Okla. Stat. tit. 68, § 68-3655

required for full expenditure - Determination of total principal

amount.

A. Within sixty (60) days after filing the second irrevocable

election pursuant to Section 3658 of this title, each establishment

that has filed such election shall provide to the Oklahoma

Development Finance Authority, on such form as may be prescribed by

the Authority for this purpose, the total amount of additional

investment and expenditure proposed by the establishment for the

additional modernization or retooling of a facility located within

the state owned by the establishment. The full amount of

expenditures qualifying for the use of proceeds pursuant to Section

3654 of this title shall be made not later than five (5) years from

the date as of which the disclosure document required by this

subsection is filed, except as such period may be extended pursuant

to subparagraph e of paragraph 1 of Section 3653 of this title;

provided, such five-year-time period may be extended one time, for a

period not to exceed twelve (12) months, by the Oklahoma Department

of Commerce if the establishment makes a request for an extension

and provides the Department with a schedule of intended investment

and expenditure.

B. The Oklahoma Development Finance Authority shall evaluate

the information provided pursuant to subsection A of this section in

order to determine the total principal amount of the issuance or

issuances authorized by subsection A of Section 3654 of this title.

The total principal amount of any indebtedness issued by the

Authority shall not exceed an amount required in order to allow all

establishments that have made the disclosure required by subsection

Oklahoma Statutes - Title 68. Revenue and Taxation Page 1434

A of this section to fully expend proceeds made available to the

establishment by the Authority, plus amounts required for repayment

of the obligations, if applicable, and the costs of the issuance.