A. The county commissioners of the counties which are within a ten-mile radius of an off-site hazardous waste facility may establish a Special Economic Development Trust Fund for those counties.
B. The trust fund shall be used to market advantages of industrial development and to promote industrial development in the counties located within the trust area. Such uses shall allow the authority to acquire assets, develop property, and to contract with local municipalities or economic development trusts or authorities to promote economic development in the counties located within the trust area.
C. The trust fund shall consist of:
1. All monies received pursuant to Section 2-7-121 of this title;
2. All income from the investment of monies held in the trust fund;
3. Interest resulting from the deposit of such monies; and
4. Any other sums designated for deposit to the fund from any source, public or private.
D. Any trust established pursuant to the provisions of this section shall be governed by the provisions of Sections 176 through 180.4 of Title 60 of the Oklahoma Statutes.
E. 1. Such Trust shall be governed by a Board of Trustees of not less than six nor more than ten members. Each county within the Trust area shall be represented equally on the Board of Trustees.
2. Each Trustee shall be appointed by a majority vote of the county commissioners of the county that the Trustee represents. A Trustee may be removed prior to the expiration of the term of office by a majority vote of the county commissioners of the county that the Trustee represents. In the event there are two or more Trustees from each county, the initial appointments shall be made so that the terms are staggered. After the initial appointment, each Trustee shall serve a term of two (2) years and may be reappointed.
3. The Trustees shall receive no compensation for service on the Board of Trustees, but may be reimbursed for actual and necessary expenses incurred in the performance of their duties as trustees in accordance with the State Travel Reimbursement Act.
4. Any action of the Board of Trustees must be approved by a two-thirds vote of the total authorized membership of the Board.
5. The Trustees shall have authority to exercise such powers as are necessary to perform the duties and functions imposed by the provisions of this section.
F. The Board of Trustees shall meet not less than twice each calendar year. At the first meeting in a new calendar year the members shall elect a chairman, a vice-chairman, a secretary, and a treasurer.
Added by Laws 1991, c. 173, § 6. Amended by Laws 1991, c. 336, § 1, eff. July 1, 1991; Laws 1992, c. 403, § 17, eff. Sept. 1, 1992; Laws 1993, c. 10, § 8, emerg. eff. March 21, 1993; Laws 1993, c. 145, § 117, eff. July 1, 1993. Renumbered from Title 63, § 1-2005.3C by Laws 1993, c. 145, § 359, eff. July 1, 1993. Amended by Laws 1994, c. 353, § 25, eff. July 1, 1994.
NOTE: Laws 1992, c. 361, § 2 repealed by Laws 1993, c. 10, § 16, emerg. eff. March 21, 1993. Laws 1992, c. 363, § 11 repealed by Laws 1993, c. 10, § 16, emerg. eff. March 21, 1993.