{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5062.6a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5062.6a","heading":"Program Development and Credit Review Committee -","body":"Creation - Membership - Meetings - Personal interest in contracts -\n\nPersonal liability - Duties.\n\nA. There is hereby created the Program Development and Credit\n\nReview Committee within the Oklahoma Development Finance Authority.\n\nThe committee shall be composed of three (3) members as follows:\n\n1. One member who is designated by the board of directors of\n\nthe Oklahoma Development Finance Authority;\n\n2. One member who is the Oklahoma State Bond Advisor; and\n\n3. One member who is jointly selected by the Oklahoma State\n\nBond Advisor and by the designee of the Oklahoma Development Finance\n\nAuthority; provided, the Oklahoma Development Finance Authority\n\nshall contract for the services of said member.\n\nB. The Oklahoma Development Finance Authority shall provide all\n\nstaff support required by the committee.\n\nC. The meetings of the committee shall be subject to the Open\n\nMeeting Act, Section 301 et seq. of Title 25 of the Oklahoma\n\nStatutes, and the Open Records Act, Section 24A.1 et seq. of Title\n\n51 of the Oklahoma Statutes. Any information submitted to or\n\ncompiled by the committee with respect to the marketing plans,\n\nfinancial statements, trade secrets or any other commercially\n\nsensitive information of persons, firms, associations, partnerships,\n\nagencies, corporations or other entities shall be confidential,\n\nexcept to the extent that the person or entity which provided such\n\ninformation or which is the subject of such information consents to\n\ndisclosure. Executive sessions may be held to discuss such\n\nmaterials if deemed necessary by the members of the committee.\n\nD. If a member of the committee has any direct or any indirect\n\ninterest in any approval, contract or agreement upon which the\n\nmember may be called upon to act or vote, the member shall disclose\n\nthe same to the committee prior to the taking of final action by the\n\ncommittee concerning such contract or agreement and shall so\n\ndisclose the nature and extent of such interest and the member's\n\nacquisition thereof, which disclosure shall be publicly acknowledged\n\nby the committee and entered upon the minutes of the committee. If\n\na member holds such an interest, the member shall refrain from any\n\nfurther official involvement in regard to such contract or\n\nagreement, from voting on any matter pertaining to such contract or\n\nagreement, and from communicating with other members concerning said\n\ncontract or agreement. Notwithstanding any other provision of law,\n\nany contract or agreement entered into in conformity with this\n\nsubsection shall not be void or invalid by reason of the interest\n\ndescribed in this subsection, nor shall any person so disclosing the\n\ninterest and refraining from further official involvement as\n\nprovided for in this subsection be guilty of an offense, be removed\n\nfrom office, or be subject to any other penalty on account of such\n\ninterest. Provided, any approval, contract or agreement made in\n\nviolation of this section shall give rise to no action against the\n\ncommittee. Indirect interest shall include pecuniary or competitive\n\nadvantage which exists or could foreseeably accrue as a result of\n\nthe act or forebearance of the committee.\n\nE. No member of the committee may be subject to any personal\n\nliability or accountability for having acted within the course and\n\nscope of the person's membership on the committee. The committee\n\nshall indemnify any member of the committee against expenses\n\nactually and necessarily incurred by the member in connection with\n\nthe defense of any action or proceeding in which the member is made\n\na party by reason of past or present association with the committee\n\nand the subject of which was within the course and scope of the\n\nperson's membership on the committee.\n\nF. The committee, except for actions taken by the Oklahoma\n\nDevelopment Finance Authority pursuant to Section 5 of this act and\nthe member in connection with\n\nthe defense of any action or proceeding in which the member is made\n\na party by reason of past or present association with the committee\n\nand the subject of which was within the course and scope of the\n\nperson's membership on the committee.\n\nF. The committee, except for actions taken by the Oklahoma\n\nDevelopment Finance Authority pursuant to Section 5 of this act and\n\nSection 5063.4i of this title, shall:\n\n1. Prior to any action by the Oklahoma Development Finance\n\nAuthority, review and approve all program development uses of the\n\nCredit Enhancement Reserve Fund;\n\n2. Prior to any action by the Oklahoma Development Finance\n\nAuthority, review and approve all commitments of the Credit\n\nEnhancement Reserve Fund;\n\n3. Facilitate implementation of subsection H of Section 5062.6\n\nof this title; and\n\n4. Review the Rules Regarding the Administration of the Credit\n\nEnhancement Reserve Fund and related regulations and policies as\n\nimplemented by the Oklahoma Development Finance Authority to\n\ndetermine the adequacy and sufficiency of such rules, regulations\n\nand policies for fulfilling the intents and purposes of the Credit\n\nEnhancement Reserve Fund Act, Section 5063.1 et seq. of this title.\n\nThe committee shall prepare and provide to the Executive and\n\nLegislative Bond Oversight Commissions and the Oklahoma Development\n\nFinance Authority a written finding on such determination.\n\nG. The Oklahoma Development Finance Authority may accept or\n\nreject approvals of the committee, but may not modify the approvals.\n\nH. On any application for financing proposed to be supported\n\npursuant to the Credit Enhancement Reserve Fund Act, except for the\n\nQuality Jobs Investment Program established by Section 5 of this act\n\nand Section 5063.4i of this title, the application and any relevant\n\nmaterials considered by the Oklahoma Development Finance Authority\n\nwhen making a determination concerning the proposed financing shall\n\nbe reviewed by the committee for the purpose of evaluating and\n\nassigning a credit rating based upon the risk of the venture and the\n\nultimate risk of loss exposure to the Credit Enhancement Reserve\n\nFund.\n\nI. The committee, except for actions taken by the Oklahoma\n\nDevelopment Finance Authority pursuant to Section 5 of this act and\n\nSection 5063.4i of this title, shall examine the credit analysis and\n\ndue diligence on each such proposed financing and shall prepare and\n\nprovide a written report to the Commissions and the Oklahoma\n\nDevelopment Finance Authority concerning the credit rating and\n\nconcerning sufficient compliance with the Rules Regarding the\n\nAdministration of the Credit Enhancement Reserve Fund.","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":"d47e000d1063f3554d20869875e46505be20fa3f06f3bf4fc5009df587bf4446","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5062.6","next":"us-ok/okla.-stat.-tit.-74-74-5062.7"},"notice":"GroundRules: Original legal text. Not legal advice."}