Quick Action Closing Fund bill heads to Governor
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May 19, 2011
Oklahoma State Senate
Communications Division
State Capitol
Oklahoma City, Oklahoma 73105For Immediate Release: May 18, 2011
Quick Action Closing Fund bill heads to Governor
The full Senate has given final approval to legislation to make the state more competitive when trying to attract major economic development projects. Sen. Mike Mazzei is principal Senate author of House Bill 1953.
“As we work to create jobs and grow Oklahoma’s economy, we need to make sure we take advantage of every tool available,” said Mazzei, R-Tulsa. “This program has generated 3,000 new jobs and $100 million in capital investment in Arkansas.”
Under HB 1953, the governor would make the final decision on proposed projects, subject to consultation with the
President Pro Tempore of the Senate and the Speaker of the House. The Department of Commerce is charged with administering the fund. The legislation also contains a “claw back” provision if the economic development project fails to meet performance provisions.
“We’ve got an incredible work force, a low cost of living and many other factors working in our favor when we’re competing for jobs,” Mazzei said. “What we don’t have is a Quick Action Closing Fund. That changes when this bill arrives on Governor Mary Fallin’s desk for her signature.”
Legislature approves closing fund for Oklahoma governor
by: Associated Press
Wednesday, May 18, 2011OKLAHOMA CITY — The Oklahoma Senate has given final approval for a closing fund the governor could access to help lure businesses to the state.
The Senate voted 42-3 on Wednesday to create the Oklahoma Quick Action Closing Fund, a priority of Republican Gov. Mary Fallin.
Although no money has been appropriated to the fund, some lawmakers expressed concern there was not enough oversight of expenditures. The bill only requires that the governor consult with legislative leaders before expending money from the fund.
But Sen. Mike Mazzei, who sponsored the bill in the Senate, said the measure requires the Department of Commerce to ensure companies that receive money from the fund meet certain requirements and provide a “net economic benefit” to the state.
