Okla. Stat. tit. 74, § 74-5062.6a

Creation - Membership - Meetings - Personal interest in contracts -

Personal liability - Duties.

A. There is hereby created the Program Development and Credit

Review Committee within the Oklahoma Development Finance Authority.

The committee shall be composed of three (3) members as follows:

1. One member who is designated by the board of directors of

the Oklahoma Development Finance Authority;

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2. One member who is the Oklahoma State Bond Advisor; and

3. One member who is jointly selected by the Oklahoma State

Bond Advisor and by the designee of the Oklahoma Development Finance

Authority; provided, the Oklahoma Development Finance Authority

shall contract for the services of said member.

B. The Oklahoma Development Finance Authority shall provide all

staff support required by the committee.

C. The meetings of the committee shall be subject to the Open

Meeting Act, Section 301 et seq. of Title 25 of the Oklahoma

Statutes, and the Open Records Act, Section 24A.1 et seq. of Title

51 of the Oklahoma Statutes. Any information submitted to or

compiled by the committee with respect to the marketing plans,

financial statements, trade secrets or any other commercially

sensitive information of persons, firms, associations, partnerships,

agencies, corporations or other entities shall be confidential,

except to the extent that the person or entity which provided such

information or which is the subject of such information consents to

disclosure. Executive sessions may be held to discuss such

materials if deemed necessary by the members of the committee.

D. If a member of the committee has any direct or any indirect

interest in any approval, contract or agreement upon which the

member may be called upon to act or vote, the member shall disclose

the same to the committee prior to the taking of final action by the

committee concerning such contract or agreement and shall so

disclose the nature and extent of such interest and the member's

acquisition thereof, which disclosure shall be publicly acknowledged

by the committee and entered upon the minutes of the committee. If

a member holds such an interest, the member shall refrain from any

further official involvement in regard to such contract or

agreement, from voting on any matter pertaining to such contract or

agreement, and from communicating with other members concerning said

contract or agreement. Notwithstanding any other provision of law,

any contract or agreement entered into in conformity with this

subsection shall not be void or invalid by reason of the interest

described in this subsection, nor shall any person so disclosing the

interest and refraining from further official involvement as

provided for in this subsection be guilty of an offense, be removed

from office, or be subject to any other penalty on account of such

interest. Provided, any approval, contract or agreement made in

violation of this section shall give rise to no action against the

committee. Indirect interest shall include pecuniary or competitive

advantage which exists or could foreseeably accrue as a result of

the act or forebearance of the committee.

E. No member of the committee may be subject to any personal

liability or accountability for having acted within the course and

scope of the person's membership on the committee. The committee

shall indemnify any member of the committee against expenses

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actually and necessarily incurred by the member in connection with

the defense of any action or proceeding in which the member is made

a party by reason of past or present association with the committee

and the subject of which was within the course and scope of the

person's membership on the committee.

F. The committee, except for actions taken by the Oklahoma

Development Finance Authority pursuant to Section 5 of this act and
the member in connection with

the defense of any action or proceeding in which the member is made

a party by reason of past or present association with the committee

and the subject of which was within the course and scope of the

person's membership on the committee.

F. The committee, except for actions taken by the Oklahoma

Development Finance Authority pursuant to Section 5 of this act and

Section 5063.4i of this title, shall:

1. Prior to any action by the Oklahoma Development Finance

Authority, review and approve all program development uses of the

Credit Enhancement Reserve Fund;

2. Prior to any action by the Oklahoma Development Finance

Authority, review and approve all commitments of the Credit

Enhancement Reserve Fund;

3. Facilitate implementation of subsection H of Section 5062.6

of this title; and

4. Review the Rules Regarding the Administration of the Credit

Enhancement Reserve Fund and related regulations and policies as

implemented by the Oklahoma Development Finance Authority to

determine the adequacy and sufficiency of such rules, regulations

and policies for fulfilling the intents and purposes of the Credit

Enhancement Reserve Fund Act, Section 5063.1 et seq. of this title.

The committee shall prepare and provide to the Executive and

Legislative Bond Oversight Commissions and the Oklahoma Development

Finance Authority a written finding on such determination.

G. The Oklahoma Development Finance Authority may accept or

reject approvals of the committee, but may not modify the approvals.

H. On any application for financing proposed to be supported

pursuant to the Credit Enhancement Reserve Fund Act, except for the

Quality Jobs Investment Program established by Section 5 of this act

and Section 5063.4i of this title, the application and any relevant

materials considered by the Oklahoma Development Finance Authority

when making a determination concerning the proposed financing shall

be reviewed by the committee for the purpose of evaluating and

assigning a credit rating based upon the risk of the venture and the

ultimate risk of loss exposure to the Credit Enhancement Reserve

Fund.

I. The committee, except for actions taken by the Oklahoma

Development Finance Authority pursuant to Section 5 of this act and

Section 5063.4i of this title, shall examine the credit analysis and

due diligence on each such proposed financing and shall prepare and

provide a written report to the Commissions and the Oklahoma

Development Finance Authority concerning the credit rating and

concerning sufficient compliance with the Rules Regarding the

Administration of the Credit Enhancement Reserve Fund.

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