Oklahoma § 74-858 - Loan applications - Contents

§ 74-858. Loan applications - Contents

Prior to the loaning of any funds to an industrial development

agency for an industrial development project, the Authority shall

receive from such industrial development agency a loan application

in the form adopted by the Authority which shall contain, without

being limited to, the following provisions:

(a) A general description of the industrial development project

and a general description of the industrial or manufacturing

enterprise for which the industrial development project has been or

is to be established;

(b) A legal description of all real estate necessary for the

industrial development project;

(c) Such plans and other documents as may be required to show

the type, structure, and general character of the industrial

development project;

(d) A general description of the type (types and categories of

skills) and number of employees employed or to be employed in the

operation of the industrial development project;

(e) Evidence that the Authority shall have a purchase money

security interest in any moveable machinery financed by the

Authority;

Oklahoma Statutes - Title 74. State Government

(f) Costs or estimates of cost of establishing the industrial

development project;

(g) A general description and statement of value of any

property, real or personal, of the industrial development agency

applied or to be applied to the establishment of the industrial

project;

(h) A statement of cash funds previously applied, or then held

by the industrial development agency which are available for and are

to be applied to the establishment of the industrial development

project;

(i) Evidence of the arrangement made by the industrial

development agency for the financing of all costs of the industrial

development project over and above the participation of the

industrial development agency;

(j) A general description of the responsible tenant to which the

industrial development agency has leased or will lease the

industrial development project or of the responsible buyer to which

the industrial development agency has sold or will sell the project;

(k) A general description of the form of lease or sales agreement

entered into or to be entered into by and between the industrial

development agency and its responsible tenant or responsible buyer;

(l) Evidence that the establishment of the industrial

development project will not cause the removal of an industrial or

manufacturing plant or facility from one area of the state to

another area of the state, or replace an existing industry;

(m) Any additional evidence which the Authority may deem

pertinent to a determination of the probable successful operation of

the industrial development project at the selected location, and

indicating that a substantial increase in employment and payrolls

will probably result from the granting of such loans.

Amended by Laws 1987, c. 9, § 4, emerg. eff. March 31, 1987.