Okla. Stat. tit. 74, § 74-5062.2: Statement of need - Oklahoma Development Finance

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.