{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-690.16","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-690.16","heading":"Enterprise District Loan Fund","body":"A. There is hereby created a special account to be known as the\n\n\"Enterprise District Loan Fund\", to which fund shall be credited all\n\nmonies received as loan capital by the Authority from the sale of\n\ngeneral obligation bonds. To this fund there shall also be\n\ndeposited and credited all payments received on interest and\n\nprincipal of loans outstanding made, or to be made, by the\n\nAuthority, all such deposits to be made immediately upon receipt of\n\nsame.\n\nThe treasurer of the Authority shall deposit daily, no later\n\nthan the next banking day, all such funds and monies in one or more\n\nbanks that have been designated as county depositories by the boards\n\nof county commissioners of the respective counties comprising an\n\nenterprise district. Monies accruing to the fund may be expended by\n\nthe Authority for carrying out the provisions of this act.\n\nB. It is hereby unlawful for any of the funds of the Authority\n\nto be deposited in any bank in which any member of the board of\n\ncounty commissioners or the governing body of any city or town or\n\nany member of the Authority is the owner of any stock or otherwise\n\ndirectly or indirectly pecuniarily interested. A county\n\ncommissioner or a member of the governing body of a city or town or\n\na member of the Authority shall be considered to be interested in\n\nsuch a bank if any member of his immediate family owns any interest\n\nin said depository bank.\n\nC. As often as may be necessary the Authority shall requisition\n\nfrom the Enterprise District Loan Fund, upon warrants duly drawn as\n\nrequired by law, such amounts as shall be allocated and appropriated\n\nby the Authority for loans to enterprises upon approved projects.\n\nWhen and as the amounts so allocated and appropriated by the\n\nAuthority as loans to enterprises are repaid to the Authority\n\npursuant to the terms of the mortgages and other agreements made and\n\nentered into by the Authority, the Authority shall immediately pay\n\nsuch amounts into said fund, it being the intent of this act that\n\nthe Enterprise District Loan Fund shall operate as a revolving fund\n\nwhereby all monies placed therein shall be applied and reapplied to\n\nthe purposes of this act.\n\nD. To guarantee payment of interest on bonds, as the same shall\n\nbecome due, the Authority shall pay into a special \"Bond Interest\n\nAccount\" fund, out of the first-earned interest received into the\n\nEnterprise District Loan Fund, an amount sufficient to cover all\n\ninterest requirements at least thirty (30) days prior to the due\n\ndate thereof.\n\nE. To guarantee retirement of bonds at maturity, the Authority\n\nshall provide for a \"Bond Redemption Account\", in addition to\n\ninterest reserves, as above set out, and there shall be paid\n\nannually into such Bond Redemption Account, after all interest\n\nrequirements have been met, beginning at a time to be determined by\n\nthe Authority, a sum sufficient to retire all bonds issued at\n\nmaturity.\n\nF. All monies deposited in the Enterprise District Loan Fund,\n\nthe Bond Interest Account fund and the Bond Redemption Account shall\n\ndraw interest at rates considered competitive with those offered for\n\nsimilar accounts.","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":"24a11758d6f00d25874ad7eb9d4b75f2e1dec3346981cd971efa9c0292c20f56","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-690.15","next":"us-ok/okla.-stat.-tit.-62-62-690.17"},"notice":"GroundRules: Original legal text. Not legal advice."}