§ 3-516 — Transfer of Commission members to Board of Directors —

Oklahoma § 3-516

• Jurisdiction: Oklahoma
• Title 3: Aircraft And Airports

Text

Qualifications and terms — Transfer of personnel to Department. A. On and after the effective date of this act, the Oklahoma Aerospace and Aeronautics Commission of the Oklahoma Department of Aerospace and Aeronautics shall become the Board of Directors of the Oklahoma Space Industry Development Authority. The qualifications and terms of office of the Board members shall be identical to the qualifications and terms of office of the Commission members. On and after the effective date of this act, persons currently appointed to the Commission shall also become members of the Board. The funds of the Department and the Authority shall not be commingled and shall be separately accounted for, and they shall be considered and treated as separate legal entities. B. Each member shall be reimbursed for expenses incurred in the performance of duties on behalf of the Authority as provided for in the State Travel Reimbursement Act. C. Before the issuance of any revenue bonds under the provisions of the Oklahoma Space Industry Development Act, each member of the Board shall execute a surety bond in the penal sum of Twenty-five Thousand Dollars ($25,000.00). Each such surety bond shall be conditioned upon the faithful performance of the duties of the member’s office, shall be executed by a surety company authorized to transact business in this state as surety, and shall be filed in the Office of the Secretary of State. D. All personnel of the Authority are hereby transferred to the Department and shall become employees of the Department. In order to carry out the mission of the Authority, the Board shall enter into an agreement with the Oklahoma Department of Aerospace and Aeronautics to provide the Authority’s administrative and staff services. The Board may elect to replace or merge any existing contract for services that the Authority has with an existing contract that the Oklahoma Department of Aerospace and Aeronautics has to provide administrative efficiency; provided, that such contract is for the same or similar service and the funds expended by each entity can be accounted for. E. The Director of the Oklahoma Department of Aerospace and Aeronautics shall serve as the chief executive officer of the Oklahoma Space Industry Development Authority.

Legislative History

Added by Laws 1999, c. 164, § 7, eff. July 1, 1999. Amended by Laws 2000, c. 145, § 2, emerg. eff. April 28, 2000; Laws 2001, c. 266, § 4, emerg. eff. May 24, 2001 and Laws 2001, c. 420, § 4, emerg. eff. June 5, 2001; Laws 2023, c. 222, § 1, eff. Nov. 1, 2023; Laws 2025, c. 274, § 5, eff. July 1, 2025. Renumbered from § 5207 of Title 74 by Laws 2025, c. 274, § 23, eff. July 1, 2025. NOTE: Laws 2001, c. 266, § 4, emerg. eff. May 24, 2001 and Laws 2001, c. 420, § 4, emerg. eff. June 5, 2001 are duplicate amendments, and therefore are not listed as separate versions.