, § 1.
2023 Oklahoma Statutes › Title 74. State Government › §74-5073. Definitions.

As used in this act:
1. "Director" means the Director of the Oklahoma Department of Commerce;
2. "Incubator" means a facility in which small units of space may be leased by a tenant and in which management maintains or provides access to business development services for use by tenants; 3. "Sponsor" means an organization, with a registered office or other office or offices in this state, which enters into a written agreement with the Oklahoma Department of Commerce to establish, operate, and administer a small business incubator facility or to provide funding to an organization which operates such a facility, including municipalities, universities, industrial and commercial development authorities, redevelopment authorities, municipal authorities, or any private nonprofit or for-profit organization approved by the Oklahoma Department of Commerce; and
4. "Tenant" means a sole proprietorship, business partnership, or corporation operating a business for profit and leasing or otherwise occupying space in an incubator.
Added by Laws 1987, c. 228, § 3, eff. Jan. 1, 1988.
2023 Oklahoma Statutes › Title 74. State Government › §74-5074. Director - Powers and duties.

The Director of the Oklahoma Department of Commerce shall have the power and authority to carry out the following functions:
1. Solicit support and participation of public and private agencies, universities and other institutions for the purposes of establishing and operating incubators;
2. Assemble, publish and disseminate information to potential sponsors and tenants in this state regarding small business opportunities, techniques for forming incubators, sources of public and private assistance and sources of related financing;
3. Organize, host and participate in seminars and other forums designed to disseminate information and technical assistance regarding incubators to small businesses in this state; 4. Review and approve applications from potential sponsors which seek to qualify for exemption from state income tax pursuant to Sections 5 and 6 of this act; and
5. Establish a volunteer, local advisory committee, consisting of representatives from business and administrators at educational institutions and other groups, to assist in the performance of these functions.
Added by Laws 1987, c. 228, § 4, eff. Jan. 1, 1988.
2023 Oklahoma Statutes › Title 74. State Government › §74-5075. State income tax exemption for sponsor.

A. For tax years ending before January 1, 2020, income earned by a sponsor from rental fees, service fees or any other form of payment for services provided to a tenant as an operator of an incubator, or for providing funding for such a facility, shall be exempt from state income tax for a period not to exceed ten (10) years from the date of the tenant's occupancy in an incubator.
B. The Oklahoma Tax Commission shall promulgate rules and regulations to implement the provisions of this section.
Added by Laws 1987, c. 228, § 5, eff. Jan. 1, 1988. Amended by Laws 1997, c. 230, § 1, eff. Nov. 1, 1997; Laws 2019, c. 320, § 2.
2023 Oklahoma Statutes › Title 74. State Government › §74-5076. Application to become sponsor.

A. Any company or association proposing to qualify as a sponsor under this act shall file an application with the Director of the Oklahoma Department of Commerce for approval. The application shall contain such information as the Director may by regulation require, and shall specifically acknowledge applicant's agreement to be bound by the conditions set forth in rules and regulations issued pursuant to this section. Each applicant also shall demonstrate:
1. That a facility exists that can be transformed into an incubator at a specified cost;
2. The ability directly to provide, or arrange for the provision of, business development services for tenants of the incubator. These services shall include, but not be limited to, financial consulting assistance, management and marketing assistance, and physical services;
3. A potential for sustained use of the incubator facility by eligible tenants, through a market study and other means; and
4. The ability to manage and operate the incubator facility in accordance with Section 7 of this act.
B. In determining whether to approve an application for qualification as a sponsor, the Director shall consider:
1. The ability of the sponsor to carry out the provisions of Section 7 of this act;
2. The economic impact of the incubator on the community;
3. The incubator's conformance with state, areawide and local economic development plans if such exist; and
4. The location of the incubator, in order to encourage geographic distribution of incubators across the state.
Added by Laws 1987, c. 228, § 6, eff. Jan. 1, 1988.
2023 Oklahoma Statutes › Title 74. State Government › §74-5077. Responsibilities and duties of sponsor - Not-for-profit enterprises as tenants.

