{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5062.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5062.2","heading":"Statement of need - Oklahoma Development Finance","body":"Authority created - Status\n\nA. Lack of response in this state to fundamental changes in\n\nnational and international markets has created an economic hardship\n\nas manifested by high levels of unemployment and bankruptcy.\n\nStructural changes in global capital markets and real goods markets\n\nhave had a profound impact on the availability of long-term capital\n\nfor Oklahoma's agricultural and industrial enterprises and for\n\ninfrastructure finance. There exists a need to improve, repair,\n\nreplace and expand Oklahoma's infrastructure, which is vital to the\n\nwelfare of Oklahomans and to the economic development of the state.\n\nB. It is hereby found that there exists in the state an\n\nimmediate and urgent need to provide the means and methods for\n\nproviding financing:\n\n1. to complement the state's private financial institutions to\n\nbetter serve their customers in ways which contribute to a\n\nstrengthened and diversified Oklahoma economy;\n\n2. to promote and develop the expansion of existing and the\n\nestablishment of new agricultural enterprises and industrial\n\nenterprises for the purpose of further alleviating unemployment\n\nwithin the state and for providing additional employment;\n\n3. to promote and target resources of the state to further the\n\ndevelopment of export trade of state products for the purpose of the\n\neconomic development of the state and for providing additional\n\nemployment therefrom;\n\n4. to assure the development of reliable, affordable, efficient\n\nand environmentally compatible sources of energy for all types of\n\npublic and private consumption;\n\n5. to provide health care facilities for the citizens and\n\ninhabitants of the state;\n\n6. to provide capital improvement facilities for the benefit of\n\nthe citizens and inhabitants of the state;\n\n7. to provide, in conjunction with the Oklahoma Department of\n\nCommerce, an infrastructure program which will enable political\n\nsubdivisions of this state to finance public works projects in order\n\nto modify or improve existing public facilities for purposes of\n\nbringing said facilities, and the operation thereof, into compliance\n\nwith and maintaining compliance with federal, state and local laws\n\nand regulations pertaining to the protection of the public health\n\nand the environment;\n\n8. to provide educational facilities for educational\n\ninstitutions within the state;\n\n9. to provide for such additional facilities, enterprises and\n\nprojects as herein authorized; and\n\n10. to provide for short-term advance funding and the purchase\n\nof the obligations of political subdivisions throughout the state.\n\nC. Any public trust organized pursuant to Title 60 of the\n\nOklahoma Statutes for the benefit of the entire State of Oklahoma\n\nwhich has Seven Hundred Fifty Million Dollars ($750,000,000.00) or\n\nmore of issued and outstanding indebtedness, and if such\n\nindebtedness has been issued for three (3) or more distinct\n\npurposes, shall become eligible to become the Oklahoma Development\n\nFinance Authority as provided by this act. Such trust may amend its\n\nindenture to conform with the provisions of this act and, upon\n\ncertification by the Governor, such trust shall be known as and\n\nexercise all of the powers of the Oklahoma Development Finance\n\nAuthority as provided by law. After the certification of the trust\n\nas the Oklahoma Development Finance Authority, the trustees of such\n\ntrust shall, with addition of other persons as provided by law,\n\nbecome the board of directors of the Oklahoma Development Finance\n\nAuthority. The Oklahoma Development Finance Authority is hereby\n\nconstituted an instrumentality of the state and the exercise of the\n\nauthority and powers conferred by this act shall be deemed and held\n\nto be the performance of an essential governmental function.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"d613cae12b5fe3d56071a50e37bed7ffe99aeb0eb4d1d81d3c2d8df804efcecb","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5062.19","next":"us-ok/okla.-stat.-tit.-74-74-5062.20"},"notice":"GroundRules: Original legal text. Not legal advice."}