The powers and duties of the Oklahoma Space Industry Development Authority shall be exercised by and through the Board of Directors. Without limiting the generality of the foregoing, the Board shall have the power and authority to:

1. Adopt, amend, and repeal rules to carry out the purposes of this act;

2. Maintain an office at such place or places as it may designate;

3. Execute all contracts and other documents necessary or desirable to carry out the purposes of this act; provided, the Board may authorize one or more members of the Board to execute contracts and other documents on behalf of the Board or the Authority;

4. Hire employees, including a person to act as the chief executive officer of the Authority with such duties and power as the Board may prescribe and designate up to five positions as being in the unclassified service;

5. Contract for the services of attorneys, underwriters or other financial professionals for the purpose of issuing and marketing the obligations of the Authority, notwithstanding the provisions of Section 18c of Title 74 of the Oklahoma Statutes;

6. Engage in the planning for spaceports and the spaceport system;

7. Execute intergovernmental agreements as provided by law;

8. Establish reserve funds for future Board operations;

9. Enter into agreements for the joint development of properties necessary or convenient for, the operation of spaceports and the spaceport system; and

10. Prepare an annual report of operations.

Added by Laws 1999, c. 164, § 9, eff. July 1, 1999. Amended by Laws 2000, c. 286, § 2, emerg. eff. June 5, 2000.