reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 1 - Administrative Operations › Subchapter 1 - General Provisions › Section 90:1-1-4 - Additional definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words and terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:
"The Act"
means the Bond Oversight and Reform Act, 62 O.S., Section 695.1 et.seq. when used in Chapter 1 of this title.
"Applicant"
means the State or Local Governmental Entity making application to the Council for approval and/or with respect to the reporting requirements specified in these rules.
"Open Meeting Act"
means the Oklahoma Open Meeting Act , 25 O.S. Section 301, et. seq.
"Open Records Act"
means the Oklahoma Open Records Act, 51 O.S. Section 24 A.1. et seq.
Amended at 20 Ok Reg 453, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2258, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 1 - Administrative Operations › Subchapter 3 - General Operations of the Council › Section 90:1-3-1 - Official office

Current through Vol. 41, No. 20, July 1, 2024
The offices of the Council of Bond Oversight and the Deputy Treasurer for Debt Management are located at 2300 N. Lincoln Blvd., Suite 217, Oklahoma City, Oklahoma 73105. The telephone number is (405) 521-3191. The office hours are from 8:00 a.m. to 5:00 p.m. Central Time, Monday through Friday, except legal holidays.
Amended at 10 Ok Reg 2567, eff 6-26-93; Amended at 20 Ok Reg 453, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2258, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 1 - Administrative Operations › Subchapter 3 - General Operations of the Council › Section 90:1-3-2 - Meetings of the Council

Current through Vol. 41, No. 20, July 1, 2024
The Council will set the schedule of regular meetings each year and file the schedule with the Secretary of State. A schedule of meetings may be obtained upon request of the office.
Amended at 9 Ok Reg 2249, eff 6-25-92; Amended at 20 Ok Reg 453, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2258, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 1 - Administrative Operations › Subchapter 3 - General Operations of the Council › Section 90:1-3-3 - Executive sessions

Current through Vol. 41, No. 20, July 1, 2024
The Council may hold executive sessions at such meetings as is permitted by the Open Meeting Act.
Amended at 20 Ok Reg 453, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2258, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 1 - Administrative Operations › Subchapter 3 - General Operations of the Council › Section 90:1-3-4 - Notice of meetings

Current through Vol. 41, No. 20, July 1, 2024
Notice of regular and special meetings will be given in accordance with the provisions of the Open Meeting Act.
Amended at 20 Ok Reg 2258, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 1 - Administrative Operations › Subchapter 3 - General Operations of the Council › Section 90:1-3-5 - Agenda items

Current through Vol. 41, No. 20, July 1, 2024
The Deputy Treasurer for Debt Management prepares an agenda on behalf of the Council for each meeting of the Council. The agenda is filed and posted in accordance with the Open Meeting Act, supra. Members of the public may request the Council to place matters on the agenda for a meeting. The Council may adopt such procedures from time to time as it deems necessary for the orderly and efficient conduct of meetings.
Amended at 20 Ok Reg 453, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2258, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 1 - Administrative Operations › Subchapter 3 - General Operations of the Council › Section 90:1-3-6 - Confidential or commercially sensitive information

Current through Vol. 41, No. 20, July 1, 2024
Any information submitted to the Council which may be kept confidential by the applicant shall be kept confidential by the Council.
Amended at 20 Ok Reg 453, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2258, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 1 - Administrative Operations › Subchapter 3 - General Operations of the Council › Section 90:1-3-7 - Open records

Current through Vol. 41, No. 20, July 1, 2024
The records of the Council are subject to the Open Records Act. All requests for the public records of the Council will be made through the Deputy Treasurer for Debt Management who will be charged with making the public records of the Council available for inspection by or copying to the requesting party during normal hours. The Council will charge $0.25 per page for each copy of a public record made upon written request. The Deputy Treasurer for Debt Management will decide if the request is for a record not otherwise made confidential under Oklahoma Law. The Deputy Treasurer for Debt Management is authorized to discuss this decision with the Office of the Attorney General of the State of Oklahoma as may become necessary. Except information that is confidential or commercially sensitive as described in 90:1-3-6, or specifically kept confidential under Oklahoma or federal law, all documents or other records of the Council will be open for public inspection and copying.
Amended at 20 Ok Reg 453, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2258, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 1 - Administrative Operations › Subchapter 5 - Procedures for Adoption, Amendment and Repeal of Rules › Section 90:1-5-1 - Procedures for adoption, amendment and repeal of rules

