{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-853","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-853","heading":"Definitions","body":"The following terms whenever used or referred to in the Oklahoma\n\nIndustrial Finance Authority Act shall have the following meanings,\n\nexcept in those instances where the context clearly indicates\n\notherwise:\n\n(a) The term \"Authority\" shall mean the public body corporate\n\nand politic, \"The Oklahoma Industrial Finance Authority\" created by\n\nthis act.\n\n(b) The term \"Board\" shall mean the governing body of the\n\nAuthority.\n\n(c) The term \"government\" shall mean the state and federal\n\ngovernments, or any political subdivision, agency or\n\ninstrumentality, corporate or otherwise, or either of them.\n\n(d) The term \"industrial development agency\" shall mean any\n\nOklahoma incorporated organization, foundation, association or\n\nagency, regardless of the particular name, whether organized for\n\nprofit or nonprofit, which shall have as its primary function the\n\npromotion, encouragement and development of industrial,\n\nrecreational, agricultural processing and manufacturing enterprises,\n\nlivestock processing and conditioning enterprises and enterprises\n\nwhich process mined resources in Oklahoma.\n\n(e) The term \"Industrial Development Loan Fund\" shall mean the\n\naccount created by Section 860 of this title.\n\n(f) The term \"industrial development project\" shall mean any\n\nsite, structure, facility or undertaking comprising or being\n\nconnected with or being a part of any industrial, recreational,\n\nagricultural processing or manufacturing enterprise or enterprise\n\nwhich processes mined resources established or to be established by\n\nan industrial development agency in Oklahoma.\n\n(g) The term \"municipality\" shall mean any city or town in\n\nOklahoma.\n\n(h) The term \"machinery\" shall mean moveable machinery as well\n\nas machinery which is permanently affixed.\n\n(i) The term \"purchase money security interest\" shall have the\n\nsame meaning it has under Section 1-9-103 of Title 12A of the\n\nOklahoma Statutes.\n\n(j) On and after May 30, 1990, the term \"recreational\n\nenterprise\" shall mean amusement, cultural, historical, nature,\n\ntheme, water or zoological park or museum or aquarium.\n\n(k) The term \"responsible buyer\" shall mean any person,\n\npartnership, firm, company or corporation whether organized for\n\nprofit or not deemed by the Authority, after proper investigation,\n\nto be financially responsible to assume all obligations prescribed\n\nby the Authority in the acquisition of an industrial development\n\nproject from an industrial development agency, and in the operation\n\nof an industrial or manufacturing enterprise therein or thereon.\n\n(l) The term \"responsible tenant\" shall mean any person,\n\npartnership, firm, company or corporation whether organized for\n\nprofit or not deemed by the Authority, after proper investigation,\n\nto be financially responsible to assume all rental and all other\n\nobligations prescribed by the Authority in the leasing of an\n\nindustrial development project and in the operation of an industrial\n\nor manufacturing enterprise therein or thereon or in the operation\n\nof tourism facilities in the form of amusement parks, entertainment\n\nparks, theme parks, or museums.\nity, after proper investigation,\n\nto be financially responsible to assume all rental and all other\n\nobligations prescribed by the Authority in the leasing of an\n\nindustrial development project and in the operation of an industrial\n\nor manufacturing enterprise therein or thereon or in the operation\n\nof tourism facilities in the form of amusement parks, entertainment\n\nparks, theme parks, or museums.\n\n(m) The words \"cost of establishing an industrial development\n\nproject\" shall embrace any or all of the following: The cost of\n\nconstruction, the cost of all lands, property, rights, easements and\n\nfranchises acquired, which are deemed necessary for such\n\nconstruction; financing charges, interest prior to and during\n\nconstruction, cost of engineering and legal expense, plans,\n\nspecifications, surveys, estimates of costs and other expenses\n\nnecessary or incident to determining the feasibility or\n\npracticability of any industrial development project, cost of such\n\nmachinery and equipment essential to placing the project in\n\noperation, not limited to such machinery and equipment of the type\n\nnecessarily required to be permanently affixed to and, by agreement\n\nof the parties, become a part of the realty covered by the\n\nAuthority's mortgage; provided, further, that the Authority shall\n\nmake no loan secured by movable machinery and equipment separate and\n\napart from the realty, unless such loan is secured by a security\n\ninterest and a real estate mortgage on the industrial development\n\nproject, together with such other expenses as may be necessary or\n\nincident to the financing and construction of the industrial\n\ndevelopment project and the placing of the same in operation. The\n\ncost of all machinery and equipment and its installation and\n\nmaintenance, except as above provided, shall not be included in the\n\n\"cost of establishing an industrial development project\", but shall\n\nbe provided by the responsible tenant or responsible buyer.\n\n(n) The determination of the amount of bonds \"outstanding at\n\nany one time\" shall be calculated by totaling the face amount of all\n\nunretired bonds issued by the Authority less any sums irrevocably on\n\ndeposit in the Bond Redemption Account.\n\n(o) Nothing in this act shall be construed to impair or affect\n\nthe right of any recreational enterprise, as was defined by the\n\nRules and Regulations of the Oklahoma Industrial Finance Authority\n\nprior to May 30, 1990, and whose application is on file and pending\n\napproval by the Authority prior to May 30, 1990, to otherwise\n\nqualify for and receive any loan pursuant to the Oklahoma Industrial\n\nFinance Authority 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":"5cb884912401a3a8539b29162cb899fdc46ac83a81ef87c33b7db2c4e4e4e067","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-852","next":"us-ok/okla.-stat.-tit.-74-74-854"},"notice":"GroundRules: Original legal text. Not legal advice."}