Okla. Stat. tit. 62, § 47 – EDGE Fund - Board of Investors - Duties - Members - Officers - Staffing - Reports

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. There is hereby created the Board of Investors of the EDGE Fund. The Board of Investors of the EDGE Fund shall:
1. 1. Manage the assets of the EDGE Fund;
2. 2. Invest monies in accordance with laws applicable to the investment of monies in state retirement funds; and
3. 3. Certify the amount of funds available for expenditure each year from the EDGE Fund. The amount of funds available for expenditure shall be limited to not more than five percent (5%) of the assets of the EDGE Fund. Any amount not expended shall remain in the EDGE Fund.
C. The Board of Investors of the EDGE Fund shall be composed of five (5) members as follows:
1. 1. The State Treasurer, or a designee, who shall serve as chair;
2. 2. An appointee of the Governor;
3. 3. An appointee of the State Auditor and Inspector;
4. 4. An appointee of the Speaker of the House of Representatives; and
5. 5. An appointee of the President Pro Tempore of the Senate.
  Each appointed member of the Board of Investors of the EDGE Fund shall have demonstrated experience in public or private investment fund management.
D. The initially appointed members shall serve staggered terms as follows:
1. 1. The term of the appointee of the Governor shall expire on June 30, 2007;
2. 2. The term of the appointee of the State Auditor and Inspector shall expire on June 30, 2008;
3. 3. The term of the appointee of the Speaker of the House of Representatives shall end on June 30, 2009; and
4. 4. The term of the appointee of the President Pro Tempore of the Senate shall expire on June 30, 2010.
  Thereafter, successors shall be appointed for terms of four (4) years. An appointee may be removed for cause.
E. Members of the Board of Investors of the EDGE Fund shall receive no salary for serving on the Board of Investors of the EDGE Fund. All members shall receive necessary travel expenses for the performance of their duties from the Office of the Governor in accordance with the provisions of the State Travel Reimbursement Act.
F. The Board of Investors of the EDGE Fund shall annually elect a vice-chair, who shall preside over meetings in the absence of the chair, and any other officers, provided that no member shall be elected vice-chair for more than two (2) consecutive years. The Board of Investors of the EDGE Fund shall meet at least quarterly. A majority of the members of the Board of Investors of the EDGE Fund shall constitute a quorum to transact business, but no vacancy shall impair the right of the remaining members to exercise all of the powers of the Board of Investors of the EDGE Fund.
G. The Board of Investors of the EDGE Fund shall be subject to the Oklahoma Open Meeting Act, the Oklahoma Open Records Act and the Administrative Procedures Act.
H. Staffing for the Board of Investors of the EDGE Fund shall be provided by the Office of the State Treasurer.
I. The Board of Investors of the EDGE Fund shall submit a report of the EDGE Fund’s investments and asset value annually to the Governor and the State Treasurer.Historical Data
Added by Laws 2006, 2nd Extr. Sess., SB 99, c. 85, § 1, eff. September 22, 2006.