Oklahoma § 62-695.24 - Designation of various pools - Amounts reserved and

§ 62-695.24. Designation of various pools - Amounts reserved and

placed.

A. For the period January 1 through June 30 of each calendar

year, the state ceiling shall be reserved and placed in pools

according to the following:

1. Ten percent (10%) of the state ceiling shall be reserved

and placed in a pool designated as the Student Loan Pool.

Allocations from this pool may be made only to qualified student

loan bonds issued by eligible state issuers;

2. Twenty-five percent (25%) of the state ceiling shall be

reserved and placed in a pool designated as the Economic Development

Pool. Allocations from this pool may be made only upon the

recommendation of the Director of the Oklahoma Department of

Commerce and following review and approval by the Council of Bond

Oversight. In order to approve the recommendation, the Council of

Bond Oversight must find that the project seeking an allocation from

this pool will result in the creation of manufacturing jobs in this

state or will in some other way contribute to an economic

development objective of this state;

3. Forty percent (40%) of the state ceiling shall be reserved

and placed in a pool designated as the Housing Pool. Allocations

from this pool may be made only to qualified single-family bonds,

multifamily bonds, or mortgage credit certificates.

a.

No single project or issuer shall be eligible to

receive an allocation or allocations in excess of

Oklahoma Statutes - Title 62. Public Finance

twenty-five percent (25%) of the state ceiling under

this paragraph.

b.

Notwithstanding subparagraph a of this paragraph, an

issuer shall be eligible to receive subsequent

allocations provided that any previous allocations

have already issued;

4. Twenty-five percent (25%) of the state ceiling shall be

reserved and placed in a pool to be designated the Discretionary

Pool. Allocations from this pool may be made to any qualified

private activity bond, as provided by Section 141 of the Internal

Revenue Code, that is not subject to paragraph 1, 2, or 3 of this

subsection.

a.

Before June 30 of any calendar year, an amount not to

exceed ten percent (10%) of the state ceiling may be

reserved and placed from the Discretionary Pool to any

of the pools defined in paragraph 1, 2, or 3 of this

subsection.

b.

Reservation and placement from the Discretionary Pool

shall be at the discretion of the Deputy Treasurer for

Debt Management and subject to the approval of the

Council of Bond Oversight; and

5. Projects subject to one or more pools shall be eligible to

receive an allocation from the pool designated by the Deputy

Treasurer for Debt Management.

a.

No pool designation shall be made for the purpose of

denying or delaying an allocation by intentionally

selecting a pool containing insufficient amounts of

available state ceiling.

b.

Any appeal from such designation shall be made to the

Council of Bond Oversight.

B. On July 1 of each calendar year, any unallocated sums

remaining in the pools of subsection A of this section shall be

reserved and placed in the Consolidated Pool.

C. Notwithstanding subsection H of Section 695.25, no later

than 9:00 a.m. on December 1 of each calendar year, any previous

allocations that fail to issue, or unallocated sums remaining in the

Consolidated Pool, shall be reclaimed or reserved for qualified

carryforward projects, as said term is used in Section 103(n)(10)

and 146(f) of the Internal Revenue Code.

Added by Laws 1990, c. 326, § 4, emerg. eff. May 30, 1990. Amended

by Laws 1993, c. 233, § 6, eff. July 1, 1993; Laws 1995, c. 349, §

4, eff. Jan. 1, 1996; Laws 1996, c. 342, § 2, eff. Jan. 1, 1997;

Laws 1997, c. 236, § 4, emerg. eff. May 23, 1997; Laws 1998, c. 129,

§ 2, eff. Jan. 1, 1999; Laws 1998, c. 400, § 4, eff. Jan. 1, 1999;

Laws 2004, c. 380, § 2, eff. Jan. 1, 2005; Laws 2019, c. 53, § 9,

eff. Nov. 1, 2019; Laws 2025, c. 176, § 3, eff. Nov. 1, 2025.

Oklahoma Statutes - Title 62. Public Finance