{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-695.25","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-695.25","heading":"Determination of maximum total volume of bonds that may","body":"be issued for year - Publication - Application by issuers for\n\nallocation of state ceilings - Contents.\n\nA. On January 1 of each calendar year or the first business day\n\nthereafter, the Deputy Treasurer for Debt Management shall determine\n\nthe maximum total volume of private activity bonds that may be\n\nissued pursuant to federal law by the state during that year.\n\nB. On or before February 15 of each calendar year, the Deputy\n\nTreasurer for Debt Management shall cause to be published in The\n\nOklahoma Register, or any successor publication, a notice specifying\n\nthe amount of the state ceiling for the calendar year.\n\nC. Complete applications for state ceiling allocations from the\n\npools set forth in Section 695.24 of this title shall be processed\n\nin chronological order of receipt on the basis of the information\n\nand provisions set forth in subsections D, E, F, G and H of this\n\nsection.\n\n1. The state ceiling reserved and placed pursuant to subsection\n\nA of Section 695.24 shall be allocated in the order in which\n\napplications are received, subject to the following:\n\na. applications exceeding the available amount of the\n\nstate ceiling reserved and placed in a pool pursuant\n\nto subsection A of Section 695.24, provided that the\n\nDeputy Treasurer for Debt Management does not exercise\n\nthe discretion provided under subparagraph a of\n\nparagraph 4 of subsection A of Section 695.24 of this\n\ntitle, shall be held, but retain chronological\n\npriority, for the remaining amounts of the state\n\nceiling that are reserved and placed in the\n\nConsolidated Pool, and\n\nb. applications from issuers or projects that previously\n\nreceived allocations but failed to issue within the\n\n120-day timeframe as required by subsection H of this\n\nsection, notwithstanding the no fee provision of\n\nsubparagraph a of paragraph 4 of this subsection,\n\nshall be subject to the fee provision of Consolidated\n\nPool applications as provided in subparagraph b of\n\nparagraph 4 of this subsection and eligible to apply\n\nfor an allocation under subsection A of Section 695.24\n\nwith a new priority date.\n\n2. The state ceiling reserved and placed pursuant to subsection\n\nB of Section 695.24 shall be allocated in the order in which\n\napplications are received, subject to the following:\n\na. applications held pursuant to subparagraph a of\n\nparagraph 1 of this subsection or new applications,\n\nbut not applications submitted pursuant to\n\nsubparagraph b of paragraph 1 of this subsection,\n\nshall receive first priority based on the\n\nchronological issuance of confirmation,\n\nb. applications from issuers or projects that previously\n\nreceived allocations under subsection B of Section\n\n695.24 but failed to issue within the 120-day\n\ntimeframe required pursuant to subsection H shall be\n\nsubject to the fee provision of carryforward\n\napplications as provided in subparagraph c of\n\nparagraph 4 of this subsection and eligible to apply\n\nfor an allocation under subsection B of Section 695.24\n\nwith a new priority date, and\n\nc. applications from issuers or projects that previously\n\nreceived allocations under subsection A of Section\n\n695.24, but failed to issue within the 120-day\n\ntimeframe required pursuant to subsection H of this\n\nsection shall not be eligible to receive a priority\n\ndate for the Consolidated Pool prior to August 1;\n\n3. The state ceiling reclaimed or reserved for qualified\n\ncarryforward projects pursuant to subsection C of Section 695.24\n\nshall be allocated in the order in which confirmations are issued,\n\nsubject to the following:\n\na. applications submitted under subsection B of Section\n\n695.24 or new applications, but not applications\n\nsubmitted pursuant to subparagraph b of paragraph 1 of\n\nthis subsection shall receive first priority based on\n\nthe chronological issuance of confirmation,\n\nb. applications from issuers or projects that previously\n\nreceived allocations but failed to issue within the\nsubject to the following:\n\na. applications submitted under