A. A sponsor shall have the following responsibilities and duties in establishing and operating an incubator:
1. Securing title to the facility or a lease with a sufficient length of term or other security, deemed sufficient by the Director of the Oklahoma Department of Commerce, to assure that the purposes of this act are carried out;
2. Managing the physical development of the incubator facility, including the provision of common conference or meeting space;
3. Furnishing and equipping the facility to provide business services to the tenants;
4. Marketing the facility and securing eligible tenants;
5. Providing financial consulting, marketing, and management assistance services or arranging for the provision of these services for tenants of the incubator, including assistance in accessing private financial markets;
6. Setting rental and service fees; and
7. Encouraging the sharing of ideas between tenants and otherwise aid the incubator and setting policy for the termination of occupancy of tenants so as to maximize the opportunity to succeed for the greatest number of tenants, consistent with the other criteria specified in this act.
B. Not-for-profit enterprises are not permitted as tenants in incubators assisted under this act except by specific consent of the Director in cases in which such tenancy would be exceptionally helpful in promoting the purposes of this act or such tenancy is essential to the economic viability of the incubator.
Added by Laws 1987, c. 228, § 7, eff. Jan. 1, 1988.
2023 Oklahoma Statutes › Title 74. State Government › §74-5078. State income tax exemption for tenant.

A. For a period of up to ten (10) years from the date of tenant's occupancy in an incubator, income earned by the tenant as a result of activities conducted as an occupant in an incubator, including income distributed to partners, shareholders of a corporation for which a Subchapter S election is in effect and to the members of a limited liability company, shall be exempt from state income tax. The exemption provided by this section shall remain in effect for such activities by such tenant after the date the tenant is no longer an occupant in an incubator, but not to exceed a total duration of ten (10) years for any tenant.
B. For tax years ending before January 1, 2020, in order to qualify for the income tax exemption for the sixth through tenth year as authorized by this section, the tenant must make at least seventy-five percent (75%) of its gross sales constituting the principal business activity of the business to buyers located outside the state or to buyers whose principal business activity is conducted outside the state or to the federal government or to buyers located within the state if the product or service is resold to an out-of-state customer or buyer for ultimate use. Provided, if a tenant does not achieve the qualifying percentage for any one of the above tax years, the tenant shall not be disqualified for subsequent tax years in which the qualifying percentage is achieved.
The Oklahoma Tax Commission shall promulgate rules to implement the provisions of this section.
Added by Laws 1987, c. 228, § 8, eff. Jan. 1, 1988. Amended by Laws 1997, c. 230, § 2, eff. Nov. 1, 1997; Laws 2001, c. 187, § 1, eff. Nov. 1, 2001; Laws 2002, c. 486, § 11, eff. Jan. 1, 2003; Laws 2019, c. 320, § 3.
2023 Oklahoma Statutes › Title 74. State Government › §74-5079. Annual report to Legislature.

On or before December 31 of each year, the Director of the Oklahoma Department of Commerce shall provide a report to both the Speaker of the House of Representatives and the President Pro Tempore of the Senate which shall include, but not be limited to:
1. The number of applications for incubators submitted;
2. The number of applications for incubators approved;
3. The number of incubators created under this act;
4. The number of tenants occupying each incubator;
5. The number of jobs provided by each incubator and tenants of each incubator; and
6. The number of firms still operating in the state after ending their tenancy in incubators and the number of jobs they have provided.
Added by Laws 1987, c. 228, § 9, eff. Jan. 1, 1988.
2023 Oklahoma Statutes › Title 74. State Government › §74-5085.1. Short title.

Sections 5085.1 through 5085.12 of this title and Section 37 of this act shall be known and may be cited as the "Oklahoma Capital Formation Act".
Added by Laws 1991, c. 188, § 1, eff. July 1, 1991. Amended by Laws 1993, c. 275, § 36, eff. July 1, 1994.
2023 Oklahoma Statutes › Title 74. State Government › §74-5085.2. Statement of need - Oklahoma Capital Investment Board - Certification by Governor.

