Oklahoma § 74-5062.6 - Oklahoma Development Finance Authority and Oklahoma

§ 74-5062.6. Oklahoma Development Finance Authority and Oklahoma

Industrial Finance Authority.

A. Upon certification by the Governor of a public trust as

qualifying to become the Oklahoma Development Finance Authority, the

board of trustees of such trust shall become the governing board of

the Oklahoma Development Finance Authority with the addition of two

(2) other persons. From and after the effective date of this act,

the Governor, the board of directors of the Oklahoma Development

Finance Authority and the board of directors of the Oklahoma

Industrial Finance Authority, governed by Section 851 of this title,

shall begin the consolidation of the membership of the boards of

both authorities. The Oklahoma Development Finance Authority is

authorized to amend its trust indenture, to provide that its board

shall be composed of the members of the board of directors of the

Oklahoma Industrial Finance Authority except for the State Treasurer

of Oklahoma and to provide that the terms of office of the board of

directors of the Oklahoma Development Finance Authority shall be

identical to the terms of the Oklahoma Industrial Finance Authority.

Any director of the Oklahoma Development Finance Authority who is in

office upon the effective date of this act, and who is not also at

that time a member of the board of directors of the Oklahoma

Industrial Finance Authority, shall finish the term for which he or

she was appointed. Upon the end of such a director’s term, or upon

such a director vacating his or her office, the Governor shall

appoint a member of the board of directors of the Oklahoma

Oklahoma Statutes - Title 74. State Government

Industrial Finance Authority to fill the vacancy, or to the new

term. The qualifications for the board of directors of the Oklahoma

Development Finance Authority shall be identical to the

qualifications for the board of directors of the Oklahoma Industrial

Finance Authority. As soon as the two boards of directors of each

authority are composed of the same members, the boards shall be

considered as consolidated. From and after that consolidation,

persons appointed to the board of directors of the Oklahoma

Industrial Finance Authority shall also become directors of the

Oklahoma Development Finance Authority. Even though the membership

of each board shall be identical, the authorities shall be

considered and treated as separate legal entities. The funds of

each authority shall not be commingled and shall be separately

accounted for. This consolidation of board membership shall not be

construed as effecting a merger of estates or otherwise be construed

to terminate the trust status of the Oklahoma Development Finance

Authority. The Oklahoma Development Finance Authority shall

continue to exist as a public trust, created under the Oklahoma

Public Trust Act. The S.S.C. Development Authority is hereby

authorized to amend its trust indenture to permit the members of the

Oklahoma Industrial Finance Authority to become the governing board

of such trust. Any such amendment shall not affect the separate

legal status of such trust. The governing and administrative powers

of the Oklahoma Development Finance Authority shall be vested in the

governing board as provided by this section.

B. Each appointive member may receive reimbursement for

expenses pursuant to the provisions of the State Travel

Reimbursement Act. In addition, each appointive member shall

receive a monthly stipend of Three Hundred Dollars ($300.00) if,

during the month, the member attended a meeting of the board of

directors at which a quorum was present. Provided, a member who is

also to receive a stipend for attending, during said month, a board

meeting of the Oklahoma Industrial Finance Authority shall not

receive a stipend pursuant to this subsection for said month except

to the extent that payment to the member may be divided between the

two boards in proportion to the service rendered by the member to

each board.

C. Members shall annually elect from among the membership a

chair, vice-chair, secretary and treasurer, and may elect an

assistant secretary or assistant secretaries who need not be members

of the board. Four members of the board shall constitute a quorum

and the affirmative vote of the majority of members present at a

meeting of the board shall be necessary and sufficient for any

action taken by the board, except that the affirmative vote of at

least four members shall be required for the approval of any

resolution authorizing the issuance of any bonds or approving any

loan transaction pursuant to Section 5062.1 et seq. of this title.

Oklahoma Statutes - Title 74. State Government

D. No vacancy in the membership of the board shall impair the

right of a quorum to exercise all rights and perform all the duties

of the board. Any action taken by the board may be authorized by

resolution at any regular, special, or emergency meeting and shall

take effect upon the date the chair or vice-chair certifies the

action of the Authority by affixing a signature to the resolution

unless some other date is otherwise provided in the resolution.

E. The board may delegate to its employees, persons under

contract to provide administrative or staff services to the board,

its members and/or officers of the Authority such duties as it deems

necessary or convenient to carry out the purposes of this act. The

board may contract with the Oklahoma Industrial Finance Authority to

provide all or part of the board’s administrative and staff

services. Funds of the Oklahoma Development Finance Authority may

be paid to the Oklahoma Industrial Finance Authority for services

reasonably attributable to the operation of the Oklahoma Development

Finance Authority.

