A. The Council of Bond Oversight shall consist of five (5) members as follows:
1. One member shall be appointed by the President Pro Tempore of the Senate;
2. One member shall be appointed by the Speaker of the House of Representatives;
3. Two members shall be appointed by the Governor, with the advice and consent of the Senate; and
4. The State Treasurer or his or her designee shall be a member.
B. Three members shall constitute a quorum. The affirmative vote of three members shall be necessary for any action to be taken by the Council.
C. Members appointed to the Council shall serve a term of four (4) years and may be removed for cause by the appointing authority. Members may be reappointed for additional terms.
D. A vacancy on the Council shall be filled in the same manner as the original appointment, to hold office during the unexpired term for which the member was appointed. The Council shall elect one of its members chair and may elect such other officers as it deems necessary. No vacancy in the membership of the Council shall impair the right of the Council to exercise all duties of the Council.
E. The State Treasurer, as provided in Section 695.7 of this title, shall provide support staff as necessary to implement the purposes and functions of the Council.
F. The Attorney General shall provide legal counsel to the Council.
G. No member of the Oklahoma State Legislature shall be eligible to serve as a member of the Council.
Added by Laws 2012, c. 275, § 4, eff. Nov. 1, 2012. Amended by Laws 2017, c. 374, § 2, eff. Nov. 1, 2017; Laws 2019, c. 53, § 1, eff. Nov. 1, 2019.
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