{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-860","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-860","heading":"Industrial Development Loan Fund","body":"A. There is hereby created a special account in the State\n\nTreasury to be known as the \"Industrial Development Loan Fund\", to\n\nwhich fund shall be credited all monies received as loan capital by\n\nthe Authority from whatever source the same may be obtained. To\n\nthis fund there shall also be deposited and credited all payments\n\nreceived on interest and principal of loans outstanding made, or to\n\nbe made, by the Authority, all such deposits to be made in the State\n\nTreasury immediately upon receipt of same.\n\nB. As often as may be necessary the Authority shall requisition\n\nfrom the Industrial Development Loan Fund, upon warrants duly drawn\n\nas required by law, such amounts as shall be allocated and\n\nappropriated by the Authority for loans to industrial development\n\nagencies upon approved industrial development projects. When and as\n\nthe amounts so allocated and appropriated by the Authority as loans\n\nto industrial development agencies are repaid to the Authority\n\npursuant to the terms of the mortgages and other agreements made and\n\nentered into by the Authority, the Authority shall immediately pay\n\nsuch amounts into said fund, it being the intent of this act that\n\nthe Industrial Development Loan Fund shall operate as a revolving\n\nfund whereby all monies placed therein shall be applied and\n\nreapplied to the purposes of this act; provided, however, if the\n\nAuthority deems it advisable, separate accounts may be set up within\n\nthe Industrial Development Loan Fund in order to segregate the\n\nvarious monies loaned to or received from certain industrial\n\nagencies.\n\nC. The Authority is hereby authorized to use up to one-half of\n\nthe monies in the Industrial Development Loan Fund to purchase\n\nfederally guaranteed Small Business Administration loans or loans of\n\nsimilar federal programs for investment purposes. Such investments\n\nmay be made at such times, in such manner and in such amounts as the\n\nAuthority may determine to aid and assist with Oklahoma's industrial\n\ndevelopment and provide additional employment and payrolls within\n\nthis state.\n\nD. To guarantee payment of interest on bonds, as the same shall\n\nbecome due, the Authority shall pay into a special \"Bond Interest\n\nAccount\" fund, out of the first earned interest received into the\n\nIndustrial Development Loan Fund, an amount sufficient to cover all\n\ninterest requirements at least thirty (30) days prior to the due\n\ndate thereof.\n\nE. To guarantee retirement of bonds at maturity, the Authority\n\nshall provide for a Bond Redemption Account, in addition to interest\n\nreserves, as above set out, and there shall be paid annually into\n\nsuch Bond Redemption Account, after all interest requirements have\n\nbeen met, beginning at a time to be determined by the Authority, a\n\nsum sufficient to retire all of the bonds issued at maturity.\n\nF. The Authority is hereby further authorized to issue and sell\n\nits bonds, in the manner provided by law.","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":"08e4788f19aaea6be2e12445870d83fcb01daaca1ea0fa5654fcae0b194d5628","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-86.1","next":"us-ok/okla.-stat.-tit.-74-74-861"},"notice":"GroundRules: Original legal text. Not legal advice."}