Current through Vol. 41, No. 20, July 1, 2024
(a) The Council may adopt, amend or repeal a rule on its own initiative, and may adopt, amend or repeal a rule at the request or recommendation of the Deputy Treasurer for Debt Management.
(b) The Council may on its own motion, conduct hearings on proposed new rules, amendments or repeal of rules.
(c) Any interested person may petition the Council, requesting the adoption, amendment, or repeal of a rule. All such petitions shall be in writing, and be filed with the principal office. The petition shall include the name and address of the petitioning party and shall state clearly and concisely all matters pertaining to the requested action and the reasons for the request.
(d) The time and location of hearings shall be stated in the notice as required under the Open Meeting Act and shall be conducted in accordance with the Administrative Procedures Act.
(e) Any person who is interested or affected by proposed actions may appear at the hearing. An appearance may be made individually, by an attorney, or by an authorized agent.
(f) Prior to the adoption, amendment or repeal of a rule, the Council shall afford any interested person a reasonable opportunity to submit data, views and arguments either oral or written. If the rule under consideration affects the substantive rights of any person, the Council shall grant any person or entity a reasonable opportunity to participate in an oral hearing if requested by the person or entity.
Amended at 20 Ok Reg 453, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2258, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 1 - Administrative Operations › Subchapter 7 - Requests for Declaratory Rulings › Section 90:1-7-1 - Requests for declaratory rulings

Current through Vol. 41, No. 20, July 1, 2024
(a) Any interested person or entity may petition the Council for a declaratory order as to the applicability of any rule of the Council.
(b) The petition must identify the rule questioned, the date on which such rule became effective, and shall set forth the contents of the rule. The petition shall contain a brief statement of the issue or issues raised by the rule which cause such a request to be made and a statement of the petitioner's personal interest in the ruling of the Council and how a ruling of the Council would affect those interests.
(c) Upon receipt of the petition for declaratory ruling the Council shall consider the petition and within a reasonable time following receipt thereof, either deny the petition in writing, stating its reasons for denial, or issue a declaratory ruling on the matter(s) contained in the petition.
Amended at 20 Ok Reg 453, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2258, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 1 - Administrative Operations › Subchapter 9 - Severability and Interpretation › Section 90:1-9-1 - Severability

Current through Vol. 41, No. 20, July 1, 2024
Each provision of this Title is severable. If any provision is declared invalid, the invalidity will not affect any other provision(s) of this Title.
Added at 9 Ok Reg 2249, eff 6-25-92
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 1 - Administrative Operations › Subchapter 9 - Severability and Interpretation › Section 90:1-9-2 - Interpretation of Title

Current through Vol. 41, No. 20, July 1, 2024
This Title and procedures are adopted to simplify procedure, avoid delays, save expenses and facilitate implementation of the Oklahoma Bond Oversight and Reform Act and the Oklahoma Private Activity Bond Allocation Act by the Council of Bond Oversight and the Deputy Treasurer for Debt Management. To that end, this Title will be given a fair and impartial construction. This Title shall be cumulative to the Oklahoma Administrative Procedures Act [75 O.S., Section 250 et seq.].
Added at 9 Ok Reg 2249, eff 6-25-92; Amended at 20 Ok Reg 453, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2258, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 1 - General Provisions › Section 90:10-1-1 - Purpose and scope

Current through Vol. 41, No. 20, July 1, 2024
The Council of Bond Oversight was created to implement the Oklahoma Bond Oversight and Reform Act found at 62 O.S., Section 695.1 et.seq. ("the Act") The Council is responsible for oversight of debt issuance by State Governmental Entities and certain Local Governmental Entities as provided in 62 O.S., Section 695.9(C) . To implement the Act, the rules of this Chapter establish time frames, methods, criteria for evaluation, fees, and information required on application forms for such entities in order to facilitate the business of the Council and State Bond Advisor and of such entities.
Amended at 8 Ok Reg 2527, eff 6-27-91; Amended at 12 Ok Reg 1991, eff 7-14-95; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 1 - General Provisions › Section 90:10-1-2 - Statutory definitions

