Okla. Admin. Code § 200:10-1-4

Current through Vol. 42, No. 4, November 1, 2024

Section 200:10-1-4 - Additional definitions

In addition to terms defined in Title 74, Sections 5062.5 and 5063.2, the following words or terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:

"Administrator" means the directors, officer and employees of The Oklahoma Development Finance Authority, as Administrator of the Fund.

"Board" means the Board of Directors of the ODFA.

"Capital improvement facilities" means those public works facilities, including, without limitation, communications facilities, educational facilities, energy generation, distribution and conservation facilities, health care facilities, prisons and other criminal justice facilities, and parks or other recreational facilities, including any such facilities developed by a public- private partnership or other joint enterprise activity.

"Cash" or "Cash equivalents" means cash, deposits of money (whether or not interest bearing), or certificates of deposit that are held by a financial institution acceptable to the ODFA, in its sole discretion, and which are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation (or to the extent not so insured are collateralized by Eligible Investment Securities); irrevocable letters of credit issued by a financial institution acceptable to the ODFA in its sole discretion; or loan guarantees from insurance companies or other institutions acceptable to the ODFA in its sole discretion.

"Code" means the United States Internal Revenue Code of 1986, as amended and Internal Revenue Service Regulations, Rulings and Private Letter Rulings thereunder.

"Credit Officer" means any officer, employee or independent contractor of the ODFA or the Fund that is responsible for credit review and Insurance underwriting decisions on recommendations to the Board regarding the issuance of Insurance Commitments by the Fund.

"Director" or "Directors" means an individual member or members of the Board of Directors of the ODFA.

"Distribution center facilities" means facilities for the receiving, handling, storage, repackaging, assembly, reshipment or transshipment of materials, goods or commodities to other facilities owned by the Person owning or operating the distribution center, or any related Person there to; or the major portion of the materials, goods or commodities shipped from the distribution center are shipped to facilities located outside this State; provided however that distribution centers for intoxicating and non intoxicating alcoholic beverages as defined in Title 37 of the Oklahoma Statutes shall not qualify. [60:178.4]

"General Obligation Bonds" or "G. O. Bonds" means the Credit Enhancement Reserve Fund General Obligation Bonds in an amount not to exceed $100,000,000, as authorized by Title 74, Section 5063.11 and Article X, Section 42 of the Oklahoma Constitution as added by State Question 610.

"Health care facilities" means any Facility or Project used primarily for health care, including, without limitation, hospitals, extended care facilities, nursing homes, clinics, ancillary facilities and facilities functionally related and subordinate thereto.

"Infrastructure facilities" means those public works facilities including, without limitation, streets, roads and highways, bridges, mass transit facilities, parking facilities, aviation facilities, water resources, water supply facilities, waste water facilities, solid waste disposal and hazardous waste disposal facilities and pollution control facilities, including any such facilities developed by a public-private partnership or other joint enterprise activity.

"Insurance" means any policy or other instrument of insurance, assurance, indemnity, surety, or guaranty that is issued by the ODFA, as Administrator of the Fund, using the resources of the Fund to secure the payment of principal, interest and premium, if any, on the revenue bonds and other financial obligations issued by the ODFA.

"Insurance Commitment" means the conditional commitment of the Fund obligating it to issue a policy or other instrument providing Insurance.

"Investment Securities" or "Eligible Investment Securities" means:

(A) Marketable direct obligations of, or obligations on which the principal and interest are unconditionally guaranteed by, the United States of America;

(B) Marketable bonds, debentures, notes or other evidences of indebtedness issued or guaranteed by any of the following agencies, the Federal Farm Credit Banks, the Federal National Mortgage Association, the Government National Mortgage Association, the Federal Home Loan Banks or the Federal Home Loan Mortgage Corporation;

(C) Repurchase agreements or other similar banking arrangements with maturities of six months or less, contracted with banks which are members of the Federal Deposit Insurance Corporation, or with government bond dealers reporting to and trading with the Federal Reserve Bank of New York, which such agreements are secured by securities which are obligations without regard to maturities described in (A) and (B) of this definitions, margined at 100% or higher;

(D) Shares in an Investment Company registered under the Federal Investment Company Act of 1940 whose shares are registered under the Federal Securities Act of 1933 and whose only investments are obligations described in (A) and (B) and (C) of this definition, having an average maturity of one year or less;

(E) Bonds of the State of Oklahoma or its political subdivisions; or

(F) Such other marketable securities as are acceptable to the ODFA in its sole discretion; provided that such securities must be evaluated monthly as to the market value of the pledged securities and ODFA is granted a perfected security interest in such securities.

"ODFA" means The Oklahoma Development Finance Authority existing and operating under Title 74, Sections 5062.1 to .22 as the successor to The Oklahoma Development Authority, a public trust organized under Title 60, Sections 176 et seq. and a Declaration of Trust, as amended.

"ODFA Act" means the Oklahoma Development Finance Authority Act codified at Title 74, Sections 5062.1 to .22.

"Other financial obligations" means guarantees, loans, letters of credit or other similar obligations issued by ODFA pursuant to the ODFA Act to provide financing assistance.

"Other public facilities" means any facilities, other than infrastructure facilities and capital improvement facilities, which are owned or used by the State or any political subdivision thereof and are available to the general public, including any such facilities developed by a public-private partnership or other joint enterprise activity.

"Oversight Commissions" means the Executive Bond Oversight Commissions and the Legislative Bond Oversight Commissions created by the Oklahoma Bond Oversight and Reform Act, Title 62, Sections 695.1 to 695.11.

"Person" includes any individual, any Organization, a Foundation, the State or a Political subdivision.

"Professional office space" means facilities devoted to the provision of services, administration, supervision, or management functions performed by professionals, or in connection with professions, regulated or licensed under applicable State law, as determined by the ODFA.

"Program" means the provision of financing assistance by the ODFA to finance or refinance projects, facilities, short term advance funding, or the purchase of obligations of the State or political subdivisions that is made available to two or more persons in a common financing or series of such financings.

"Recreational facilities" means facilities that further recreational activities including, without limitation, diversions from work and other activities pursued for pleasure, amusement, culture, entertainment, enjoyment, division, relaxation, sport, and other pleasurable pastimes.

"Revenue bonds" means any bonds, notes, obligations, debentures, interim certificates, grant and revenue anticipation notes, interest in a lease, lease certificates of participation, or other similar evidences of indebtedness issued by ODFA pursuant to the ODFA Act.

Okla. Admin. Code § 200:10-1-4