Okla. Stat. tit. 62, § 62-91.8
This is the official text of Okla. Stat. tit. 62, § 62-91.8, 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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Funding of loans – Reduced interest rate
Official statutory text
A. Upon the placement of a rural housing linked deposit with an
eligible lending institution, the institution shall fund the loan to
each approved eligible rural housing developer listed in the rural
housing linked deposit loan package in accordance with the rural
housing linked deposit agreement between the institution and the
State Treasurer. The loan shall be at a rate that reflects a
percentage-rate reduction below the present borrowing rate
applicable to each developer that is equal to the percentage-rate
reduction below market rates at which the certificate of deposits
that constitute the rural housing linked deposit were placed or at
which the investments in bonds, notes, debentures, or other
obligations or securities that constitute the rural housing linked
deposit were made. 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 Rural and Affordable Housing Linked
Deposit Program and monitor compliance of eligible lending
institutions and eligible rural housing developers, including the
development of guidelines as necessary.
eligible lending institution, the institution shall fund the loan to
each approved eligible rural housing developer listed in the rural
housing linked deposit loan package in accordance with the rural
housing linked deposit agreement between the institution and the
State Treasurer. The loan shall be at a rate that reflects a
percentage-rate reduction below the present borrowing rate
applicable to each developer that is equal to the percentage-rate
reduction below market rates at which the certificate of deposits
that constitute the rural housing linked deposit were placed or at
which the investments in bonds, notes, debentures, or other
obligations or securities that constitute the rural housing linked
deposit were made. 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 Rural and Affordable Housing Linked
Deposit Program and monitor compliance of eligible lending
institutions and eligible rural housing developers, including the
development of guidelines as necessary.
Status: in_force · Read it on the official government site
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