A. Fundamental changes have occurred in national and international financial markets and in the financial markets of this state. Oklahoma needs to increase the availability of equity and near-equity capital for emerging, expanding and restructuring enterprises in Oklahoma. Such investments will create jobs for Oklahomans and will help to diversify the state's economic base.
B. Any public trust organized pursuant to Title 60 of the Oklahoma Statutes for the benefit of the entire State of Oklahoma, which was created for multiple purposes shall become eligible to be the Oklahoma Capital Investment Board as provided by this act. Such trust may amend its indenture to encompass the provisions of this act, and, upon certification by the Governor, such trust shall be known as and exercise all the powers of the Oklahoma Capital Investment Board as provided by law. After the certification of the trust as the Oklahoma Capital Investment Board, the trustees of such trust shall become members of the Board of Directors of the Oklahoma Capital Investment Board as provided for in Section 6 of this act. The Oklahoma Capital Investment Board is hereby constituted a public trust of the state and the exercise of the Board and powers conferred by this act shall be deemed and held to be the performance of essential public purposes.
Added by Laws 1991, c. 188, § 2, eff. July 1, 1991.
2023 Oklahoma Statutes › Title 74. State Government › §74-5085.3. Mission of Oklahoma Capital Investment Board.

The mission of the Oklahoma Capital Investment Board shall be to mobilize equity and near-equity capital for investment in such a manner that will result in significant potential to create jobs and diversify and stabilize the economy of the State of Oklahoma.
Added by Laws 1991, c. 188, § 3, eff. July 1, 1991.
2023 Oklahoma Statutes › Title 74. State Government › §74-5085.4. Business plan - Submission to Oklahoma Futures - Distribution of plan.

In order to fulfill its mission as mobilizer of equity and near-equity capital, the Oklahoma Capital Investment Board shall be subject to the policy development of Oklahoma Futures. The Oklahoma Capital Investment Board shall develop an annual business plan for the Board. The business plan shall be submitted to Oklahoma Futures for its approval and shall be included in the annual report of Oklahoma Futures. Oklahoma Futures shall review the business plan and the annual report of the Board to ensure its consistency with the goals of the state's recurring five-year economic development plan. The Board shall distribute copies of the business plan by such means that will make it widely available to communities, firms and local economic development managers throughout this state. Oklahoma Futures shall not be involved in the day-to-day administration of the Board.
Added by Laws 1991, c. 188, § 4, eff. July 1, 1991.
2023 Oklahoma Statutes › Title 74. State Government › §74-5085.5. Definitions.

For purposes of this act:
1. "Board" means the Oklahoma Capital Investment Board;
2. "Director" means any person who is a member of the Board;
3. "Equity capital" means capital invested in common or preferred stock, royalty rights, limited partnership interests, and any other securities or rights that evidence ownership in private businesses;
4. "Investor group" means any individual, corporation, partnership or other lawfully organized entity;
5. "Near-equity capital" means capital invested in unsecured, undersecured, subordinated or convertible loans or debt securities;
6. "Persons" means individuals, corporations, partnerships or other lawfully organized entities;
7. "Put option" means a right or privilege to sell an amount of a particular security or class of securities during a time period ending on the expiration date of the option; and
8. "Tax credits" means tax credits available against liabilities imposed by Section 2355 of Title 68 of the Oklahoma Statutes or Section 624 of Title 36 of the Oklahoma Statutes and issued or transferred pursuant to this act.
a.
The tax credits issued or transferred pursuant to the Oklahoma Capital Formation Act, upon election by the purchaser at utilization, will be treated as a payment or prepayment in lieu of tax imposed under Section 2355 of Title 68 of the Oklahoma Statutes;
b.
Tax credits utilized pursuant to subparagraph a of this paragraph shall be treated and may be claimed as a payment of tax or estimated tax for the purposes of and as defined in Sections 2375, 2385.9 and 2385.13 of Title 68 of the Oklahoma Statutes. Such tax credits are further subject to the system developed in conjunction with the Oklahoma Tax Commission as required by subsection C of Section 5085.7 of this title for registration and verification of the tax credits. Taxpayers may rely upon the provisions of the registration and verification system developed pursuant to Section 5085.7 of this title.
Added by Laws 1991, c. 188, § 5, eff. July 1, 1991. Amended by Laws 1995, c. 337, § 14, emerg. eff. June 9, 1995.
2023 Oklahoma Statutes › Title 74. State Government › §74-5085.9. Annual report - Evaluation by Oklahoma Futures.

