Okla. Stat. tit. 62, § 62-88.2
This is the official text of Okla. Stat. tit. 62, § 62-88.2, 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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Definitions
Official statutory text
As used in the Oklahoma Small Business Linked Deposit Act:
1. "Eligible participant" means:
a. any small business organized for profit, including any
business related to tourism, doing business in and
from the State of Oklahoma, which employs not more
than two hundred (200) employees or has gross annual
receipts of not more than Four Million Dollars
($4,000,000.00),
b. any industrial park that has been certified by the
Oklahoma Department of Commerce as meeting minimum
guidelines necessary for an industrial park, and
c. any public trust authorized in accordance with Section
176 of Title 60 of the Oklahoma Statutes engaged in
industrial development as determined by the Department
of Commerce. Such public trusts are limited to
fifteen percent (15%) of the total available funds and
a nonrenewable term not to exceed six (6) months
unless their purpose is to make package passthrough
loans to other private nontrust recipients for
industrial development purposes in which case the
other conditions contained in this act shall apply.
Oklahoma Statutes - Title 62. Public Finance Page 303
Subsequent loans made by an eligible trust cannot
exceed the interest rate established by this act.
2. "Eligible lending institution" means a financial institution
that:
a. is eligible to make commercial loans,
b. is a public depository of state funds, and
c. agrees to participate in the linked deposit program,
or
d. is an institution of the farm credit system organized
under the federal "Farm Credit Act of 1971", 12 U.S.C.
2001, as amended.
3. "Enterprise zone" means those areas designated as enterprise
zones or districts in accordance with the Oklahoma Enterprise Zone
Act, Sections 690.1 through 690.19 of this title.
4. "Priority Enterprise Zones" means an enterprise zone
selected by the Department of Commerce which has demonstrated
unusual commitment as provided by this act.
5. "Small business linked deposit" means a certificate of
deposit placed by the State Treasurer with an eligible lending
institution.
6. "Board" means the Oklahoma Linked Deposit Review Board.
1. "Eligible participant" means:
a. any small business organized for profit, including any
business related to tourism, doing business in and
from the State of Oklahoma, which employs not more
than two hundred (200) employees or has gross annual
receipts of not more than Four Million Dollars
($4,000,000.00),
b. any industrial park that has been certified by the
Oklahoma Department of Commerce as meeting minimum
guidelines necessary for an industrial park, and
c. any public trust authorized in accordance with Section
176 of Title 60 of the Oklahoma Statutes engaged in
industrial development as determined by the Department
of Commerce. Such public trusts are limited to
fifteen percent (15%) of the total available funds and
a nonrenewable term not to exceed six (6) months
unless their purpose is to make package passthrough
loans to other private nontrust recipients for
industrial development purposes in which case the
other conditions contained in this act shall apply.
Oklahoma Statutes - Title 62. Public Finance Page 303
Subsequent loans made by an eligible trust cannot
exceed the interest rate established by this act.
2. "Eligible lending institution" means a financial institution
that:
a. is eligible to make commercial loans,
b. is a public depository of state funds, and
c. agrees to participate in the linked deposit program,
or
d. is an institution of the farm credit system organized
under the federal "Farm Credit Act of 1971", 12 U.S.C.
2001, as amended.
3. "Enterprise zone" means those areas designated as enterprise
zones or districts in accordance with the Oklahoma Enterprise Zone
Act, Sections 690.1 through 690.19 of this title.
4. "Priority Enterprise Zones" means an enterprise zone
selected by the Department of Commerce which has demonstrated
unusual commitment as provided by this act.
5. "Small business linked deposit" means a certificate of
deposit placed by the State Treasurer with an eligible lending
institution.
6. "Board" means the Oklahoma Linked Deposit Review Board.
Status: in_force · Read it on the official government site
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