Okla. Stat. tit. 2, § 2-5-88
This is the official text of Okla. Stat. tit. 2, § 2-5-88, part of Oklahoma’s Stat. tit. 2, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 2,." Browse the sections below, each linked to its official government source.
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Funding of loan - Loan rate - Certification of compliance
Official statutory text
A. 1. Upon the placement of an agricultural linked deposit
with an eligible lending institution, the institution shall fund the
loan to each approved eligible agricultural business listed in the
agricultural linked deposit loan package in accordance with the
Oklahoma Statutes - Title 2. Agriculture Page 222
agricultural linked deposit agreement between the institution and
the State Treasurer.
2. The loan shall be at a rate that reflects a percentage rate
reduction below the present borrowing rate applicable to each
business that is equal to the percentage rate reduction below market
rates at which the certificate of deposits that constitute the
agricultural linked deposit were placed or at which the investments
in bonds, notes, debentures, or other obligations or securities that
constitute the agricultural linked deposit were made.
3. A certification of compliance with this section in the form
and manner as prescribed by the State Treasurer shall be required of
the eligible lending institution.
B. The State Treasurer shall take any and all steps necessary
to implement the Oklahoma Agricultural Linked Deposit Program and
monitor compliance of eligible lending institutions and eligible
agricultural businesses, including the development of guidelines as
necessary.
with an eligible lending institution, the institution shall fund the
loan to each approved eligible agricultural business listed in the
agricultural linked deposit loan package in accordance with the
Oklahoma Statutes - Title 2. Agriculture Page 222
agricultural linked deposit agreement between the institution and
the State Treasurer.
2. The loan shall be at a rate that reflects a percentage rate
reduction below the present borrowing rate applicable to each
business that is equal to the percentage rate reduction below market
rates at which the certificate of deposits that constitute the
agricultural linked deposit were placed or at which the investments
in bonds, notes, debentures, or other obligations or securities that
constitute the agricultural linked deposit were made.
3. A certification of compliance with this section in the form
and manner as prescribed by the State Treasurer shall be required of
the eligible lending institution.
B. The State Treasurer shall take any and all steps necessary
to implement the Oklahoma Agricultural Linked Deposit Program and
monitor compliance of eligible lending institutions and eligible
agricultural businesses, including the development of guidelines as
necessary.
Status: in_force · Read it on the official government site
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