Oklahoma Space Industry Development Authority Bill Summary

• Appropriates funds to the Oklahoma Space Industry Development Authority from the General Revenue Fund for fiscal year ending June 30, 2010, to be transferred to the authority's Revolving Fund.

• Requires the authority to budget all funds in specified categories and amounts, with General Operations budgeted at $0.00 for FY-10.

• Limits the Executive Director's salary to $0.00 per annum and establishes budgetary limitations on full-time-equivalent employees and expenditures for fiscal year 2010.

• Allows appropriations to be budgeted for either FY-10 or FY-11, with FY-10 funds encumbered only through June 30, 2010 and expended by November 15, 2010, or else lapsing to the proper fund.

• Declares an emergency and establishes an effective date of July 1, 2009, requiring passage and approval for immediate implementation.