Oklahoma § 74-860 - Industrial Development Loan Fund

§ 74-860. Industrial Development Loan Fund

A. There is hereby created a special account in the State

Treasury to be known as the "Industrial Development Loan Fund", to

which fund shall be credited all monies received as loan capital by

the Authority from whatever source the same may be obtained. To

this fund there shall also be deposited and credited all payments

received on interest and principal of loans outstanding made, or to

be made, by the Authority, all such deposits to be made in the State

Treasury immediately upon receipt of same.

B. As often as may be necessary the Authority shall requisition

from the Industrial Development Loan Fund, upon warrants duly drawn

as required by law, such amounts as shall be allocated and

appropriated by the Authority for loans to industrial development

agencies upon approved industrial development projects. When and as

Oklahoma Statutes - Title 74. State Government

the amounts so allocated and appropriated by the Authority as loans

to industrial development agencies are repaid to the Authority

pursuant to the terms of the mortgages and other agreements made and

entered into by the Authority, the Authority shall immediately pay

such amounts into said fund, it being the intent of this act that

the Industrial Development Loan Fund shall operate as a revolving

fund whereby all monies placed therein shall be applied and

reapplied to the purposes of this act; provided, however, if the

Authority deems it advisable, separate accounts may be set up within

the Industrial Development Loan Fund in order to segregate the

various monies loaned to or received from certain industrial

agencies.

C. The Authority is hereby authorized to use up to one-half of

the monies in the Industrial Development Loan Fund to purchase

federally guaranteed Small Business Administration loans or loans of

similar federal programs for investment purposes. Such investments

may be made at such times, in such manner and in such amounts as the

Authority may determine to aid and assist with Oklahoma's industrial

development and provide additional employment and payrolls within

this state.

D. To guarantee payment of interest on bonds, as the same shall

become due, the Authority shall pay into a special "Bond Interest

Account" fund, out of the first earned interest received into the

Industrial Development Loan Fund, an amount sufficient to cover all

interest requirements at least thirty (30) days prior to the due

date thereof.

E. To guarantee retirement of bonds at maturity, the Authority

shall provide for a Bond Redemption Account, in addition to interest

reserves, as above set out, and there shall be paid annually into

such Bond Redemption Account, after all interest requirements have

been met, beginning at a time to be determined by the Authority, a

sum sufficient to retire all of the bonds issued at maturity.

F. The Authority is hereby further authorized to issue and sell

its bonds, in the manner provided by law.

Amended by Laws 1983, c. 110, § 1; Laws 1987, c. 9, § 6, emerg. eff.

March 31, 1987; Laws 1988, c. 88, § 6, emerg. eff. March 30, 1988.