A. The Board shall publish a separate annual report in conjunction with its annual audit and present the report to the Governor, the Legislature and Oklahoma Futures. The annual report shall review the mission of the Board and programs implemented according to objective measures set forth in the Board's business plan. The Board shall distribute this annual report by such means that will make it available to the financial community.
B. Seven (7) years after the Board has begun operations, Oklahoma Futures shall review, analyze and evaluate the extent to which the Board has achieved its statutory mission. The evaluation shall include, but not be limited to, an examination of quantified results of the Board's programs and plans.
Added by Laws 1991, c. 188, § 9, eff. July 1, 1991.
2023 Oklahoma Statutes › Title 74. State Government › §74-5085.11. Oklahoma Capital Formation Revolving Fund.

A. There is hereby created in the State Treasury a revolving fund for the Oklahoma Department of Commerce to be designated the "Oklahoma Capital Formation Revolving Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of appropriated funds. All monies accruing to the credit of said fund are hereby appropriated and, as authorized by the Oklahoma Capital Investment Board, shall be expended by the Oklahoma Department of Commerce to perform the duties imposed upon the Oklahoma Capital Investment Board by law. Expenditures of appropriated funds from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.
B. On the effective date of this act, any unencumbered funds remaining in the Oklahoma Capital Investment Board Revolving Fund shall be transferred to the credit of the Oklahoma Capital Formation Revolving Fund. Any unexpended funds remaining in the Oklahoma Capital Investment Board Revolving Fund after November 15, 1991, shall be transferred to the credit of the Oklahoma Capital Formation Revolving Fund.
Added by Laws 1991, c. 188, § 11, eff. July 1, 1991. Amended by Laws 2012, c. 304, § 1043.
2023 Oklahoma Statutes › Title 74. State Government › §74-5085.12. Construction of act.

Nothing contained herein is or shall be construed as a restriction or limitation upon any powers which the Oklahoma Capital Investment Board might otherwise have under any other law of this state heretofore or hereafter enacted and the provisions of this act are cumulative to such powers. The provisions hereof do and shall be construed to provide a complete, additional and alternative method for the doing of the things authorized and shall be regarded as supplemental and additional to powers conferred by any other laws.
Added by Laws 1991, c. 188, § 12, eff. July 1, 1991.
2023 Oklahoma Statutes › Title 74. State Government › §74-5085.14. Adoption of rules, policies, procedures and regulatory and administrative measures - Enforceability of guarantees of Board unaffected.

A. The Oklahoma Capital Investment Board may adopt rules, policies, procedures and regulatory and administrative measures necessary to administer the programs of the Board or convenient for the organization and internal management of Board responsibilities.
B. The level, timing or degree of success of the Oklahoma Capital Investment Board in mobilizing or ensuring investment in Oklahoma businesses or projects, accomplishing other economic development objectives or achieving any other statutory duty shall not compromise, diminish, invalidate or affect the enforceability of any guarantee of the Board.
Added by Laws 1993, c. 275, § 37, eff. July 1, 1994.
2023 Oklahoma Statutes › Title 74. State Government › §74-5085.15. Distribution of remaining monies - General revenue fund.

Within thirty (30) days after the Oklahoma Capital Investment Board or any subsidiary or affiliate of the Board has made payment of any remaining expense or obligation created by the Board or by the subsidiary or affiliate, pursuant to the terms of any promissory note, loan agreement, guaranty agreement, investment agreement or other contract or agreement, any remaining monies paid to either the Board or any subsidiary or affiliate of the Board pursuant to the terms of an agreement or contract entered into prior to the effective date of this act shall be paid by the Board or by its subsidiary or affiliate to the General Revenue Fund of the State Treasury.
Added by Laws 2012, c. 361, § 3, emerg. eff. June 8, 2012.
2023 Oklahoma Statutes › Title 74. State Government › §74-5085.16. Effect.

