A. There is hereby established the Oklahoma Accelerator Program at the Oklahoma Center for the Advancement of Science and Technology, to be administered by the Center as a continuation of the accelerator program previously administered by the Oklahoma Department of Commerce. The program shall utilize appropriated funding to leverage private capital for the purpose of stimulating growth of early-stage startup companies throughout the state by connecting such companies with the global entrepreneurial ecosystems required to enhance business talent and investment opportunities.

B. There is hereby created in the State Treasury a revolving fund for the Oklahoma Center for the Advancement of Science and Technology to be designated the “Oklahoma Accelerator Revolving Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations. The fund shall consist of all monies authorized by law for deposit in such fund including, but not limited to, gifts, grants, private donations, private equity contributions, and fee revenues and funds by government entities authorized to provide funding for the purposes authorized for the use of the fund. All monies accruing to the credit of said fund are hereby appropriated and may be budgeted and expended by the Oklahoma Center for the Advancement of Science and Technology for purposes authorized by law to implement the Oklahoma Accelerator Program. Expenditures from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.