Okla. Stat. tit. 62, § 62-891.5
This is the official text of Okla. Stat. tit. 62, § 62-891.5, 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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Applicability of Credit Enhancement Reserve Fund Act -
Official statutory text
Participation in Community Economic Development Pooled Finance
Revolving Fund.
A. To the extent that the provisions of the Credit Enhancement
Reserve Fund Act are consistent with the provisions of the Oklahoma
Community Economic Development Pooled Finance Act, the provisions of
the Credit Enhancement Reserve Fund Act shall be applicable to a
pooled financing.
B. The Credit Enhancement Reserve Fund shall not be utilized in
support of any pooled financing obligations issued pursuant to this
act prior to the full use of any revenues committed to the repayment
of any such obligations pursuant to an agreement or agreements among
the participating local government entities or for-profit business
entity for the repayment of principal, interest and other costs of
the pooled financing.
C. Agreements entered into pursuant to this act may provide for
one or more of the participating local government entities to make
deposits in the Community Economic Development Pooled Finance
Revolving Fund in excess of the amount originally provided for in
any agreement authorized by this act in order to compensate for the
payments otherwise required to be made by any other participating
local government entity which is a party to the same agreement.
Oklahoma Statutes - Title 62. Public Finance Page 586
D. If any participating local government entity does not make
deposits in the Community Economic Development Pooled Finance
Revolving Fund as originally required by an agreement authorized by
this act, such local government entity shall be required to
compensate the other participating local government entity or
entities pursuant to the terms of the agreement for the amounts paid
on its behalf, including interest.
E. Any local government entity that does not make deposits in
the Community Economic Development Pooled Finance Revolving Fund
according to the terms of an agreement authorized by this act shall
be prohibited from participation in any other pooled financing
otherwise authorized by this act for a period of five (5) years from
the date of the first date upon which a required deposit to the
Community Economic Development Pooled Finance Revolving Fund is not
made or for a period of five (5) years from the first date upon
which a payment is made on a timely basis, but for less than the
amount required pursuant to the terms of an agreement authorized
pursuant to this act.
Revolving Fund.
A. To the extent that the provisions of the Credit Enhancement
Reserve Fund Act are consistent with the provisions of the Oklahoma
Community Economic Development Pooled Finance Act, the provisions of
the Credit Enhancement Reserve Fund Act shall be applicable to a
pooled financing.
B. The Credit Enhancement Reserve Fund shall not be utilized in
support of any pooled financing obligations issued pursuant to this
act prior to the full use of any revenues committed to the repayment
of any such obligations pursuant to an agreement or agreements among
the participating local government entities or for-profit business
entity for the repayment of principal, interest and other costs of
the pooled financing.
C. Agreements entered into pursuant to this act may provide for
one or more of the participating local government entities to make
deposits in the Community Economic Development Pooled Finance
Revolving Fund in excess of the amount originally provided for in
any agreement authorized by this act in order to compensate for the
payments otherwise required to be made by any other participating
local government entity which is a party to the same agreement.
Oklahoma Statutes - Title 62. Public Finance Page 586
D. If any participating local government entity does not make
deposits in the Community Economic Development Pooled Finance
Revolving Fund as originally required by an agreement authorized by
this act, such local government entity shall be required to
compensate the other participating local government entity or
entities pursuant to the terms of the agreement for the amounts paid
on its behalf, including interest.
E. Any local government entity that does not make deposits in
the Community Economic Development Pooled Finance Revolving Fund
according to the terms of an agreement authorized by this act shall
be prohibited from participation in any other pooled financing
otherwise authorized by this act for a period of five (5) years from
the date of the first date upon which a required deposit to the
Community Economic Development Pooled Finance Revolving Fund is not
made or for a period of five (5) years from the first date upon
which a payment is made on a timely basis, but for less than the
amount required pursuant to the terms of an agreement authorized
pursuant to this act.
Status: in_force · Read it on the official government site
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