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.
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