Oklahoma § 62-891.11 - Economic development project scoring system - Authority

§ 62-891.11. Economic development project scoring system - Authority

for the Economic Development Pool - For-profit business

participation.

A. The Oklahoma Department of Commerce shall establish a

scoring system in order to evaluate economic development projects to

be financed from the proceeds of obligations issued by the Authority

for the Economic Development Pool.

B. The scoring system shall include, but shall not be limited

to, analysis of:

1. Capital investment by a for-profit business entity;

2. New direct jobs, as such term is defined by Section 3603 of

Title 68 of the Oklahoma Statutes, to be created by a for-profit

business entity or entities;

3. Salary and wage payments to persons employed in new direct

jobs; and

4. Likelihood of additional business location decisions

resulting from the activity of the for-profit business entity or

entities that would benefit from use of the Economic Development

Pool.

C. One eligible local government entity, in conjunction with a

for-profit business entity, or a combination of eligible local

government entities, in conjunction with a for-profit business

entity, may apply to the Department for approval of a pooled

financing for an economic development project on such forms as the

Department may prescribe for such purpose.

D. The Department shall compile and maintain a prioritized list

of projects eligible for pooled financing through the Oklahoma

Development Finance Authority from the Economic Development Pool.

E. The Oklahoma Development Finance Authority shall use the

prioritized list provided by the Department in order to provide

financing to the eligible local government entity or entities or to

a for-profit business entity in conjunction with a local government

entity or entities.

F. The Authority shall, within the limit on available bond

proceeds in the Economic Development Pool, provide proceeds in

accordance with the scoring system used by the Department.

Oklahoma Statutes - Title 62. Public Finance

Added by Laws 2009, c. 309, § 11, eff. July 1, 2009.