{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-58","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-58","heading":"Study on acquisition of property near electrical generating","body":"plants for use as industrial parks for firms with high electrical\n\nneeds - Acquisition of property - Financing - Report of information\n\nregarding property.\n\nA. The Oklahoma Development Finance Authority is authorized to\n\nfund a study to be conducted by the Oklahoma Department of Commerce\n\nto determine the feasibility of acquiring property in the vicinity\n\nof electrical generating plants where such property could be\n\ndeveloped into industrial parks and where construction and leasing\n\nof manufacturing facilities in such parks could be used to promote\n\nfirms with high electrical needs in this state. If such feasibility\n\nstudy indicates that the acquisition and development of the property\n\nunder consideration is likely to be a financially viable project\n\nwhich will lead to the development of new manufacturing jobs in this\n\nstate, any local public trust is authorized to acquire real property\n\nlocated adjacent or in close proximity to, electrical generating\n\nfacilities, together with improvements located thereon, for purposes\n\nof developing industrial parks and leasing space therein to\n\nmanufacturing concerns or other businesses that use large amounts of\n\nelectricity. The public trust may hold title to the real property\n\nand improvements until such time as any obligations issued for this\n\npurpose are retired or defeased and may lease the real property and\n\nimprovements to business entities for use as manufacturing\n\nfacilities or other businesses that use large amounts of\n\nelectricity. Upon final redemption or defeasance of the obligations\n\ncreated pursuant to this section, title to the real property and\n\nimprovements may be transferred from the public trust holding title\n\nto the manufacturing facilities or other businesses that use large\n\namounts of electricity which are leasing the property.\n\nB. For the purpose of paying the costs for acquisition of the\n\nreal property and improvements authorized in subsection A of this\n\nsection, the public trust is hereby authorized to borrow monies on\n\nthe credit of the income and revenues to be derived from the leasing\n\nof such real property and improvements and, in anticipation of the\n\ncollection of such income and revenues, to issue negotiable\n\nobligations for such purpose.\n\nC. The obligations authorized under this section may be sold at\n\neither competitive or negotiated sale, as determined by the public\n\ntrust, and in such form and at such prices as may be authorized by\n\nthe public trust. The public trust may enter into agreements with\n\nsuch credit enhancers and liquidity providers as may be determined\n\nnecessary to efficiently market the obligations. The obligations\n\nmay mature and have such provisions for redemption as shall be\n\ndetermined by the public trust, but in no event shall the final\n\nmaturity of such obligations occur later than thirty (30) years from\n\nthe first principal maturity date.\n\nD. Any public trust acquiring real property for the purposes\n\nspecified in subsection A of this section shall provide information\n\nto the Oklahoma Department of Commerce about the location of the\n\nproperty, proximity to the electric generating facility,\n\nimprovements, utilities or such other information as the Department\n\nmay require to keep a database of such properties for possible\n\nbusiness site location.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"ccf40e3428af81eb1be589793f9612c67c3216a0880650203f1694795c6136e4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-577","next":"us-ok/okla.-stat.-tit.-62-62-581"},"notice":"GroundRules: Original legal text. Not legal advice."}