F. Except as otherwise provided by law, no part of the funds of

the Authority shall inure to the benefit of, or be distributed to

its employees, officers, or board of directors, except that the

Authority shall be authorized and empowered to pay its employees and

agents reasonable compensation and benefits.

G. The meetings of the board of directors of the Oklahoma

Development Finance Authority shall be subject to the Oklahoma Open

Meeting Act and the Oklahoma Open Records Act. Any information

submitted to or compiled by the Oklahoma Development Finance

Authority with respect to the marketing plans, financial statements,

trade secrets or any other commercially sensitive information of

persons, firms, associations, partnerships, agencies, corporations

or other entities shall be confidential, except to the extent that

the person or entity which provided such information or which is the

subject of such information consents to disclosure. Executive

sessions may be held to discuss such materials if deemed necessary

by the board of directors.

H. The Authority shall assist minority businesses in obtaining

financial assistance. The terms and conditions of loans or other

means of financial assistance, including the charges for interest

and other services, will be consistent with the provisions of this

act. The Authority shall solicit proposed minority business

ventures for review and analysis.

I. The Authority shall not be subject to state laws regulating

the classification, employment, promotion, suspension, disciplinary

action or dismissal of state employees. The Oklahoma Development

Finance Authority shall not be subject to the provisions of the

Oklahoma Central Purchasing Act. The Oklahoma Development Finance

Authority shall be subject to the provisions of law governing

Oklahoma Statutes - Title 74. State Government

administrative procedures pursuant to Title 75 of the Oklahoma

Statutes.

J. If a member of the board of directors, officer, agent or

employee of the Oklahoma Development Finance Authority has any

direct or any indirect interest in any approval, contract or

agreement upon which the member, officer, agent or employee may be

called upon to act or vote, the board member, officer, agent or

employee shall disclose the same to the secretary of the Authority

prior to the taking of final action by the Authority concerning such

contract or agreement and shall so disclose the nature and extent of

such interest and his or her acquisition thereof, which disclosure

shall be publicly acknowledged by the Authority and entered upon the

minutes of the Authority. If a board member, officer, agent or

employee holds such an interest, he or she shall refrain from any

further official involvement in regard to such contract or

agreement, from voting on any matter pertaining to such contract or

agreement, and from communicating with other board members,

officers, agents or employees concerning said contract or agreement.

Employees of the Oklahoma Development Finance Authority shall be

subject to the provisions of Rule 257:20-1-4, Rules of the Ethics

Commission, 74 O.S. 2001, Ch. 62, App., in the same manner as other

state employees. Notwithstanding any other provision of law, any

contract or agreement entered into in conformity with this

subsection shall not be void or invalid by reason of the interest

described in this subsection, nor shall any person so disclosing the

interest and refraining from further official involvement as

provided for in this subsection be guilty of an offense, be removed

from office, or be subject to any other penalty on account of such

interest. Provided, any approval, contract or agreement made in

violation of this section shall give rise to no action against the

Authority.

Indirect interest shall include pecuniary or competitive

advantage which exists or could foreseeably accrue as a result of

the act or forebearance of the Authority.

Added by Laws 1987, c. 222, § 54, operative July 1, 1987. Amended

by Laws 1989, c. 374, § 5, emerg. eff. June 6, 1989; Laws 1991, c.

305, § 2, emerg. eff. May 30, 1991; Laws 1994, c. 285, § 2, eff.

July 1, 1994; Laws 2004, c. 67, § 1, emerg. eff. April 7, 2004.

§74-5062.6a. Program Development and Credit Review Committee Creation - Membership - Meetings - Personal interest in contracts Personal liability - Duties.

A. There is hereby created the Program Development and Credit

Review Committee within the Oklahoma Development Finance Authority.

The committee shall be composed of three (3) members as follows:

1. One member who is designated by the board of directors of

the Oklahoma Development Finance Authority;

Oklahoma Statutes - Title 74. State Government

2. One member who is the Oklahoma State Bond Advisor; and

3. One member who is jointly selected by the Oklahoma State

Bond Advisor and by the designee of the Oklahoma Development Finance

Authority; provided, the Oklahoma Development Finance Authority

shall contract for the services of said member.

B. The Oklahoma Development Finance Authority shall provide all

staff support required by the committee.

