- A. The Taxpayer Endowment Trust Fund shall be administered, managed, and overseen by the Invest in Oklahoma Board, with administrative assistance provided by the State Treasurer and any other individual or entity designated by the Board. The Board shall invest the assets of the Trust Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent investor 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. Additionally, the Board shall diversify 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. The Board may take or delegate all actions reasonably necessary to administer, manage, and protect the Trust Fund but only in a manner that meets the standard provided in this subsection.
- B. Notwithstanding the provisions of Section 89.2 of Title 62 of the Oklahoma Statutes, the Board may invest and reinvest assets of the Trust Fund in any manner not prohibited by law, including but not limited to real property assets, stock, and other equity investments.
C. Subject to Board approval, the State Treasurer shall:
- 1. Employ or contract for the services of professional custodians, consultants, and managers of the assets of the Trust Fund, including legal counsel as needed;
- 2. Establish investment and fund management guidelines; and
- 3. Adopt an investment policy.
- D. The contracting for services described in paragraph 1 of subsection C of this section shall be exempt from the Oklahoma Central Purchasing Act, but shall be conducted by the State Treasurer under a written process approved by the Board.
- E. The State Treasurer shall provide administrative support to the Board as needed; provided such support does not exceed that of two (2) full-time equivalent employees employed by the State Treasurer.
- F. The State Treasurer may seek reimbursement, and the Board may reimburse from Trust Fund assets, the expenses incurred by the State Treasurer's Office for the performance of the duties assigned by this act to the State Treasurer.
Laws 2026, HB 4072, c. 51, § 4.