Oklahoma § 62-891.8 - Economic Development Pool
Full text of Oklahoma Oklahoma Statutes § 62-891.8 — Economic Development Pool, with citation guidance and answers to common questions.
§ 62-891.8. Economic Development Pool
A. The Authority shall be authorized to act as a conduit issuer
for the benefit of one or more eligible local government entities or
for the benefit of one or more local government entities in
conjunction with a for-profit business entity for an authorized
economic development project using the Economic Development Pool.
B. The Authority shall be authorized to issue its obligations
in order to provide net proceeds on a pooled basis not to exceed One
Hundred Million Dollars ($100,000,000.00) for the Economic
Development Pool. The Authority shall be authorized to issue
obligations within the limit prescribed by this subsection based
upon the defeasance of previously issued obligations.
C. Except as otherwise provided by subsection G of this
section, proceeds from the Economic Development Pool shall be for
the purpose of providing financing for an eligible local government
entity or entities or for the benefit of a business entity for an
authorized economic development project located in this state.
D. Sixty-five percent (65%) of the net proceeds from the
Economic 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
Economic Development Pool may be used by the Authority for the
benefit of any and all eligible local government entities regardless
of population.
Oklahoma Statutes - Title 62. Public Finance
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. Otherwise, the obligations issued pursuant to the
provisions of this section shall be issued on a taxable basis.
G. The proceeds from the Economic Development Pool may also be
used for the purposes authorized by Section 891.7 of this title.
Added by Laws 2009, c. 309, § 8, eff. July 1, 2009. Amended by Laws
2010, c. 285, § 2; Laws 2013, c. 179, § 3, eff. Nov. 1, 2013.
Frequently Asked Questions About Oklahoma § 62-891.8
What does Oklahoma Statutes § 62-891.8 cover?
Section 62-891.8 ("Economic Development Pool") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 62-891.8?
A common citation format is "Oklahoma Statutes § 62-891.8" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 62-891.8 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.