C. The meetings of the committee shall be subject to the Open

Meeting Act, Section 301 et seq. of Title 25 of the Oklahoma

Statutes, and the Open Records Act, Section 24A.1 et seq. of Title

51 of the Oklahoma Statutes. Any information submitted to or

compiled by the committee with respect to the marketing plans,

financial statements, trade secrets or any other commercially

sensitive information of persons, firms, associations, partnerships,

agencies, corporations or other entities shall be confidential,

except to the extent that the person or entity which provided such

information or which is the subject of such information consents to

disclosure. Executive sessions may be held to discuss such

materials if deemed necessary by the members of the committee.

D. If a member of the committee has any direct or any indirect

interest in any approval, contract or agreement upon which the

member may be called upon to act or vote, the member shall disclose

the same to the committee prior to the taking of final action by the

committee concerning such contract or agreement and shall so

disclose the nature and extent of such interest and the member's

acquisition thereof, which disclosure shall be publicly acknowledged

by the committee and entered upon the minutes of the committee. If

a member holds such an interest, the member shall refrain from any

further official involvement in regard to such contract or

agreement, from voting on any matter pertaining to such contract or

agreement, and from communicating with other members concerning said

contract or agreement. Notwithstanding any other provision of law,

any contract or agreement entered into in conformity with this

subsection shall not be void or invalid by reason of the interest

described in this subsection, nor shall any person so disclosing the

interest and refraining from further official involvement as

provided for in this subsection be guilty of an offense, be removed

from office, or be subject to any other penalty on account of such

interest. Provided, any approval, contract or agreement made in

violation of this section shall give rise to no action against the

committee. Indirect interest shall include pecuniary or competitive

advantage which exists or could foreseeably accrue as a result of

the act or forebearance of the committee.

E. No member of the committee may be subject to any personal

liability or accountability for having acted within the course and

scope of the person's membership on the committee. The committee

shall indemnify any member of the committee against expenses

Oklahoma Statutes - Title 74. State Government

actually and necessarily incurred by the member in connection with

the defense of any action or proceeding in which the member is made

a party by reason of past or present association with the committee

and the subject of which was within the course and scope of the

person's membership on the committee.

F. The committee, except for actions taken by the Oklahoma

Development Finance Authority pursuant to Section 5 of this act and

Section 5063.4i of this title, shall:

1. Prior to any action by the Oklahoma Development Finance

Authority, review and approve all program development uses of the

Credit Enhancement Reserve Fund;

2. Prior to any action by the Oklahoma Development Finance

Authority, review and approve all commitments of the Credit

Enhancement Reserve Fund;

3. Facilitate implementation of subsection H of Section 5062.6

of this title; and

4. Review the Rules Regarding the Administration of the Credit

Enhancement Reserve Fund and related regulations and policies as

implemented by the Oklahoma Development Finance Authority to

determine the adequacy and sufficiency of such rules, regulations

and policies for fulfilling the intents and purposes of the Credit

Enhancement Reserve Fund Act, Section 5063.1 et seq. of this title.

The committee shall prepare and provide to the Executive and

Legislative Bond Oversight Commissions and the Oklahoma Development

Finance Authority a written finding on such determination.

G. The Oklahoma Development Finance Authority may accept or

reject approvals of the committee, but may not modify the approvals.

H. On any application for financing proposed to be supported

pursuant to the Credit Enhancement Reserve Fund Act, except for the

Quality Jobs Investment Program established by Section 5 of this act

and Section 5063.4i of this title, the application and any relevant

materials considered by the Oklahoma Development Finance Authority

when making a determination concerning the proposed financing shall

be reviewed by the committee for the purpose of evaluating and

assigning a credit rating based upon the risk of the venture and the

ultimate risk of loss exposure to the Credit Enhancement Reserve

Fund.

I. The committee, except for actions taken by the Oklahoma

Development Finance Authority pursuant to Section 5 of this act and

Section 5063.4i of this title, shall examine the credit analysis and

due diligence on each such proposed financing and shall prepare and

provide a written report to the Commissions and the Oklahoma

Development Finance Authority concerning the credit rating and

concerning sufficient compliance with the Rules Regarding the

Administration of the Credit Enhancement Reserve Fund.

Oklahoma Statutes - Title 74. State Government

Added by Laws 1990, c. 342, § 6, emerg. eff. May 30, 1990. Amended

by Laws 1993, c. 275, § 46, eff. July 1, 1994; Laws 1994, c. 285, §

3, eff. July 1, 1994.