1| STATE OF OKLAHOMA | | | 2| 1st Session of the 59th Legislature (2023) | | | 3|SENATE BILL 208 By: Bergstrom | | | 4| | | | 5| | | | 6| AS INTRODUCED | | | 7| An Act relating to the Oklahoma Center for the | | Advancement of Science and Technology; amending 74 | 8| O.S. 2021, Section 5060.20a, which relates to the | | development and implementation of a technology | 9| business financing program; requiring binding | | commitment to provide certain data for certain time; | 10| requiring the Center to provide certain survey; and | | providing an effective date. | 11| | | | 12| | | | 13| | | | 14|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: | | | 15| SECTION 1. AMENDATORY 74 O.S. 2021, Section 5060.20a, is | | | 16|amended to read as follows: | | | 17| Section 5060.20a. A. The Oklahoma Center for the Advancement | | | 18|of Science and Technology (OCAST), in conjunction with the | | | 19|Commercialization Center, may develop and implement a technology | | | 20|business financing program to provide funding and financing for and | | | 21|to assist qualified Oklahoma enterprises to commercialize new | | | 22|products, services, technology, innovations, and processes. In | | | 23|order to obtain funding or financing from the technology business | | | 24|financing program, a recipient shall be required to obtain separate | | | Req. No. 171 Page 1 ___________________________________________________________________________
1|private investment or funding, and may also be required to pay | | | 2|royalties, fees, interest, profits, or other payments generated or | | | 3|arising from the sale, lease, licensing, distribution, manufacture, | | | 4|marketing, or development of products, services, technology, | | | 5|innovations, and processes, whether alone or in conjunction with | | | 6|others, or generated or arising from a sale, acquisition, merger, or | | | 7|other transfer or takeover of the enterprise. Any such royalties, | | | 8|fees, interest, profits, or other payments or return of funding and | | | 9|financing shall be retained for use in the program. OCAST, in | | | 10|conjunction with the Commercialization Center, shall establish | | | 11|program specifications. OCAST may contract with the | | | 12|Commercialization Center or other qualified entity to operate and | | | 13|manage the program. Program funds shall not be used to pay | | | 14|administrative, management, or operating expenses of OCAST. | | | 15| B. Enterprises that receive funding pursuant to subsection A of | | | 16|this section shall make a binding commitment to provide data | | | 17|annually through a survey provided by OCAST, in conjunction with the | | | 18|Commercialization Center. The binding commitment to provide data | | | 19|shall be for five (5) years or until the repayment amount has been | | | 20|paid, whichever is later. The data required by the survey shall | | | 21|include but not be limited to jobs created, total revenue, total | | | 22|payroll, and average annual wages. The enterprise must also provide | | | 23|the proportion of jobs, total revenue, and payroll that are | | | 24|generated in this state. | | | Req. No. 171 Page 2 ___________________________________________________________________________
1| SECTION 2. This act shall become effective November 1, 2023. | | | 2| | | | 3| 59-1-171 QD 1/9/2023 3:48:35 PM | | | 4| | | | 5| | | | 6| | | | 7| | | | 8| | | | 9| | | | 10| | | | 11| | | | 12| | | | 13| | | | 14| | | | 15| | | | 16| | | | 17| | | | 18| | | | 19| | | | 20| | | | 21| | | | 22| | | | 23| | | | 24| | | | Req. No. 171 Page 3