Oklahoma § 62-58 - Study on acquisition of property near electrical generating

§ 62-58. Study on acquisition of property near electrical generating

plants for use as industrial parks for firms with high electrical

needs - Acquisition of property - Financing - Report of information

regarding property.

A. The Oklahoma Development Finance Authority is authorized to

fund a study to be conducted by the Oklahoma Department of Commerce

to determine the feasibility of acquiring property in the vicinity

of electrical generating plants where such property could be

developed into industrial parks and where construction and leasing

of manufacturing facilities in such parks could be used to promote

firms with high electrical needs in this state. If such feasibility

study indicates that the acquisition and development of the property

under consideration is likely to be a financially viable project

which will lead to the development of new manufacturing jobs in this

state, any local public trust is authorized to acquire real property

Oklahoma Statutes - Title 62. Public Finance

located adjacent or in close proximity to, electrical generating

facilities, together with improvements located thereon, for purposes

of developing industrial parks and leasing space therein to

manufacturing concerns or other businesses that use large amounts of

electricity. The public trust may hold title to the real property

and improvements until such time as any obligations issued for this

purpose are retired or defeased and may lease the real property and

improvements to business entities for use as manufacturing

facilities or other businesses that use large amounts of

electricity. Upon final redemption or defeasance of the obligations

created pursuant to this section, title to the real property and

improvements may be transferred from the public trust holding title

to the manufacturing facilities or other businesses that use large

amounts of electricity which are leasing the property.

B. For the purpose of paying the costs for acquisition of the

real property and improvements authorized in subsection A of this

section, the public trust is hereby authorized to borrow monies on

the credit of the income and revenues to be derived from the leasing

of such real property and improvements and, in anticipation of the

collection of such income and revenues, to issue negotiable

obligations for such purpose.

C. The obligations authorized under this section may be sold at

either competitive or negotiated sale, as determined by the public

trust, and in such form and at such prices as may be authorized by

the public trust. The public trust may enter into agreements with

such credit enhancers and liquidity providers as may be determined

necessary to efficiently market the obligations. The obligations

may mature and have such provisions for redemption as shall be

determined by the public trust, but in no event shall the final

maturity of such obligations occur later than thirty (30) years from

the first principal maturity date.

D. Any public trust acquiring real property for the purposes

specified in subsection A of this section shall provide information

to the Oklahoma Department of Commerce about the location of the

property, proximity to the electric generating facility,

improvements, utilities or such other information as the Department

may require to keep a database of such properties for possible

business site location.

Added by Laws 2004, c. 532, § 1, eff. Nov. 1, 2004.