§2-4019. Oklahoma State University Veterinary Medicine Trust.
830 words·~4 min read·
/ok/title-2-agriculture/2-4019·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The State of Oklahoma expressly approves the creation of a public trust to be named the "Oklahoma State University Veterinary Medical Trust", of which the State of Oklahoma shall be the beneficiary, provided such approval shall be contingent upon satisfaction of the following conditions:
1. Finalizing of the declaration of trust;
2. Adoption of the declaration of trust by an official action of the trustees of the Trust;
3. Submission of the Trust for acceptance of the beneficial interest and approval as required by Section 177 of Title 60 of the Oklahoma Statutes; and
4. The approved declaration of trust shall:
a. clearly state that the principal purpose of the
Oklahoma State University Veterinary Medical Trust is
to effectuate the purposes of the Oklahoma State
University Veterinary Medicine Authority as
established in the Oklahoma State University
Veterinary Medicine Authority Act,
b. except as otherwise provided by law, provide that the
title to real property held by the Oklahoma State
University Veterinary Medicine Authority shall not be
transferred, conveyed, or assigned to the Oklahoma
State University Veterinary Medical Trust without the
express consent of the Legislature as the governing
entity of the beneficiary pursuant to Section 176 of
Title 60 of the Oklahoma Statutes,
c. provide that any indebtedness incurred by the Oklahoma
State University Veterinary Medical Trust or the
trustees of the Trust shall not be secured with or
create a lien upon real property to which title is
held by the Oklahoma State University Veterinary
Medicine Authority and shall not involve the bonding
capacity of the Oklahoma State University Veterinary
Medicine Authority,
d. provide that the trust estate of the Oklahoma State
University Veterinary Medical Trust shall not include
fee simple title to real property owned by the
Oklahoma State University Veterinary Medicine
Authority,
e. clearly state that the creation of the Oklahoma State
University Veterinary Medical Trust shall not in any
way reduce, limit or interfere with the power granted
to the Oklahoma State University Veterinary Medicine
Authority in the Oklahoma State University Veterinary
Medicine Authority Act,
f. provide that any lease or contractual agreement
involving use of the real property to which title is
held by the Oklahoma State University Veterinary
Medicine Authority and any improvements thereto shall
contain a provision and covenants requiring the proper
maintenance and upkeep of the real property and
improvements,
g. provide that the trustees of the Oklahoma State
University Veterinary Medical Trust shall be the
acting members of the Oklahoma State University
Veterinary Medicine Authority as provided in the
Oklahoma State University Veterinary Medicine
Authority Act, and
h. provide that the trustees of the Oklahoma State
University Veterinary Medical Trust shall have the
duty to submit an annual report to the Governor, the
Speaker of the House of Representatives, and the
President Pro Tempore of the Senate. The report shall
be submitted by January 1 of each year and shall
include an account of all operations, actions of the
Trust, and an account of all revenue received and
disbursed by the Trust for the previous fiscal year.
The report shall also provide a complete accounting of
how the Trust meets its primary function of
effectuating the purposes of the Oklahoma State
University Veterinary Medicine Authority, as
established in the Oklahoma State University
Veterinary Medicine Authority Act.
B. The Oklahoma State University Veterinary Medical Trust shall require any agreements which it enters into with any entity pursuant to Section 22 of this act for the operations of facilities leased by the Oklahoma State University Veterinary Medicine Authority to the Trust to include, but not be limited to:
1. The inclusion of all the members of the Trust, representing the State of Oklahoma in a governing committee;
2. Binding arbitration shall not be required by such agreements for resolving issues under consideration by the governing committee; and
3. Major decisions shall be resolved by the governing committee, and approval of any major decision by the governing committee must include the approval of a majority of the state appointees and the approval of a majority of the private entity appointees to the governing committee. Major decisions shall include:
a.
approval of the operating and capital budgets,
b.
sale or disposition of assets over Two Hundred Fifty
Thousand Dollars ($250,000.00),
c. the termination, transfer, material addition, or
material diminution of animal medical services at the
Oklahoma State University Veterinary Hospital related
to and part of a teaching program of the Oklahoma
State University College of Veterinary Medicine, and
d. other major decisions as may be agreed upon by the
Trust and the private entity.
C. To the extent it is determined by legislative enactment that the Trust has expended funds in contravention of its mission as set forth in this section, the Trust shall remit, upon a thirty
(30)day written notice from the Oklahoma State University Veterinary Medicine Authority, such sum or sums to the Oklahoma State University Veterinary Medicine Authority. Added by Laws 2023, c. 297, § 19, eff. July 1, 2023.