None of the provisions of this act shall alter, amend, modify, affect, diminish or impair the enforceability of, or any obligation or liability of the Oklahoma Capital Investment Board or any entity which is a subsidiary or affiliate of the Oklahoma Capital Investment Board or any entity which is controlled either directly or indirectly by the Oklahoma Capital Investment Board under any contract, agreement, guarantee or instrument entered into or delivered by such party with any business entity or bank, financial institution or any other entity existing as of the effective date of this act, including, without limitation, any guarantee extended by the Oklahoma Capital Investment Board and any assignment of any third-party commitments to purchase, and proceeds released from the sale of, tax credits, all of which shall remain in full force and effect.
Added by Laws 2012, c. 361, § 4, emerg. eff. June 8, 2012.
2023 Oklahoma Statutes › Title 74. State Government › §74-5102. Short title - Purpose - Definitions.

A. Sections 1 through 3 of this act shall be known and may be cited as the “Local Development Financing Act”.
B. The purpose of the Local Development Financing Act shall be to augment and enhance Section 6C of Article X of the Oklahoma Constitution by:
1. Assisting communities, especially small and rural towns and counties, by providing a financial resource for economic development endeavors; and
2. Creating marketability for tax apportionment financing vehicles under the Local Development Act.
C. As used in this act:
1. “Administrator” means an organization authorized by an issuer of a debt obligation pursuant to the Local Development Act, which undertakes the performance of the responsibilities contained in subsection C of Section 3 of this act; and
2. “Pooling issuer” means any state or local public entity authorized to issue notes or bonds pursuant to the Oklahoma Statutes for economic development financing of state industries and public facilities.
Added by Laws 2004, c. 527, § 1, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 74. State Government › §74-5103. Pooling issuer - Authority.

A pooling issuer is authorized to:
1. Issue a debt obligation which pools issuances of other public entities authorized by a municipality, town or county to issue tax apportionment or tax increment bonds, notes, or other forms of obligations pursuant to the Local Development Act; and
2. Attract private investment into the pooled issuance by either the direct investment of funds or by providing a guarantee for debt service for the purpose of implementing the Local Development Financing Act.
Added by Laws 2004, c. 527, § 2, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 74. State Government › §74-5104. Pooling issuer - Primary activities.

A. The primary activities of the pooling issuer may include:
1. Credit enhancement of local community development financing pursuant to the Local Development Act;
2. Utilization of private and public resources to improve the financing infrastructure for communities in this state;
3. Acting as an investor, insurer and/or guarantor of business capital and debt financing on behalf of communities in this state;
4. Marketing public obligations resulting from pooled obligations as provided in this act; and
5. Serving as a purchaser of, and as a guarantor for, the obligations of designated public entities to be repaid in whole or in part with the apportioned tax increments pursuant to the Local Development Act.
B. A pooling issuer may amend its indenture or authorizing document in accordance with the Oklahoma Statutes for purposes of issuing a pooled debt obligation pursuant to this act.
C. The Administrator shall be responsible for establishing, implementing, and coordinating economic development and financing programs for communities pursuant to this act and proposing such financing programs to the pooling issuer.
D. The pooling issuer may invest funds directly in its own pooled obligations pursuant to this section.
E. The following persons and legal entities may legally invest funds belonging to them or within their control in any notes, bonds, or other obligations issued under the Local Development Financing Act:
1. All banks, trust companies, bankers, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking or investment business;
2. All insurance companies, insurance associations, and other persons carrying on an insurance business; and
3. All executors, administrators, curators, trustees, and other fiduciaries.
Such notes, bonds and other obligations shall be authorized security for all public deposits.
F. The state and its political subdivisions are authorized to use any funds owned or controlled by them for the purchase of any such notes, bonds or other obligations issued under the Local Development Financing Act.
G. Nothing contained in subsections E and F with regard to legal investments shall be construed as relieving any person of any duty of exercising reasonable care in selecting securities.
Added by Laws 2004, c. 527, § 3, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 74. State Government › §74-5153. Eminent domain.

The Oklahoma Public and Private Facilities and Infrastructure Act does not alter the eminent domain laws of this state or grant the power of eminent domain to any person who is not expressly granted that power under other state law.
Added by Laws 2017, c. 251, § 3, eff. Nov. 1, 2017.
2023 Oklahoma Statutes › Title 74. State Government › §74-5154. Partnership Committee - Office of Public-Private Partnerhship - Scope of authority.

