Oklahoma § 62-90.2 - Definitions

§ 62-90.2. Definitions

As used in the Rural Economic Development Loan Act:

1.

"Department" means the Oklahoma Department of Agriculture,

Food, and Forestry;

2. "Financial institution" means any office or branch of a

bank, savings bank, savings association, building and loan

Oklahoma Statutes - Title 62. Public Finance

association, savings and loan association, credit union or nonprofit

lender exempt from taxation pursuant to the provisions of Section

501(c)(3) of the Internal Revenue Code of the United States located

in the State of Oklahoma;

3. "Participating financial institution" means a financial

institution which pledges at least Three Million Dollars

($3,000,000.00) but not to exceed Ten Million Dollars

($10,000,000.00) to the Rural Economic Development Loan Revolving

Fund;

4. "Qualified economic development project" means:

a.

the development, construction, restoration, or

replacement of a physical facility located or to be

located in a rural area of this state, which has been

initiated by a participating financial institution

which has been certified by the Department, and

b.

the commencement or expansion of economic activities

that result in or that will, within three (3) years of

the commencement of such activities, result in the

employment of five (5) or more full-time-equivalent

employees at a location in a rural area of this state

in positions that did not exist prior to the

commencement of such activities and which has been

certified by the Department; and

5. "Rural area" means an area designated as such by the Office

of Rural Development of the United States Department of Agriculture.

Added by Laws 2002, c. 486, § 2, eff. Jan. 1, 2003. Amended by Laws

2003, c. 87, § 1, emerg. eff. April 15, 2003; Laws 2013, c. 118, §

19, eff. Nov. 1, 2013.