{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5063.4d","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5063.4d","heading":"Limitations on principal amount of underlying loan","body":"A. At the time of the Authority's issuance of credit\n\nenhancement on its revenue bonds or other obligations, the principal\n\namount of the underlying loan for industrial, agribusiness, and\n\nother private activity portfolio mix category and health care and\n\nother nonprofit-owned facilities portfolio mix category financings,\n\nexcluding infrastructure and other publicly owned facilities of\n\ngovernment entities and Quality Jobs Investment Program portfolio\n\nmix category financings, shall be subject to the following\n\nlimitations:\n\n1. For costs of financing or refinancing real property,\n\nincluding soft costs associated with the construction or development\n\nof the facilities and the insurance premium, the principal amount of\n\nthe underlying loan will not exceed ninety percent (90%) of the\n\nlower of:\n\na. the actual certified and documented costs of such\n\nprojects, or\n\nb. the appraised (as built) fair market value of the real\n\nproperty as indicated in an independent appraisal by\n\nan appraiser acceptable to the Authority;\n\n2. For costs of financing the acquisition of personal property,\n\nmachinery and equipment, the principal amount of the loan will not\n\nexceed seventy-five percent (75%) of the actual certified or\n\ndocumented installation cost, including the expense of delivery,\n\nrefurbishing and installation. The Authority may require an\n\nindependent appraisal in connection with establishing a fair market\n\nvalue of such personal property and in such case, the principal\n\namount of the loan may not exceed seventy-five percent (75%) of the\n\nlower of:\n\na. the fair market value of such personal property, or\n\nb. its documented installed costs;\n\n3. The principal amount of a loan, or portions thereof, secured\n\nby accounts receivable, inventory, other current assets and other\n\npersonal property will not exceed fifty percent (50%) of the value\n\nof the collateral as determined by the Oklahoma Development Finance\n\nAuthority; and\n\n4. The principal amount of a loan, or portions thereof, secured\n\nby cash or cash equivalents or by eligible investment securities\n\nwill not exceed one hundred percent (100%) of their market value.\n\nB. The maximum amount of an insurance commitment in enhancing a\n\npublic sector entity financing or refinancing of facilities or\n\nprogram participation will not exceed one hundred percent (100%) of\n\nthe entity's cost of financing, refinancing or program\n\nparticipation.\n\nC. The provisions of this section shall not apply to credit\n\nenhancement of less than One Hundred Thousand Dollars ($100,000.00)\n\ndone pursuant to the Small Business Credit Enhancement Program.\n\nD. Limitations on the authorized amounts as established in this\n\nsection and in Section 5063.4a of this title notwithstanding, the\n\nAuthority may increase such amounts to provide a cash reserve or to\n\nsecure a letter of credit or surety bond equal to six-months'\n\nprincipal and interest payments on its revenue bonds or other\n\nobligations which fund the underlying loan.","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":"fe5eed9510a959e1081bfb072a7be75a24c94850ea7662f7f7e405d4c9ebb2ff","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5063.4c","next":"us-ok/okla.-stat.-tit.-74-74-5063.4e"},"notice":"GroundRules: Original legal text. Not legal advice."}