A. The Partnership Committee shall have the ability to identify potential public-private partnerships, to review and endorse a short list of qualified bidders, to approve requests for proposals and to approve template contracts before they are sent to bidders. The Partnership Committee shall operate with the assistance of the Office of Public-Private Partnerships. In order to protect the Separation of Power set out in Article IV of the Oklahoma Constitution, the Partnership Committee shall not have the power to enter into any contract, nor shall it have the power to block any contract negotiated by the Director of the Office of Management and Enterprise Services (OMES) and the authorized representative of any responsible state agency.
B. There shall be established within OMES an Office of Public-Private Partnerships, which shall have the authority to charge fees for services it shall render as part of the procedures to establish partnerships in accordance with this act and to receive money to cover its operating expenses and to accomplish the purposes of this act.
C. The Director of OMES and the authorized representative of a responsible state agency shall jointly take any action and execute any public-private partnership contract, authorized under this act, for the provision of a public service in order to more efficiently and effectively provide public services, including by generating additional resources in support of those public services and related projects.
Added by Laws 2017, c. 251, § 4, eff. Nov. 1, 2017.
2023 Oklahoma Statutes › Title 74. State Government › §74-5156. Signature requirements for partnership contracts- Receipt and deposit of money received under contracts - Value report to the House and Senate.

A. Partnership contracts shall be signed by both the Director of the Office of Management and Enterprise Services (OMES) and the authorized representative of the responsible state agency for which the public service at issue in the contract relates.
B. The Director of OMES is authorized to receive and deposit any money received under the contract. Any such contract shall be sufficient to effect its purpose notwithstanding any provision of law to the contrary, including other laws governing the sale, lease or other disposition of property or interests therein, service contracts or financial transactions by or for the state.
C. The Office of Public-Private Partnerships shall provide a report to the Speaker of the House of Representatives and the President Pro Tempore of the Senate explaining the value of the contract to the state and describing the procurement process by which the contract was reached.
Added by Laws 2017, c. 251, § 6, eff. Nov. 1, 2017.
2023 Oklahoma Statutes › Title 74. State Government › §74-5157. Exemption from taxation and assessments.

The exercise of the powers granted by this act will be for the benefit of the people of the state and shall be liberally construed to effect the purposes thereof. As the performance of public services will constitute the performance of essential government functions, any project or part thereof owned by the state and used for performing any public service pursuant to a contract entered into under this act that would be exempt from taxation or assessments in the absence of such contract shall remain exempt from taxation and assessments levied by the state and its subdivisions to the same extent as if not subject to that contract. The gross receipts and income of a successful proposer derived from providing public services under a contract through a project owned by the state shall be exempt from taxation levied by the state and its subdivisions. Any transfer or lease between a proposer and the state of a project or part thereof, or item included or to be included in the project, shall be exempt from any taxes levied if the state is retaining ownership of the project or part thereof that is being transferred or leased.
Added by Laws 2017, c. 251, § 7, eff. Nov. 1, 2017.
2023 Oklahoma Statutes › Title 74. State Government › §74-5158. Services from outside providers to carry out the Director's powers and duties.

The Director of the Office of Management and Enterprise Services (OMES), in consultation with the responsible state agency, may retain or contract for the services of commercial appraisers, engineers, investment bankers, financial advisers, accounting experts and other consultants, independent contractors or providers of professional services as are necessary in the judgment of the Director to carry out the Director's powers and duties under this act. This may include the identification of public services and any related projects to be subject to invitations for qualifications or proposals under this act, the development of those invitations and related evaluation criteria, the evaluation of those invitations and the negotiation of any contract under this act.
Added by Laws 2017, c. 251, § 8, eff. Nov. 1, 2017.
2023 Oklahoma Statutes › Title 74. State Government › §74-5161. Short title - Oklahoma Local Public and Private Facilities and Infrastructure Act.

This act shall be known and may be cited as the "Oklahoma Local Public and Private Facilities and Infrastructure Act".
Added by Laws 2017, c. 332, § 1, eff. Nov. 1, 2017.
NOTE: Editorially renumbered from § 5151 of this title to avoid duplication in numbering.
2023 Oklahoma Statutes › Title 74. State Government › §74-5162. Definitions.

