Oklahoma § 74-853 - Definitions

§ 74-853. Definitions

The following terms whenever used or referred to in the Oklahoma

Industrial Finance Authority Act shall have the following meanings,

except in those instances where the context clearly indicates

otherwise:

(a) The term "Authority" shall mean the public body corporate

and politic, "The Oklahoma Industrial Finance Authority" created by

this act.

(b) The term "Board" shall mean the governing body of the

Authority.

(c) The term "government" shall mean the state and federal

governments, or any political subdivision, agency or

instrumentality, corporate or otherwise, or either of them.

(d) The term "industrial development agency" shall mean any

Oklahoma incorporated organization, foundation, association or

agency, regardless of the particular name, whether organized for

profit or nonprofit, which shall have as its primary function the

promotion, encouragement and development of industrial,

recreational, agricultural processing and manufacturing enterprises,

livestock processing and conditioning enterprises and enterprises

which process mined resources in Oklahoma.

(e) The term "Industrial Development Loan Fund" shall mean the

account created by Section 860 of this title.

(f) The term "industrial development project" shall mean any

site, structure, facility or undertaking comprising or being

connected with or being a part of any industrial, recreational,

Oklahoma Statutes - Title 74. State Government

agricultural processing or manufacturing enterprise or enterprise

which processes mined resources established or to be established by

an industrial development agency in Oklahoma.

(g) The term "municipality" shall mean any city or town in

Oklahoma.

(h) The term "machinery" shall mean moveable machinery as well

as machinery which is permanently affixed.

(i) The term "purchase money security interest" shall have the

same meaning it has under Section 1-9-103 of Title 12A of the

Oklahoma Statutes.

(j) On and after May 30, 1990, the term "recreational

enterprise" shall mean amusement, cultural, historical, nature,

theme, water or zoological park or museum or aquarium.

(k) The term "responsible buyer" shall mean any person,

partnership, firm, company or corporation whether organized for

profit or not deemed by the Authority, after proper investigation,

to be financially responsible to assume all obligations prescribed

by the Authority in the acquisition of an industrial development

project from an industrial development agency, and in the operation

of an industrial or manufacturing enterprise therein or thereon.

(l) The term "responsible tenant" shall mean any person,

partnership, firm, company or corporation whether organized for

profit or not deemed by the Authority, after proper investigation,

to be financially responsible to assume all rental and all other

obligations prescribed by the Authority in the leasing of an

industrial development project and in the operation of an industrial

or manufacturing enterprise therein or thereon or in the operation

of tourism facilities in the form of amusement parks, entertainment

parks, theme parks, or museums.

(m) The words "cost of establishing an industrial development

project" shall embrace any or all of the following: The cost of

construction, the cost of all lands, property, rights, easements and

franchises acquired, which are deemed necessary for such

construction; financing charges, interest prior to and during

construction, cost of engineering and legal expense, plans,

specifications, surveys, estimates of costs and other expenses

necessary or incident to determining the feasibility or

practicability of any industrial development project, cost of such

machinery and equipment essential to placing the project in

operation, not limited to such machinery and equipment of the type

necessarily required to be permanently affixed to and, by agreement

of the parties, become a part of the realty covered by the

Authority's mortgage; provided, further, that the Authority shall

make no loan secured by movable machinery and equipment separate and

apart from the realty, unless such loan is secured by a security

interest and a real estate mortgage on the industrial development

project, together with such other expenses as may be necessary or

Oklahoma Statutes - Title 74. State Government

incident to the financing and construction of the industrial

development project and the placing of the same in operation. The

cost of all machinery and equipment and its installation and

maintenance, except as above provided, shall not be included in the

"cost of establishing an industrial development project", but shall

be provided by the responsible tenant or responsible buyer.

(n) The determination of the amount of bonds "outstanding at

any one time" shall be calculated by totaling the face amount of all

unretired bonds issued by the Authority less any sums irrevocably on

deposit in the Bond Redemption Account.

(o) Nothing in this act shall be construed to impair or affect

the right of any recreational enterprise, as was defined by the

Rules and Regulations of the Oklahoma Industrial Finance Authority

prior to May 30, 1990, and whose application is on file and pending

approval by the Authority prior to May 30, 1990, to otherwise

qualify for and receive any loan pursuant to the Oklahoma Industrial

Finance Authority Act.

Added by Laws 1959, p. 500, § 3. Amended by Laws 1967, c. 91, § 1,

emerg. eff. April 19, 1967; Laws 1980, c. 295, § 1, emerg. eff. June

13, 1980; Laws 1986, c. 133, § 1, emerg. eff. April 17, 1986; Laws

1986, c. 276, § 16, operative July 1, 1986; Laws 1987, c. 9, § 1,

emerg. eff. March 31, 1987; Laws 1988, c. 88, § 1, emerg. eff. March

30, 1988; Laws 1989, c. 350, § 4, operative July 1, 1989; Laws 1990,

c. 337, § 23; Laws 2000, c. 371, § 181, eff. July 1, 2001.