Oklahoma § 62-891.16 - Authority as conduit issuer - Public-Private Partner

§ 62-891.16. Authority as conduit issuer - Public-Private Partner

Development Pool – Issuance of obligations – Purpose of proceeds.

A. The Oklahoma Development Finance Authority shall be

authorized to act as a conduit issuer for the benefit of at least

one eligible local government entity in conjunction with one or more

for-profit business entities and/or federal government defense

entities for an authorized infrastructure development project using

the Public-Private Partner Development Pool.

B. The Authority shall be authorized to issue obligations in

order to provide net proceeds on a pooled basis not to exceed the

combined Economic Development Pool and Infrastructure Development

Oklahoma Statutes - Title 62. Public Finance

Pool amount authorized by Sections 891.7 and 891.8 of this title.

The Authority shall be authorized to issue obligations within the

limit prescribed by this subsection based upon the defeasance of

previously issued obligations.

C. The proceeds from the Public-Private Partner Development

Pool shall be for the purpose of providing financing for an eligible

local government entity for an authorized infrastructure project

located in this state that will benefit one or more business

entities located in this state.

D. Sixty-five percent (65%) of the net proceeds from the

Public-Private Partner Development Pool shall be used by the

Authority for the benefit of eligible local government entities the

population of which, according to the most recent Federal Decennial

Census, does not exceed three hundred thousand (300,000) persons for

any participating municipality.

E. Thirty-five percent (35%) of the net proceeds from the

Public-Private Partner Development Pool may be used by the Authority

for the benefit of any and all eligible local government entities

regardless of population.

F. Obligations issued pursuant to the provisions of this

section may be issued on a tax-exempt basis if the applicable

provisions of federal law governing private activity bonds allow

such issuance. In the event federal law does not allow issuance of

obligations on a tax-exempt basis, such obligations shall be issued

on a taxable basis.

Added by Laws 2019, c. 260, § 3, eff. Nov. 1, 2019.