subsection B of Section\n\n695.24 or new applications, but not applications\n\nsubmitted pursuant to subparagraph b of paragraph 1 of\n\nthis subsection shall receive first priority based on\n\nthe chronological issuance of confirmation,\n\nb. applications from issuers or projects that previously\n\nreceived allocations but failed to issue within the\n\n120-day timeframe required pursuant to subsection H of\n\nthis section, shall not be eligible to receive a\n\npriority date prior to December 20, and\n\nc. applications exceeding the amount of the state ceiling\n\nreclaimed or reserved for qualified carryforward\n\nprojects pursuant to subsection C of Section 695.24\n\nshall be permitted to reduce the requested amount,\n\nwithout losing priority, and receive eligible\n\ncarryforward at the discretion of the Deputy Treasurer\n\nfor Debt Management;\n\n4. All applications shall be subject to the following fee\n\nstructure, which shall be apportioned to the Bond Oversight\n\nRevolving Fund created pursuant to Section 695.8a of this title:\n\na. no application fee shall be assessed to issuers or\n\nprojects for an allocation of the state ceiling under\n\nsubsection A of Section 695.24,\n\nb. applications for an allocation of the state ceiling\n\nunder subsection B of Section 695.24 shall be subject\n\nto a fee of one-half (0.5) basis point (0.005\n\npercent), provided that no application shall be\n\nsubject to a fee if held pursuant to a request that\n\nexceeded the pool amount under subparagraph a of\n\nparagraph 1 of this subsection, and\n\nc. applications for an allocation of the state ceiling\n\nfor carryforward under subsection C of Section 695.24\n\nshall be subject to a fee of one (1) basis point (0.01\n\npercent);\n\n5. The Deputy Treasurer for Debt Management shall have the\n\nlimited authority to defer, retain priority, or deny confirmation on\n\napplications for state ceiling allocation that appear to be\n\nincomplete or premature based upon information submitted or that\n\nfail to show demand for funds pursuant to subsections F and G of\n\nthis section. In the event a confirmation or application is denied,\n\nthe Deputy Treasurer for Debt Management, within five (5) business\n\ndays following such denial, shall send written notice to the\n\napplicant together with a brief recital of the reasons for denial.\n\nD. An issuer that proposes to issue private activity bonds for\n\na specific project or purpose shall make application for an\n\nallocation of a portion of the state ceiling for the particular\n\nproject or purpose by submitting to the Deputy Treasurer for Debt\n\nManagement an application for state ceiling allocation together with\n\ncopies of the following:\n\n1. A certified copy of the resolution or other action adopted\n\nby the issuer for the purpose of taking \"official action\" as\n\nrequired by the Treasury Regulations relating to Section 103 of the\n\nInternal Revenue Code, if the issuer of private activity bonds for\n\nwhich the allocation is requested requires \"official action\" under\n\napplicable Treasury Regulations and the Internal Revenue Code; and\n\n2. A final resolution of the beneficiary of the issuer\n\nevidencing its approval of the issuance of the issuer's obligations,\n\nif the issuer is a municipal or county public trust, or a\n\ncertificate signed by the Governor of the state evidencing his\n\napproval of the issuance of the issuer's obligations, to the extent\n\nrequired under the Internal Revenue Code, if the issuer is a public\n\ntrust having the state as its beneficiary.\n\nE. The application for state ceiling allocation shall contain\n\nthe following information:\n\n1. The name and mailing address of the issuer, the beneficiary\n\nand jurisdiction thereof, the name of the presiding officer of the\n\nissuer and the respective pool from which an allocation is\n\nrequested;\n\n2. The name and mailing address or other definitive description\n\nof the location of the project or bonds and the purpose for which an\nceiling allocation shall contain\n\nthe following information:\n\n1. The name and mailing address of the issuer, the beneficiary\n\nand jurisdiction thereof, the name of the presiding officer of the\n\nissuer and the respective pool from which an allocation is\n\nrequested;\n\n2. The name