The Oklahoma Energy Resources Board shall have the following powers, duties and responsibilities: 1. To administer and enforce the provisions of the Oklahoma Energy Education and Marketing Act; 2. To establish an office for the Board within the State of Oklahoma; 3. To elect a chairperson and whatever other officers may be necessary to direct operations of the Board; 4. To employ personnel as shall be deemed necessary to carry out the purpose and provisions of the Oklahoma Energy Education and Marketing Act, including but not limited to an attorney to provide legal assistance to the Board, and to prescribe their duties and fix their compensation; 5. To establish and administer the Energy Resources Revolving Fund; 6. To approve or disapprove the budget of the Board; 7. To promulgate rules as it deems necessary to carry out the provisions of the Oklahoma Energy Education and Marketing Act; 8. To enter into contracts or agreements for studies, research projects, experimental work, supplies or other services to carry out the purposes of the Oklahoma Energy Education and Marketing Act, and incur those expenses necessary to carry out those purposes. Any such contract or agreement shall provide that: a. the person entering the contract or agreement on behalf of the Board shall develop and submit to the Board a plan or project together with a budget or budgets that shows estimated costs to be incurred for the plan or project, and b. the person entering the contract or agreement shall keep accurate records of all of its transactions, account for funds received and expended, and make periodic reports to the Board of activities conducted, and such other reports as the Board may require; 9. To keep accurate records of all financial transactions performed pursuant to the Oklahoma Energy Education and Marketing Act. These records shall be subject to an annual audit, as defined by paragraph 4 of subsection B of Section 212 of Title 74 of the Oklahoma Statutes, by an independent auditor and an annual report shall be compiled and presented to the Governor; 10. To cooperate with any private, local, state or national commission, organization, agency or group and to make contracts and agreements for joint programs beneficial to the oil industry; 11. To accept donations, grants, contributions and gifts from any public or private source and deposit such in the Energy Resources Revolving Fund; 12. To approve or disapprove the investment of any monies in the Energy Resources Revolving Fund; and 13. To keep an accurate record of all assessments collected.
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