SECTION 208:1-1-1. Purpose

(a)   The rules of this Chapter have been adopted for the purpose of complying with the provisions of the Administrative Procedures Act. [75 O.S., §§ 250 et seq.] The State of Oklahoma has created a trust fund for Economic Development Generating Excellence known as the EDGE Fund. The EDGE Fund is an instrumentality of the State created pursuant to 62 O.S. (2006 Supplement), Sections 47 and 52. Section 47 creates the trust fund and designates a Board of Investors to manage and invest the trust fund assets. Section 52 creates an EDGE Fund Policy Board, which is responsible for expending the available funds according to the statutory directives. The instant rules, regulations, policies and procedures have been adopted for the purpose of implementing and administering the duties and responsibilities of the EDGE Fund Policy Board (the "Policy Board" or "Board"), as provided by law.

(b)   The rules of this Chapter are adopted for the purpose of simplifying procedure, avoiding unnecessary delays, minimizing expenses and facilitating the administration of the Policy Board. To that end, these rules shall be given fair and impartial construction. The rules shall be cumulative to the Administrative Procedures Act of the State of Oklahoma as amended now and hereafter.

(c)   The rules of this Chapter shall be known as the General Rules for the EDGE Fund Policy Board and shall govern formal proceedings of the Board.

(d)   Informal proceedings may be held by agreement between the Board, or its agents and any interested party.

(e)   The provisions herein contained are severable and the repeal, amendment or invalidity of any provision hereof shall not serve to repeal or invalidate the remaining provisions of the rules of this Chapter.

[Source: Added at 25 Ok Reg 1905, eff 7-1-08]