{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5062.8v1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5062.8v1","heading":"Powers of authority","body":"The Oklahoma Development Finance Authority is hereby granted,\n\nhas and may exercise all powers necessary or appropriate to carry\n\nout and effectuate its corporate purposes including, without\n\nlimiting the generality thereof, the following:\n\n1. To adopt, amend and repeal rules and regulations, policies\n\nand procedures for the regulation of its affairs and the conduct of\n\nits business;\n\n2. To sue and be sued in its own name;\n\n3. To have an official seal and power to alter that seal at\n\nwill;\n\n4. To maintain an office at such place or places within this\n\nstate as it may designate;\n\n5. To adopt, amend and repeal bylaws and rules and regulations,\n\nnot inconsistent with the Oklahoma Development Finance Authority\n\nAct, to carry into effect the powers and purposes of the Authority\n\nand the conduct of its business;\n\n6. To make and execute contracts with any individual,\n\ncorporation, whether profit or nonprofit, association or any other\n\nentity and all other instruments necessary or convenient for the\n\nperformance of its duties and the exercise of its powers and\n\nfunctions under the Oklahoma Development Finance Authority Act;\n\n7. To employ underwriters, bond or other legal counsel,\n\nfinancial advisors, consultants, a financial institution to serve as\n\ntrustee, paying agent or in any fiduciary capacity in connection\n\nwith any program, indenture or general resolution of the Authority,\n\nor any other experts and to determine their qualifications, duties\n\nand compensation subject to the provisions of the Oklahoma\n\nDevelopment Finance Authority Act for advice and oversight of the\n\nState Bond Advisor; provided, however, after July 1, 1987, the\n\nAuthority shall not employ or contract with any person, partnership,\n\ncorporation, trust or other entity for underwriting services for\n\nissuance of bonded indebtedness if that entity has served as\n\nfinancial advisor to the Authority concerning the consideration of\n\nthat issuance.\n\nWhen engaging the services of underwriters, bond or other legal\n\ncounsel, financial advisors, consultants, a financial institution to\n\nserve as trustee, paying agent or in any fiduciary capacity in\n\nconnection with any program, indenture or general resolution of the\n\nAuthority, or any other experts, the board shall be governed by the\n\nprovisions of subsection C of Section 695.7 of Title 62 of the\n\nOklahoma Statutes except when engaging such services in connection\n\nwith a program whose purpose is to provide financing for a single,\n\nprivate entity which has previously selected providers of any such\n\nservices prior to making application to the Authority; provided,\n\nsuch financing for the program shall not be backed by the Credit\n\nEnhancement Reserve Fund;\n\n8. To procure insurance against any loss in connection with its\n\nproperty and other assets in such amounts and from such insurers as\n\nit deems desirable;\n\n9. To borrow money and to issue bonds, whether or not the\n\ninterest thereon is to be includable in the gross income of the\n\nrecipients thereof for federal income tax purposes including,\n\nwithout limitation, to provide on a pooled or consolidated basis\n\nfinancing for the purposes and projects herein provided and to\n\nprovide for the security and sources of payments therefor;\n\n10. To receive and accept aid or contributions from any source\n\nof money, property, labor or other things of value to be held, used\n\nand applied to carry out the purposes of the Oklahoma Development\n\nFinance Authority Act subject to the conditions upon which the\n\ngrants and contributions are made including, but not limited to,\n\ngifts or grants from any department, agency or instrumentality of\n\nthe United States or of the state for any purpose consistent with\n\nthe Oklahoma Development Finance Authority Act;\n\n11. To obtain from any department or agency of the United\n\nStates of America or nongovernmental insurer any insurance or\nthe conditions upon which the\n\ngrants and contributions are made including, but not limited to,\n\ngifts or grants from any department, agency or instrumentality of\n\nthe United States or of the state for any purpose consistent with\n\nthe Oklahoma Development Finance Authority Act;\n\n11. To obtain from any department or agency of the United\n\nStates of America or nongovernmental insurer any insurance or\n\nguaranty, to the extent now or hereafter available, as to, or of, or\n\nfor, the payment or repayment of, interest or principal, or both, or\n\nany part thereof, on any bonds issued by the Authority, or on any\n\nmunicipal securities of political subdivisions purchased or held by\n\nthe Authority, pursuant to the Oklahoma Development Finance\n\nAuthority Act; and, notwithstanding any other provisions of the\n\nOklahoma Development Finance Authority Act, to enter into any\n\nagreement or contract whatsoever with respect to any such insurance\n\nor guaranty, except to the extent that the same would in any way\n\nimpair or interfere with the ability of the Authority to perform and\n\nfulfill the terms of any agreement made with the owners of the bonds\n\nof the Authority;\n\n12. To sell, convey, lease, exchange, transfer or otherwise\n\ndispose of, all or any of its property or any interest therein,\n\nwherever situated;\n\n13. To provide financing assistance for the purposes and\n\nprojects herein provided;\n\n14. To