Okla. Stat. tit. 62, § 62-690.16: Enterprise District Loan Fund

A. There is hereby created a special account to be known as the

"Enterprise District Loan Fund", to which fund shall be credited all

monies received as loan capital by the Authority from the sale of

general obligation bonds. 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 immediately upon receipt of

same.

The treasurer of the Authority shall deposit daily, no later

than the next banking day, all such funds and monies in one or more

banks that have been designated as county depositories by the boards

of county commissioners of the respective counties comprising an

enterprise district. Monies accruing to the fund may be expended by

the Authority for carrying out the provisions of this act.

B. It is hereby unlawful for any of the funds of the Authority

to be deposited in any bank in which any member of the board of

county commissioners or the governing body of any city or town or

any member of the Authority is the owner of any stock or otherwise

directly or indirectly pecuniarily interested. A county

commissioner or a member of the governing body of a city or town or

a member of the Authority shall be considered to be interested in

such a bank if any member of his immediate family owns any interest

in said depository bank.

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

from the Enterprise District Loan Fund, upon warrants duly drawn as

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

by the Authority for loans to enterprises upon approved projects.

When and as the amounts so allocated and appropriated by the

Authority as loans to enterprises 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 Enterprise District Loan Fund shall operate as a revolving fund

whereby all monies placed therein shall be applied and reapplied to

the purposes of this act.

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

Enterprise District 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 bonds issued at

maturity.

F. All monies deposited in the Enterprise District Loan Fund,

the Bond Interest Account fund and the Bond Redemption Account shall

draw interest at rates considered competitive with those offered for

similar accounts.