OK HB2429

Appropriates funds to the Oklahoma Space Industry Development Authority from the General Revenue Fund for the fiscal year ending June 30, 2011, to be transferred to the Authority's Revolving Fund established under Title 74, Section 5208.1 of Oklahoma Statutes.

Establishes budgetary categories and limits for the Authority's fiscal year 2011 operations, including full-time-equivalent employee limits and lease-purchase agreement restrictions.

Sets salary compensation for the Executive Director at a specified amount (not to exceed specified amount per annum) and authorizes the Director to set compensation for other necessary employees.

Requires appropriated funds (excluding capital outlay) to be either budgeted for FY-11 (encumbered by June 30, 2011, expended by November 15, 2011) or FY-12 (encumbered by June 30, 2012, expended by November 15, 2012), with unused funds lapsing to the proper fund.

Allows FY-11 funds not required for that fiscal year to be rebudgeted for FY-12 if a budget revision is approved by the Office of State Finance, preventing simultaneous budgeting in both fiscal years.