and mailing address or other definitive description\n\nof the location of the project or bonds and the purpose for which an\n\nallocation of the state ceiling is requested, the name and mailing\n\naddress of both the initial owner or operator of the project, where\n\napplicable, and an appropriate person from whom information\n\nregarding the project or bonds can be obtained, and the name and\n\naddress of the person to whom the confirmation should be sent;\n\n3. The amount of the state ceiling which the issuer is\n\nrequesting;\n\n4. A statement of bond counsel for the issuer that the proposed\n\nissue requires, pursuant to Section 103, Section 146 or such other\n\napplicable sections of the Internal Revenue Code, an allocation of a\n\nportion of the state ceiling; and\n\n5. Where applicable, the intention to exchange single-family\n\nmortgage bond authority for mortgage credit certificates.\n\nF. 1. Applications for single-family mortgage bonds or\n\nmortgage credit certificate programs shall also include the\n\nsubmission of information demonstrating a reasonable expectation to\n\nuse an allocation of the state ceiling for its intended purpose.\n\nThis information shall include historical usage of mortgage revenue\n\nbond proceeds or mortgage credit certificates in the geographic area\n\nsubject to an application over the previous twenty-four-month period\n\nand the impact of known or possible competing programs that would\n\nact to reduce demand. This information may also include demand\n\nsurveys. Provided, in cases where historical usage cannot be\n\ndocumented, demand surveys shall be included with an application.\n\n2. Applications for qualified student loan bonds shall also\n\ninclude the submission of information showing a reasonable\n\nexpectation to use the state ceiling for its intended purpose. This\n\ninformation shall include historical lending activity over the\n\nprevious twenty-four-month period as well as a demonstration of need\n\nbased upon such factors as increased enrollment costs, enrollment\n\nincreases, or new federal regulations that act to increase demand by\n\nmaking changes to eligibility requirements to certain federally\n\nguaranteed or subsidized student loan programs. This information\n\nmay also include demand surveys. Provided, in cases where\n\nhistorical usage cannot be documented, demand surveys shall be\n\nincluded with an application.\n\n3. Applications shall also include evidence of a structure to\n\ndeliver the financing derived from single-family mortgage bond\n\nproceeds or mortgage credit certificates or from qualified student\n\nloan bond proceeds to ultimate users, particularly the extent of\n\nlender participation in the case of mortgage revenue bonds or\n\nmortgage credit certificate programs.\n\nG. 1. Upon receipt of the completed application for state\n\nceiling allocation, copies of the official action and final\n\nresolutions or certificates as required by subsection D of this\n\nsection and the information required by subsections E and F of this\n\nsection and assuming availability of the sum requested and\n\ncompliance with the Oklahoma Private Activity Bond Allocation Act,\n\nthe Deputy Treasurer for Debt Management shall send, within five (5)\n\nbusiness days of the receipt thereof, a confirmation of the\n\nallocation of the state ceiling for the subject project or purpose\n\nto the person designated in the application for state ceiling\n\nallocation. Provided, the Deputy Treasurer for Debt Management may\n\nreject an application or deny a confirmation pursuant to the\n\nprovisions of this subsection.\n\n2. The Deputy Treasurer for Debt Management may reject any\nma Statutes - Title 62. Public Finance Page 506\n\nallocation of the state ceiling for the subject project or purpose\n\nto the person designated in the application for state ceiling\n\nallocation. Provided, the Deputy Treasurer for Debt Management may\n\nreject an application or deny a confirmation pursuant to the\n\nprovisions of this subsection.