Henry names 3 to lead EDGE research fund
DATELINE: OKLAHOMA CITY
Gov. Brad Henry on Tuesday appointed three managers to the EDGE research endowment, a planned $1 billion fund that would be used to help boost research projects in Oklahoma.
Henry named James Meyer, H.E. "Gene" Rainbolt and Gary Derrick to serve on the EDGE Fund Policy Board. The seven-member panel, which also includes appointees from the speaker of the House and president pro tempore of the Senate, will decide how EDGE funds are apportioned to research projects across the state.
Meyer is president and chief executive officer of Bridgeport Holdings. Rainbolt is chairman of Banc First. Derrick is a business and securities attorney.
Outgoing House Speaker Todd Hiett made one appointment to the board, naming Paul Cornell, deputy CEO of SpiritBank in Tulsa. Speaker-elect Lance Cargill will appoint a second member to the panel once he's confirmed in January, Cargill spokesman Damon Gardenhire said.
Senate President Pro Tem Mike Morgan also named one of his two appointments to the board selecting Ken Levit, former president of the University of Oklahoma-Tulsa and current executive director of the George Kaiser Family Foundation in Tulsa.
A task force on economic development recommended the creation of the $1 billion endowment, which would generate interest earnings to fund research projects in Oklahoma.
The EDGE Fund Policy Board is charged with deciding endowment expenditures. A second panel, the EDGE Board of Investors, will manage endowment funds.
Lawmakers deposited the first $150 million in the EDGE endowment this year. Henry said he will continue to push for additional funds until the endowment reaches the $1 billion mark.