As used in the Oklahoma Local Public and Private Facilities and Infrastructure Act:
1. "Contract" means any purchase and sale agreement, lease or other written agreement entered into under this act with respect to the provision of a public project;
2. "Improvement" means any instruction, reconstruction, rehabilitation, renovation, installation, improvement, enlargement or extension of property or improvements to property;
3. "Private sector entity" means any corporation, whether for profit or not for profit, limited liability company, partnership, limited liability partnership, sole proprietorship, business trust, joint venture or other entity, but shall not mean the state, a political subdivision of the state, or a public or governmental entity, agency or instrumentality of the state;
4. "Proposer" means a private sector entity, a local or regional public entity or agency, or any group or combination thereof, submitting qualifications or a proposal for a public-private partnership contract;
5. "Public project" means the improvement of real or personal property, or both, and associated services provided for a public purpose of a responsible governmental entity and identified in an invitation for qualifications or proposals under this act; and
6. "Responsible governmental entity" means a local governmental entity that is responsible for the provision of the public project which is or is proposed to be the subject of a contract.
Added by Laws 2017, c. 332, § 2, eff. Nov. 1, 2017.
NOTE: Editorially renumbered from § 5152 of this title to avoid duplication in numbering.
2023 Oklahoma Statutes › Title 74. State Government › §74-5163. Eminent domain.

The Oklahoma Local Public and Private Facilities and Infrastructure Act does not alter the eminent domain laws of this state or grant the power of eminent domain to any person who is not expressly granted that power under other state law.
Added by Laws 2017, c. 332, § 3, eff. Nov. 1, 2017.
NOTE: Editorially renumbered from § 5153 of this title to avoid duplication in numbering.
2023 Oklahoma Statutes › Title 74. State Government › §74-5164. Authority to execute contracts - Public purpose.

A responsible governmental entity may take any action and execute any Public-Private Partnership contract, authorized under this act, for the provision of a public purpose in order to more efficiently and effectively provide public services, including by generating additional resources in support of the public project.
Added by Laws 2017, c. 332, § 4, eff. Nov. 1, 2017.
NOTE: Editorially renumbered from § 5154 of this title to avoid duplication in numbering.
2023 Oklahoma Statutes › Title 74. State Government › §74-5165. Approved Partnership Procurement process - Contract terms and conditions.

A. The responsible governmental entity may prepare a request for proposal, which may include proposal stipends, and the proposed partnership contract, both of which shall be approved by the responsible governmental entity. After the responsible governmental entity's approval of the request for proposal and the partnership contract, the public project shall be deemed an Approved Partnership Procurement.
B. Partnership contracts may contain the terms and conditions to carry out and effect the purposes of this act, including the duration of the contract, rates or fees for the public project to be provided or methods or procedures for the determination of such rates or fees, standards for the public project to be provided, responsibilities and standards for operation and maintenance of any related public project, required financial assurances, financial and other data reporting requirements, bases and procedures for termination of the contract and retaking of possession or title to the public project, and events of default and remedies upon default, including mandamus, a suit in equity, an action at law, or any combination of those remedial actions.
C. Partnership contracts may also include a requirement for the delivery of performance and payment bonds required for all construction activities, and letters of credit, surety bonds or other security in connection with the development or operation of the qualifying public project, in the forms and amounts satisfactory to the responsible governmental entity.
D. After proposals are received, the responsible governmental entity, using the criteria established in the request for proposal, shall evaluate the proposals submitted and may hold discussions with proposers to further explore their proposals, the scope and nature of the public project, and the various technical approaches they may take regarding the public project.
E. The responsible governmental entity may reject any and all submissions of qualifications or proposals and may terminate the procurement process at any point.
F. The responsible governmental entity shall have the authority to make commercially reasonable changes to the partnership contract. Any such contract may contain the terms and conditions to carry out and effect the purposes of this act.
G. Any submission not selected by the responsible governmental entity shall be considered intellectual property that shall remain the property of the proposer.
Added by Laws 2017, c. 332, § 5, eff. Nov. 1, 2017.
NOTE: Editorially renumbered from § 5155 of this title to avoid duplication in numbering.