\n\n2. The Deputy Treasurer for Debt Management may reject any\n\napplication which is incomplete or filed with insufficient\n\ninformation. The Deputy Treasurer for Debt Management may reject\n\nany application where, in the Deputy Treasurer for Debt Management\n\njudgment, a reasonable likelihood has not been shown that single-\n\nfamily mortgage and student loan bond proceeds or mortgage credit\n\ncertificates will be used for their intended public purposes. In\n\nthe event an application or confirmation is denied, within five (5)\n\nbusiness days following such denial, the Deputy Treasurer for Debt\n\nManagement shall send the applicant written notice of the denial of\n\nan application or confirmation together with the reason or reasons\n\ntherefor. In the case of disapprovals of applications or\n\nconfirmations, an applicant may appeal the disapproval by submitting\n\na new application to the Council of Bond Oversight, along with an\n\nexplanation addressing the reasons for disapproval cited in the\n\nDeputy Treasurer for Debt Management letter. The Council of Bond\n\nOversight, through affirmative action of the Council, may accept an\n\napplication rejected by the Deputy Treasurer for Debt Management, or\n\norder the Deputy Treasurer for Debt Management to issue a\n\nconfirmation of allocation, subject to provisions of the Oklahoma\n\nPrivate Activity Bond Allocation Act. Applicants may submit only\n\none new application based on an appeal of any specific application\n\npreviously submitted.\n\n3. Only complete applications, as determined by the Deputy\n\nTreasurer for Debt Management, shall be used to establish the\n\nchronological order of applications. In the case of a new\n\napplication submitted based on an appeal, chronological order shall\n\nbe established at the time the new application is submitted.\n\nH. An original confirmation shall cease to be effective to\n\nassure allocation of any portion of the state ceiling unless the\n\nbonds, notes, other evidences of indebtedness, or the appropriate\n\nelection filed with the Internal Revenue Service exchanging mortgage\n\nbond authority for mortgage credit certificate authority have been\n\nissued or filed within one hundred twenty (120) days after the date\n\nof such confirmation. No extensions shall be granted. Such\n\nissuance shall be evidenced by the mailing, transmittal or delivery\n\nof a final certification to the Deputy Treasurer for Debt Management\n\nwithin the time specified by this subsection. Receipt by an issuer\n\nof a confirmation as contemplated by this section shall entitle the\n\nissuer to rely conclusively upon the accuracy of the Deputy\n\nTreasurer for Debt Management's mathematical calculation and the\n\nallocation for purposes of closing.\n\nI. The confirmation given in advance of bond issuance or\n\nmortgage credit certificate election will assure allocation for only\n\nthe amount of such bonds or mortgage credit certificate authority as\n\nis therein set forth, unless a supplementary application for state\n\nceiling allocation for an increase in amount is filed with and a\n\nsupplementary confirmation is issued by the Deputy Treasurer for\n\nDebt Management for such requested allocation prior to such bond\n\nissuance or such election, pursuant to the Oklahoma Private Activity\n\nBond Allocation Act. The supplementary confirmation shall be\n\neffective for the same period as the prior confirmation which it\n\nsupplements. Provided, however, no supplementary confirmation shall\n\nbe effective to preempt any intervening confirmation as to\n\nallocation of a portion of the state ceiling.\n\nJ. Notwithstanding the provisions of this section, all\nursuant to the Oklahoma Private Activity\n\nBond Allocation Act. The supplementary confirmation shall be\n\neffective for the same period as the prior confirmation which it\n\nsupplements. Provided, however, no supplementary confirmation shall\n\nbe effective to preempt any intervening confirmation as to\n\nallocation of a portion of the state ceiling.\n\nJ. Notwithstanding the provisions of this section, all\n\nconfirmation dates for an issue of private activity bonds or\n\nmortgage credit certificate programs expire on December 1 of each\n\ncalendar year. Final certification of issuance shall be delivered\n\nto the Deputy Treasurer for Debt Management by 9:00 a.m. on December\n\n1 of each calendar year.