§74-5062.2. Statement of need - Oklahoma Development Finance
576 words·~3 min read·
/ok/title-74-state-government/74-5062-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Authority created - Status
A. Lack of response in this state to fundamental changes in national and international markets has created an economic hardship as manifested by high levels of unemployment and bankruptcy. Structural changes in global capital markets and real goods markets have had a profound impact on the availability of long-term capital for Oklahoma's agricultural and industrial enterprises and for infrastructure finance. There exists a need to improve, repair,
replace and expand Oklahoma's infrastructure, which is vital to the welfare of Oklahomans and to the economic development of the state.
B. It is hereby found that there exists in the state an immediate and urgent need to provide the means and methods for providing financing:
1. to complement the state's private financial institutions to better serve their customers in ways which contribute to a strengthened and diversified Oklahoma economy;
2. to promote and develop the expansion of existing and the establishment of new agricultural enterprises and industrial enterprises for the purpose of further alleviating unemployment within the state and for providing additional employment;
3. to promote and target resources of the state to further the development of export trade of state products for the purpose of the economic development of the state and for providing additional employment therefrom;
4. to assure the development of reliable, affordable, efficient and environmentally compatible sources of energy for all types of public and private consumption;
5. to provide health care facilities for the citizens and inhabitants of the state;
6. to provide capital improvement facilities for the benefit of the citizens and inhabitants of the state;
7. to provide, in conjunction with the Oklahoma Department of Commerce, an infrastructure program which will enable political subdivisions of this state to finance public works projects in order to modify or improve existing public facilities for purposes of bringing said facilities, and the operation thereof, into compliance with and maintaining compliance with federal, state and local laws and regulations pertaining to the protection of the public health and the environment;
8. to provide educational facilities for educational institutions within the state;
9. to provide for such additional facilities, enterprises and projects as herein authorized; and
10. to provide for short-term advance funding and the purchase of the obligations of political subdivisions throughout the state.
C. Any public trust organized pursuant to Title 60 of the Oklahoma Statutes for the benefit of the entire State of Oklahoma which has Seven Hundred Fifty Million Dollars ($750,000,000.00) or more of issued and outstanding indebtedness, and if such indebtedness has been issued for three
(3)or more distinct purposes, shall become eligible to become the Oklahoma Development Finance Authority as provided by this act. Such trust may amend its indenture to conform with the provisions of this act and, upon certification by the Governor, such trust shall be known as and exercise all of the powers of the Oklahoma Development Finance
Authority as provided by law. After the certification of the trust as the Oklahoma Development Finance Authority, the trustees of such trust shall, with addition of other persons as provided by law, become the board of directors of the Oklahoma Development Finance Authority. The Oklahoma Development Finance Authority is hereby constituted an instrumentality of the state and the exercise of the authority and powers conferred by this act shall be deemed and held to be the performance of an essential governmental function. Added by Laws 1987, c. 222, § 50, operative July 1, 1987.