Okla. Stat. tit. 62, § 62-690.16
This is the official text of Okla. Stat. tit. 62, § 62-690.16, part of Oklahoma’s Stat. tit. 62, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 62,." Browse the sections below, each linked to its official government source.
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Enterprise District Loan Fund
Official statutory text
A. There is hereby created a special account to be known as the
"Enterprise District Loan Fund", to which fund shall be credited all
monies received as loan capital by the Authority from the sale of
general obligation bonds. To this fund there shall also be
deposited and credited all payments received on interest and
principal of loans outstanding made, or to be made, by the
Authority, all such deposits to be made immediately upon receipt of
same.
The treasurer of the Authority shall deposit daily, no later
than the next banking day, all such funds and monies in one or more
banks that have been designated as county depositories by the boards
of county commissioners of the respective counties comprising an
enterprise district. Monies accruing to the fund may be expended by
the Authority for carrying out the provisions of this act.
B. It is hereby unlawful for any of the funds of the Authority
to be deposited in any bank in which any member of the board of
county commissioners or the governing body of any city or town or
any member of the Authority is the owner of any stock or otherwise
directly or indirectly pecuniarily interested. A county
commissioner or a member of the governing body of a city or town or
a member of the Authority shall be considered to be interested in
such a bank if any member of his immediate family owns any interest
in said depository bank.
C. As often as may be necessary the Authority shall requisition
from the Enterprise District Loan Fund, upon warrants duly drawn as
required by law, such amounts as shall be allocated and appropriated
by the Authority for loans to enterprises upon approved projects.
When and as the amounts so allocated and appropriated by the
Authority as loans to enterprises are repaid to the Authority
pursuant to the terms of the mortgages and other agreements made and
entered into by the Authority, the Authority shall immediately pay
such amounts into said fund, it being the intent of this act that
the Enterprise District Loan Fund shall operate as a revolving fund
Oklahoma Statutes - Title 62. Public Finance Page 483
whereby all monies placed therein shall be applied and reapplied to
the purposes of this act.
D. To guarantee payment of interest on bonds, as the same shall
become due, the Authority shall pay into a special "Bond Interest
Account" fund, out of the first-earned interest received into the
Enterprise District Loan Fund, an amount sufficient to cover all
interest requirements at least thirty (30) days prior to the due
date thereof.
E. To guarantee retirement of bonds at maturity, the Authority
shall provide for a "Bond Redemption Account", in addition to
interest reserves, as above set out, and there shall be paid
annually into such Bond Redemption Account, after all interest
requirements have been met, beginning at a time to be determined by
the Authority, a sum sufficient to retire all bonds issued at
maturity.
F. All monies deposited in the Enterprise District Loan Fund,
the Bond Interest Account fund and the Bond Redemption Account shall
draw interest at rates considered competitive with those offered for
similar accounts.
"Enterprise District Loan Fund", to which fund shall be credited all
monies received as loan capital by the Authority from the sale of
general obligation bonds. To this fund there shall also be
deposited and credited all payments received on interest and
principal of loans outstanding made, or to be made, by the
Authority, all such deposits to be made immediately upon receipt of
same.
The treasurer of the Authority shall deposit daily, no later
than the next banking day, all such funds and monies in one or more
banks that have been designated as county depositories by the boards
of county commissioners of the respective counties comprising an
enterprise district. Monies accruing to the fund may be expended by
the Authority for carrying out the provisions of this act.
B. It is hereby unlawful for any of the funds of the Authority
to be deposited in any bank in which any member of the board of
county commissioners or the governing body of any city or town or
any member of the Authority is the owner of any stock or otherwise
directly or indirectly pecuniarily interested. A county
commissioner or a member of the governing body of a city or town or
a member of the Authority shall be considered to be interested in
such a bank if any member of his immediate family owns any interest
in said depository bank.
C. As often as may be necessary the Authority shall requisition
from the Enterprise District Loan Fund, upon warrants duly drawn as
required by law, such amounts as shall be allocated and appropriated
by the Authority for loans to enterprises upon approved projects.
When and as the amounts so allocated and appropriated by the
Authority as loans to enterprises are repaid to the Authority
pursuant to the terms of the mortgages and other agreements made and
entered into by the Authority, the Authority shall immediately pay
such amounts into said fund, it being the intent of this act that
the Enterprise District Loan Fund shall operate as a revolving fund
Oklahoma Statutes - Title 62. Public Finance Page 483
whereby all monies placed therein shall be applied and reapplied to
the purposes of this act.
D. To guarantee payment of interest on bonds, as the same shall
become due, the Authority shall pay into a special "Bond Interest
Account" fund, out of the first-earned interest received into the
Enterprise District Loan Fund, an amount sufficient to cover all
interest requirements at least thirty (30) days prior to the due
date thereof.
E. To guarantee retirement of bonds at maturity, the Authority
shall provide for a "Bond Redemption Account", in addition to
interest reserves, as above set out, and there shall be paid
annually into such Bond Redemption Account, after all interest
requirements have been met, beginning at a time to be determined by
the Authority, a sum sufficient to retire all bonds issued at
maturity.
F. All monies deposited in the Enterprise District Loan Fund,
the Bond Interest Account fund and the Bond Redemption Account shall
draw interest at rates considered competitive with those offered for
similar accounts.
Status: in_force · Read it on the official government site
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