Oklahoma § 62-891.3 - Definitions

§ 62-891.3. Definitions

1. "Authority" means the Oklahoma Development Finance

Authority;

2. "Bonds" means any form of obligation issued by the Oklahoma

Development Finance Authority pursuant to the Oklahoma Community

Economic Development Pooled Finance Act;

Oklahoma Statutes - Title 62. Public Finance

3. "Business entity" means a corporation, limited liability

company, general partnership, limited partnership or such other

entity conducting a lawful activity which is organized pursuant to

the laws of the state or which is authorized to do business in the

state if organized under the law of another jurisdiction;

4. "Community Economic Development Pooled Finance Revolving

Fund" means the fund created pursuant to Section 891.15 of this

title;

5. "Conduit issuer" means the Oklahoma Development Finance

Authority acting for the benefit of either a combination of local

government entities or a local government entity or entities in

conjunction with a for-profit business entity pursuant to the

provisions of the Oklahoma Community Economic Development Pooled

Finance Act;

6. "Credit Enhancement Reserve Fund" means that fund created

pursuant to Section 5063.3 of Title 74 of the Oklahoma Statutes;

7. "Debt" means bonds, notes or other evidence of indebtedness

issued by the Oklahoma Development Finance Authority;

8. "Department" means the Oklahoma Department of Commerce;

9. "Economic Development Pool" means proceeds of obligations

sold by the Authority to provide resources for eligible local

government entities or a local government entity in conjunction with

a for-profit business entity to finance an eligible economic

development project or other purposes authorized by the Oklahoma

Community Economic Development Pooled Finance Act;

10. "Eligible local government entity" means:

a.

a city,

b.

a town,

c.

a county,

d.

any combination of cities, towns or counties,

e.

a public trust with a beneficiary or beneficiary which

is a city, town, county or some combination of such

entities as authorized by Section 176 of Title 60 of

the Oklahoma Statutes, or

f.

an entity subject to the jurisdiction of the State

Board of Career and Technology Education or the

Oklahoma State Regents for Higher Education;

11. "Federal government defense entities" means U.S. Department

of Defense installations in the State of Oklahoma including Fort

Sill, Tinker Air Force Base, Altus Air Force Base, Vance Air Force

Base and McAlester Army Ammunition Plant;

12. "For-profit business" means any lawful activity conducted

by a business entity with the goal or expectation of selling goods,

services or other property at a price greater than the actual costs

incurred by the business;

13. "Infrastructure" means:

a.

county roads,

Oklahoma Statutes - Title 62. Public Finance

b.

c.

d.

e.

county bridges,

municipal streets,

municipal bridges,

any railway or utility system owned by an eligible

local government entity,

f.

water treatment facilities,

g.

solid waste management facilities,

h.

water treatment and distribution systems,

i.

any asset or project identified by the eligible local

government entities necessary for essential government

functions if the asset is owned by a local government

entity or entities, or

j.

any asset or project that is owned or operated by an

eligible local government entity that provides a

specific industry focused training program that:

(1) is collaboratively developed with major industry

employers in this state to meet the occupational

and skill demands in its workforce, and

(2) the delivery of instruction may be a

collaboration between or among entities under the

jurisdiction of the State Department of

Education, the State Board of Career and

Technology Education and the Oklahoma State

Regents for Higher Education;

14. "Infrastructure Pool" means proceeds of obligations sold by

the Authority to provide resources for eligible local government

entities to provide financing for infrastructure or other purposes

authorized by the Oklahoma Community Economic Development Pooled

Finance Act;

15. "Pooled financing" means an agreement, pursuant to the

provisions of the Oklahoma Community Economic Development Pooled

Finance Act or pursuant to the Interlocal Cooperation Act, among two

or more eligible local governmental entities or involving a local

government entity or entities in conjunction with a for-profit

business entity to use proceeds from a tax levy or other authorized

source of revenue to make payments of principal, interest and other

related costs in connection with an obligation issued by the

Oklahoma Development Finance Authority for the benefit of the

entities entering into such agreement according to the terms of the

agreement and according to the requirements of any ballot submitted

to the voters of the respective eligible local governmental

entities. Pooled financing does not mean or include the use of any

ad valorem tax revenues derived from a levy imposed pursuant to

Section 26 of Article X of the Oklahoma Constitution;

16. "Private activity bonds" means those obligations the

interest income from which may be exempt from federal income tax

Oklahoma Statutes - Title 62. Public Finance

pursuant to the provisions of the Internal Revenue Code of 1986, as

amended; and

17. "Public-Private Partner Development Pool" means proceeds of

obligations sold by the Oklahoma Development Finance Authority to

provide resources for eligible local government entities to provide

financing for infrastructure in conjunction with for-profit business

entities and federal government defense entities or any other

purpose authorized by the Oklahoma Community Economic Development

Pooled Finance Act.

Added by Laws 2009, c. 309, § 3, eff. July 1, 2009. Amended by Laws

2010, c. 373, § 1, emerg. eff. June 7, 2010; Laws 2013, c. 179, § 1,

eff. Nov. 1, 2013; Laws 2019, c. 260, § 1, eff. Nov. 1, 2019; Laws

2021, c. 363, § 1, eff. Nov. 1, 2021.