Oklahoma § 74-5104 - Pooling issuer - Primary activities

§ 74-5104. Pooling issuer - Primary activities

A. The primary activities of the pooling issuer may include:

1. Credit enhancement of local community development financing

pursuant to the Local Development Act;

2. Utilization of private and public resources to improve the

financing infrastructure for communities in this state;

3. Acting as an investor, insurer and/or guarantor of business

capital and debt financing on behalf of communities in this state;

4. Marketing public obligations resulting from pooled

obligations as provided in this act; and

5. Serving as a purchaser of, and as a guarantor for, the

obligations of designated public entities to be repaid in whole or

in part with the apportioned tax increments pursuant to the Local

Development Act.

Oklahoma Statutes - Title 74. State Government

B. A pooling issuer may amend its indenture or authorizing

document in accordance with the Oklahoma Statutes for purposes of

issuing a pooled debt obligation pursuant to this act.

C. The Administrator shall be responsible for establishing,

implementing, and coordinating economic development and financing

programs for communities pursuant to this act and proposing such

financing programs to the pooling issuer.

D. The pooling issuer may invest funds directly in its own

pooled obligations pursuant to this section.

E. The following persons and legal entities may legally invest

funds belonging to them or within their control in any notes, bonds,

or other obligations issued under the Local Development Financing

Act:

1. All banks, trust companies, bankers, savings banks and

institutions, building and loan associations, savings and loan

associations, investment companies and other persons carrying on a

banking or investment business;

2. All insurance companies, insurance associations, and other

persons carrying on an insurance business; and

3. All executors, administrators, curators, trustees, and other

fiduciaries.

Such notes, bonds and other obligations shall be authorized

security for all public deposits.

F. The state and its political subdivisions are authorized to

use any funds owned or controlled by them for the purchase of any

such notes, bonds or other obligations issued under the Local

Development Financing Act.

G. Nothing contained in subsections E and F with regard to

legal investments shall be construed as relieving any person of any

duty of exercising reasonable care in selecting securities.

Added by Laws 2004, c. 527, § 3, eff. July 1, 2004.