\n\nK. On or after 9:00 a.m. on December 1 of each calendar year,\n\nissuing authorities may apply to the Deputy Treasurer for Debt\n\nManagement to carry forward a portion of the state ceiling for such\n\ncalendar year allocated to any qualified carryforward project, as\n\nsaid term is used in Section 103(n)(10) and 146(f) of the Internal\n\nRevenue Code and which shall be evidenced by the issuance of\n\nconfirmations for all carryforward projects within the limitations\n\nof the state ceiling. Provided, issuers or projects with more than\n\nTwenty Million Dollars ($20,000,000.00) of carryforward outstanding\n\nas of the date of the application for carryforward shall only be\n\neligible for carryforward allocations to the extent other issuers\n\nwith less than Twenty Million Dollars ($20,000,000.00) of\n\noutstanding carryforward authority do not fully commit the state\n\nceiling. Allocations on carryforward projects shall be processed on\n\nthe basis of the chronological receipt of applications, subject to\n\nparagraph 3 of subsection C of this section. No portion of the\n\nstate ceiling carried forward for any given year may be carried\n\nforward for a period in excess of three (3) calendar years following\n\nthe calendar year in which the carryforward arose, except as\n\notherwise permitted under federal law.\n\nL. The Deputy Treasurer for Debt Management shall maintain\n\ncontinuous and cumulative records which shall include a list and\n\ncumulative dollar total of the private activity bonds for which:\n\n1. Private activity bonds have been issued or state ceiling\n\nexchanged for mortgage credit certificate authority and final\n\ncertifications have been received by the Deputy Treasurer for Debt\n\nManagement;\n\n2. Confirmations of carryforward have been issued; and\n\n3. Confirmations in effect and outstanding for which no private\n\nactivity bonds or mortgage credit certificate elections have been\n\nissued or filed.\n\nThe Deputy Treasurer for Debt Management shall keep continuous and\n\ncumulative records and totals for each of the categories specified\n\nin paragraphs 1, 2 and 3 of this subsection as well as the aggregate\n\ntotal of all categories. The Deputy Treasurer for Debt Management\n\nshall not give further confirmations at such time as the aggregate\n\namount of bonds, other indebtedness, carryforward or mortgage credit\n\ncertificate elections specified by paragraphs 1, 2 and 3 of this\n\nsubsection equals the state ceiling authorized for the applicable\n\nyear. The Deputy Treasurer for Debt Management shall not award a\n\nconfirmation if such award would cause indebtedness, carryforward or\n\nelections as specified by paragraphs 1, 2 and 3 of this subsection\n\nto exceed the state ceiling. Confirmation records shall be compiled\n\nand furnished to any local issuer and state issuer upon request.\n\nUpon issuance of a confirmation, the amounts of the proposed bond\n\nissue, mortgage credit certificate election and carryforward\n\nconfirmation shall be included in the continuing, mathematical\n\ncalculation, until the same shall have been terminated in accordance\n\nwith this section.\n\nM. The person signing any confirmation for any allocations\n\ngranted pursuant to the Oklahoma Private Activity Bond Allocation\nuance of a confirmation, the amounts of the proposed bond\n\nissue, mortgage credit certificate election and carryforward\n\nconfirmation shall be included in the continuing, mathematical\n\ncalculation, until the same shall have been terminated in accordance\n\nwith this section.\n\nM. The person signing any confirmation for any allocations\n\ngranted pursuant to the Oklahoma Private Activity Bond Allocation\n\nAct shall certify under penalty of perjury that such allocation was\n\nnot made in consideration of any bribe, gift, gratuity or direct or\n\nindirect contribution to any political campaign.\n\nN. A state or local issuer, who intentionally overissues\n\nmortgage credit certificates or bonds, shall be prohibited from\n\nmaking application for an allocation of the state ceiling for any\n\npurpose for a period of three (3) years following discovery of such\n\nover issuance.","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":"ad9aade438a4e581ac5fab9e5711fb24ad7de9be338e85bce2891f8357c45c5d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-695.24","next":"us-ok/okla.-stat.-tit.-62-62-695.26"},"notice":"GroundRules: Original legal text. Not legal advice."}