Oklahoma § 62-47 Creation of trust fund - Board of Investors abolished.

Oklahoma Statutes

§ 62-47 — Creation of trust fund - Board of Investors abolished.

Oklahoma·Title 62 Public Finance

A.There is hereby created a trust fund for Economic Development Generating Excellence to be known as the "EDGE Fund". The trust fund principal shall consist of all funds appropriated, transferred, donated or otherwise directed to the fund by law.

B.The Board of Investors of the EDGE Fund is hereby abolished and the powers and duties previously conferred upon the Board are hereby transferred to the State Treasurer. The cost of up to two full-time-equivalent employees for the Office of the State Treasurer may be considered an administrative expense of the EDGE Fund until such time as the entire amount of the EDGE Fund has been transferred as provided in subsection C of this section.

C.On and after July 1, 2012, the State Treasurer shall not further invest monies or assets of the EDGE Fund

Free access — add to your briefcase to read the full text and ask questions with AI

A. There is hereby created a trust fund for Economic Development Generating Excellence to be known as the "EDGE Fund". The trust fund principal shall consist of all funds appropriated, transferred, donated or otherwise directed to the fund by law. B. The Board of Investors of the EDGE Fund is hereby abolished and the powers and duties previously conferred upon the Board are hereby transferred to the State Treasurer. The cost of up to two full-time-equivalent employees for the Office of the State Treasurer may be considered an administrative expense of the EDGE Fund until such time as the entire amount of the EDGE Fund has been transferred as provided in subsection C of this section. C. On and after July 1, 2012, the State Treasurer shall not further invest monies or assets of the EDGE Fund. As funds become available from investments made prior to July 1, 2012, by the Board of Investors of the EDGE Fund, the State Treasurer shall transfer such funds as follows: 1. Interest or other proceeds earned on investments made prior to July 1, 2012, other than such interest or proceeds otherwise encumbered prior to May 25, 2012, shall be deposited to the Oklahoma Quick Action Closing Fund created in Section 48.2 of this title; and 2. The principal of any investments made prior to July 1, 2012, and maturing or otherwise available for expenditure on or after July 1, 2012, shall be deposited to the Oklahoma State Regents Endowment Trust Fund created in Section 3951 of Title 70 of the Oklahoma Statutes.

Oklahoma § 62-47 (Creation of trust fund - Board of Investors abolished.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.