acquire, purchase, hold, store, advertise, market, sell,\n\ntrade, barter, exchange, distribute, transport, process, utilize and\n\ncontract in all manner with respect thereto and for commodities,\n\nproducts and services, and real or personal property or any interest\n\ntherein and to contract for, issue and utilize letters of credit and\n\nother credit facilities and incur indebtedness and to arrange, form,\n\nmake, guarantee, issue, remit, receive, receipt, process and collect\n\npayments and equivalents, howsoever nominated, in connection with or\n\nfor purposes of any of the foregoing and for the purpose of\n\nexecuting and fulfilling the purposes of the Authority;\n\n15. To acquire, reacquire, construct, reconstruct, extend,\n\nrent, lease, purchase, use, loan, borrow, install, equip, maintain,\n\noperate, renovate, refurbish, enlarge, remodel, convey, sell, at\n\npublic or private sale, encumber, alleviate, transfer, exchange,\n\ndispose of and/or resell, any property, real, personal or mixed,\n\nimprovements, buildings, equipment, chattels, furnishings, fixtures,\n\ntrade fixtures, and any and all other facilities and/or property of\n\nwhatever nature including any and all rights to or therein for use\n\nby corporations, individuals, cooperatives, partnerships,\n\nassociations or proprietary companies for any of or for the purpose\n\nof executing and/or fulfilling the purposes of the Authority, and to\n\nplan, establish, develop, construct, enlarge, improve, extend,\n\nmaintain, equip, operate, lease, furnish, provide, supply, regulate,\n\nhold, store and administer property, buildings, improvements and\n\nfacilities of every nature, which may be useful in pursuing,\n\npromoting, executing and/or fulfilling the aforementioned purposes;\n\n16. To the extent permitted under its contract with the owners\n\nof bonds, to consent to any modification with respect to rate of\n\ninterest, time and payment of any installment of principal or\n\ninterest security or any other term of any contract, mortgage,\n\ncontract or agreement of any kind to which the Authority is a party;\n\n17. To purchase its own bonds at such price or prices as the\n\nAuthority shall determine, subject to any agreement with the owners\n\nof bonds;\n\n18. To enter into financial documents with others for the\n\npurpose of receiving revenues to pay the bonds authorized by the\n\nOklahoma Development Finance Authority Act; to lease, sell or\n\notherwise dispose of any or all of its projects to others for such\n\nrevenues and upon such terms and conditions as the Authority may\nAuthority shall determine, subject to any agreement with the owners\n\nof bonds;\n\n18. To enter into financial documents with others for the\n\npurpose of receiving revenues to pay the bonds authorized by the\n\nOklahoma Development Finance Authority Act; to lease, sell or\n\notherwise dispose of any or all of its projects to others for such\n\nrevenues and upon such terms and conditions as the Authority may\n\ndeem advisable, and to grant options to renew any financing\n\nagreement with respect to project and to grant options to buy any\n\nproject at such price or prices as the Authority deems desirable;\n\n19. To lend money to the state or political subdivisions\n\nthrough the purchase by the Authority of obligations of the state or\n\npolitical subdivisions;\n\n20. To collect fees and charges in connection with its loans,\n\ncommitments and servicing including, but not limited to,\n\nreimbursement of costs of financing as the Authority shall determine\n\nto be reasonable and as shall be approved by the Authority;\n\n21. To provide services, technical assistance and advice to\n\nthis state and political subdivisions and to enter into contracts\n\nwith this state and political subdivisions to provide such services.\n\nThe state and its political subdivisions are hereby authorized to\n\nenter into contracts with the Authority for such services and to pay\n\nfor such services as may be provided them;\n\n22. To contract, cooperate or join with any one or more other\n\ngovernments or public agencies, or with the state, any political\n\nsubdivisions of this state or the United States, to perform any\n\nadministrative service, activity or undertaking which any such\n\ncontracting party is authorized by law to perform including the\n\nissuance of bonds;\n\n23. To lend money or otherwise extend credit to any person and\n\nexercise all powers of a lender or creditor;\n\n24. To invest any funds available to the Authority, whether or\n\nnot from the proceeds of bonds, in such securities or pursuant to\n\nsuch agreements or other arrangements as the Authority shall\n\ndetermine, subject to any agreements with bond owners or other\n\ncreditors of the Authority;\n\n25. To purchase, trade or sell foreign or domestic currencies\n\nor the right to acquire such currency in the future;\n\n26. To exercise all other powers and functions necessary or\n\nappropriate to carry out the duties and purposes set forth in the\n\nOklahoma Development Finance Authority Act;\n\n27. To provide loans made pursuant to notes, bonds, revenue\n\nbonds or other appropriate forms of indebtedness to unregulated\n\nutilities pursuant to the February 2021 Unregulated Utility Consumer\n\nProtection Act; and\n\n28. To issue ratepayer-backed bonds pursuant to the February\n\n2021 Regulated Utility Consumer Protection Act.","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":"b9277e7c5508005535d75af14d964ff23c5c783a06760a360c081f42fe099422","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5062.8","next":"us-ok/okla.-stat.-tit.-74-74-5062.8v2"},"notice":"GroundRules: Original legal text. Not legal advice."}