Okla. Stat. tit. 62, § 62-91.8: Funding of loans – Reduced interest rate

A. Upon the placement of a rural housing linked deposit with an

eligible lending institution, the institution shall fund the loan to

each approved eligible rural housing developer listed in the rural

housing linked deposit loan package in accordance with the rural

housing linked deposit agreement between the institution and the

State Treasurer. The loan shall be at a rate that reflects a

percentage-rate reduction below the present borrowing rate

applicable to each developer that is equal to the percentage-rate

reduction below market rates at which the certificate of deposits

that constitute the rural housing linked deposit were placed or at

which the investments in bonds, notes, debentures, or other

obligations or securities that constitute the rural housing linked

deposit were made. A certification of compliance with this section

in the form and manner as prescribed by the State Treasurer shall be

required of the eligible lending institution.

B. The State Treasurer shall take any and all steps necessary

to implement the Oklahoma Rural and Affordable Housing Linked

Deposit Program and monitor compliance of eligible lending

institutions and eligible rural housing developers, including the

development of guidelines as necessary.