Oklahoma § 62-88.2 - Definitions

§ 62-88.2. Definitions

As used in the Oklahoma Small Business Linked Deposit Act:

1. "Eligible participant" means:

a.

any small business organized for profit, including any

business related to tourism, doing business in and

from the State of Oklahoma, which employs not more

than two hundred (200) employees or has gross annual

receipts of not more than Four Million Dollars

($4,000,000.00),

b.

any industrial park that has been certified by the

Oklahoma Department of Commerce as meeting minimum

guidelines necessary for an industrial park, and

c.

any public trust authorized in accordance with Section

176 of Title 60 of the Oklahoma Statutes engaged in

industrial development as determined by the Department

of Commerce. Such public trusts are limited to

fifteen percent (15%) of the total available funds and

a nonrenewable term not to exceed six (6) months

unless their purpose is to make package passthrough

loans to other private nontrust recipients for

industrial development purposes in which case the

other conditions contained in this act shall apply.

Oklahoma Statutes - Title 62. Public Finance

2.

that:

Subsequent loans made by an eligible trust cannot

exceed the interest rate established by this act.

"Eligible lending institution" means a financial institution

a.

b.

c.

is eligible to make commercial loans,

is a public depository of state funds, and

agrees to participate in the linked deposit program,

or

d.

is an institution of the farm credit system organized

under the federal "Farm Credit Act of 1971", 12 U.S.C.

2001, as amended.

3. "Enterprise zone" means those areas designated as enterprise

zones or districts in accordance with the Oklahoma Enterprise Zone

Act, Sections 690.1 through 690.19 of this title.

4. "Priority Enterprise Zones" means an enterprise zone

selected by the Department of Commerce which has demonstrated

unusual commitment as provided by this act.

5. "Small business linked deposit" means a certificate of

deposit placed by the State Treasurer with an eligible lending

institution.

6. "Board" means the Oklahoma Linked Deposit Review Board.

Added by Laws 1988, c. 183, § 2, eff. July 1, 1988. Amended by Laws

1990, c. 321, § 7, emerg. eff. May 30, 1990.