Okla. Stat. tit. 74, § 74-860
This is the official text of Okla. Stat. tit. 74, § 74-860, part of Oklahoma’s Stat. tit. 74, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 74,." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Industrial Development Loan Fund
Official statutory text
A. There is hereby created a special account in the State
Treasury to be known as the "Industrial Development Loan Fund", to
which fund shall be credited all monies received as loan capital by
the Authority from whatever source the same may be obtained. To
this fund there shall also be deposited and credited all payments
received on interest and principal of loans outstanding made, or to
be made, by the Authority, all such deposits to be made in the State
Treasury immediately upon receipt of same.
B. As often as may be necessary the Authority shall requisition
from the Industrial Development Loan Fund, upon warrants duly drawn
as required by law, such amounts as shall be allocated and
appropriated by the Authority for loans to industrial development
agencies upon approved industrial development projects. When and as
Oklahoma Statutes - Title 74. State Government Page 585
the amounts so allocated and appropriated by the Authority as loans
to industrial development agencies are repaid to the Authority
pursuant to the terms of the mortgages and other agreements made and
entered into by the Authority, the Authority shall immediately pay
such amounts into said fund, it being the intent of this act that
the Industrial Development Loan Fund shall operate as a revolving
fund whereby all monies placed therein shall be applied and
reapplied to the purposes of this act; provided, however, if the
Authority deems it advisable, separate accounts may be set up within
the Industrial Development Loan Fund in order to segregate the
various monies loaned to or received from certain industrial
agencies.
C. The Authority is hereby authorized to use up to one-half of
the monies in the Industrial Development Loan Fund to purchase
federally guaranteed Small Business Administration loans or loans of
similar federal programs for investment purposes. Such investments
may be made at such times, in such manner and in such amounts as the
Authority may determine to aid and assist with Oklahoma's industrial
development and provide additional employment and payrolls within
this state.
D. To guarantee payment of interest on bonds, as the same shall
become due, the Authority shall pay into a special "Bond Interest
Account" fund, out of the first earned interest received into the
Industrial Development Loan Fund, an amount sufficient to cover all
interest requirements at least thirty (30) days prior to the due
date thereof.
E. To guarantee retirement of bonds at maturity, the Authority
shall provide for a Bond Redemption Account, in addition to interest
reserves, as above set out, and there shall be paid annually into
such Bond Redemption Account, after all interest requirements have
been met, beginning at a time to be determined by the Authority, a
sum sufficient to retire all of the bonds issued at maturity.
F. The Authority is hereby further authorized to issue and sell
its bonds, in the manner provided by law.
Treasury to be known as the "Industrial Development Loan Fund", to
which fund shall be credited all monies received as loan capital by
the Authority from whatever source the same may be obtained. To
this fund there shall also be deposited and credited all payments
received on interest and principal of loans outstanding made, or to
be made, by the Authority, all such deposits to be made in the State
Treasury immediately upon receipt of same.
B. As often as may be necessary the Authority shall requisition
from the Industrial Development Loan Fund, upon warrants duly drawn
as required by law, such amounts as shall be allocated and
appropriated by the Authority for loans to industrial development
agencies upon approved industrial development projects. When and as
Oklahoma Statutes - Title 74. State Government Page 585
the amounts so allocated and appropriated by the Authority as loans
to industrial development agencies are repaid to the Authority
pursuant to the terms of the mortgages and other agreements made and
entered into by the Authority, the Authority shall immediately pay
such amounts into said fund, it being the intent of this act that
the Industrial Development Loan Fund shall operate as a revolving
fund whereby all monies placed therein shall be applied and
reapplied to the purposes of this act; provided, however, if the
Authority deems it advisable, separate accounts may be set up within
the Industrial Development Loan Fund in order to segregate the
various monies loaned to or received from certain industrial
agencies.
C. The Authority is hereby authorized to use up to one-half of
the monies in the Industrial Development Loan Fund to purchase
federally guaranteed Small Business Administration loans or loans of
similar federal programs for investment purposes. Such investments
may be made at such times, in such manner and in such amounts as the
Authority may determine to aid and assist with Oklahoma's industrial
development and provide additional employment and payrolls within
this state.
D. To guarantee payment of interest on bonds, as the same shall
become due, the Authority shall pay into a special "Bond Interest
Account" fund, out of the first earned interest received into the
Industrial Development Loan Fund, an amount sufficient to cover all
interest requirements at least thirty (30) days prior to the due
date thereof.
E. To guarantee retirement of bonds at maturity, the Authority
shall provide for a Bond Redemption Account, in addition to interest
reserves, as above set out, and there shall be paid annually into
such Bond Redemption Account, after all interest requirements have
been met, beginning at a time to be determined by the Authority, a
sum sufficient to retire all of the bonds issued at maturity.
F. The Authority is hereby further authorized to issue and sell
its bonds, in the manner provided by law.
Status: in_force · Read it on the official government site
Need a lawyer in Oklahoma?
Find a Oklahoma lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.