Okla. Admin. Code § 1:2018-33
I, Mary Fallin, Governor of the State of Oklahoma, pursuant to the power vested in me by Article VI, Sections 1, 2, and 8 of the Oklahoma Constitution, and Title 60, Section 180 of the Oklahoma Statutes, hereby approve the termination of the University Center at Tulsa Authority (the "UCT") to take effect upon the occurrence of certain conditions set forth more fully herein.
As explanation, the UCT and the Tulsa Development Authority (the "TDA") entered into an agreement (the "Agreement") that was approved by the UCT Board of Trustees on August 14, 2018, and by the TDA Board of Commissioners on September 6, 2018. Pursuant to the Agreement, the UCT shall convey to the TDA title to certain property held in trust by the UCT in fee simple, subject to certain conditions. The UCT shall transfer the remaining property held in trust to the Board of Regents for the Oklahoma Agricultural & Mechanical Colleges for the benefit of Oklahoma State University - Tulsa and/or Langston University - Tulsa.
Upon completion of all transfers of UCT property provided for in the Agreement, the UCT will cease to hold any property in trust. The UCT has requested that I approve its termination in accordance with Title 60, Section 180 of the Oklahoma Statutes, which provides that a trust for furtherance of public functions "may be terminated by agreement of the trustee, or, if there be more than one, then all of the trustees, and the governing body of the beneficiary, with the approval of the Governor of the State of Oklahoma." The UCT requests that my approval take effect upon the occurrence of these statutory conditions and completion of the real property transfers.
Therefore, in accepting the request of the UCT to approve its termination, I, Mary Fallin, Governor of the State of Oklahoma, pursuant to Article VI Sections 1, 2, and 8 of the Oklahoma Constitution, and Title 60, Section 180 of the Oklahoma Statutes, hereby approve of the termination of the UCT, to take effect upon (1) completion of the transfer of all property held in trust by the UCT; (2) the unanimous agreement of the trustees of the UCT to terminate the trust; and (3) the agreement of the Tulsa City Council, the governing body of the City of Tulsa, the beneficiary of the trust, to terminate the trust.
IN WITNESS WHEREOF, I have set my hand and caused the Great Seal of the State of Oklahoma to be affixed at Oklahoma City, this 20th day of December 2018.
BY THE GOVERNOR OF THE STATE OF OKLAHOMA
Mary Fallin
ATTEST:
James A. Williamson
Secretary of State
Okla. Admin. Code § 1:2018-33