Current through Vol. 41, No. 20, July 1, 2024
The following terms are defined in 62 O.S., Section 695.3 et seq.:
(1) Council of Bond Oversight
(2) State Governmental Entity
(3) Local Governmental Entity
(4) Purpose
Amended at 8 Ok Reg 2527, eff 6-27-91; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 1 - General Provisions › Section 90:10-1-3 - Clarification of certain terms [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Amended at 8 Ok Reg 2527, eff 6-27-91; Amended at 12 Ok Reg 1991, eff 7-14-95; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Revoked at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 1 - General Provisions › Section 90:10-1-4 - Additional definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words and terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:
"Act"
means the Bond Oversight and Reform Act, 62 O.S., Section 695.1 et seq.
"Applicant"
means the State or Local Governmental Entity making application to the Council for approval and/or with respect to the reporting requirements specified in these rules.
"The Committee"
means the Program Development and Credit Review Committee established pursuant to Title 74, Section 5062.6a.
"Formal preliminary action"
means Board or Agency adoption of an inducement resolution or obligation resolution.
"Issued"
or
"Closed"
shall have the meaning provided in 62 O.S., Section 695.23 (11).
"Lease purchase"
means an agreement by which a party pays the owner of tangible property for the right to use the property, and the party also obtains the right or option to purchase the property. If the option to purchase the property in a lease agreement is only the option to purchase the property for equal to or greater than the fair market value of the property, with no credit given to the lessee for prior lease payments, such an agreement shall not be considered an "obligation" for purposes of the "Act". It shall further mean lease agreements where the state governmental entity has the contractual right to occupy the premises for no consideration or nominal consideration after making lease payments for a period of time, whether or not the state governmental entity has an option to purchase or acquire the property. It shall also mean lease agreements where the lease payments are paid to a political subdivision, trust authority or similar entity, and the payments are used to solely retire a debt or obligation of the political subdivision, trust authority or similar entity.
"Obligations"
means revenue or tax-supported bonds, certificates, lease purchase agreements, note, debenture, loan or other evidence of indebtedness of a state or local governmental entity with a maturity longer than 12 months or a maturity which encompasses more than one (1) fiscal year, regardless of whether such obligations are subject to annual governmental appropriations.
"Plurality of persons"
means at least three persons or firms as well as any firm or person who has contacted the issuer and requested to be placed on the mailing list for Request for Proposals. [62 O.S., Section 695.7(C)]
Amended at 8 Ok Reg 2527, eff 6-27-91; Amended at 9 Ok Reg 2251, eff 6-25-92; Amended at 12 Ok Reg 1991, eff 7-14-95; Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 3 - Application Procedure › Section 90:10-3-1 - General

Current through Vol. 41, No. 20, July 1, 2024
(a) The Council needs sufficient information to make informed decisions regarding the nature, purpose, necessity and legality of proposed financing and they need access to any other information required for decisions in special circumstances. In general, the Council will not require primary source data but rather require that such information be made available to them in special circumstances. The Council will require an applicant to collect and evaluate information from borrowers or beneficiaries of obligation financing, and rely on the competent performance of the issuer boards, staffs, or members of financing teams to perform competent due diligence on a financing.
(b) Some complex transactions may involve multi-stage processes. Information available to an issuer may be general at the beginning of the process and become more specific as the transaction progresses. For this reason, application approval may occur in two steps: provisional approval and final approval.
Amended at 8 Ok Reg 2527, eff 6-27-91; Amended at 12 Ok Reg 1991, eff 7-14-95; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 3 - Application Procedure › Section 90:10-3-2 - Submission of Provisional Approval Application

Current through Vol. 41, No. 20, July 1, 2024
(a) Provisional Approval Applications must be made on a form provided by the State Bond Advisor. Each completed application must be submitted to the State Bond Advisor at the official office in Oklahoma City. All applications shall be submitted as an original and one copy.
(b) The State Bond Advisor may reject any application which is incomplete or filed with insufficient information. Such a rejection shall be in writing, outlining additional information needed and/or reasons for rejection of the application. An application shall not be considered filed until after such time that all required and requested information has been received and accepted.
(c) Applications must be filed with the official office no later than 20 calendar days prior to a regularly scheduled meeting. The State Bond Advisor is authorized to waive this provision in his discretion if the proposed issuance will be jeopardized by further delay.
Amended at 8 Ok Reg 2527, eff 6-27-91; Amended at 9 Ok Reg 2251, eff 6-25-92; Amended at 12 Ok Reg 1991, eff 7-14-95; Amended at 16 Ok Reg 1735, eff 6-1-99
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 3 - Application Procedure › Section 90:10-3-3 - Provisional Approval Application form information

Current through Vol. 41, No. 20, July 1, 2024
The Request for Provisional Approval form shall be provided by the State Bond Advisor, and shall include but not be limited to the following:
(1)
Proposed issue.
An applicant must submit information regarding the anticipated amount, schedule and structure for the bond issue. An applicant must also include information regarding professionals selected for the bond issue along with their quoted fees and expenses.
(2)
Project information.
The Application must provide the name and address of the borrower as well as a one page description of the purpose, nature and need for the project.
(3)
Outstanding obligation information.
An applicant must provide information on the status of its outstanding obligations and anticipated issuances. This information will enable the Council to make decisions on individual applications within a broader context.
Amended at 8 Ok Reg 2527, eff 6-27-91; Amended at 12 Ok Reg 1991, eff 7-14-95; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 3 - Application Procedure › Section 90:10-3-4 - Final approval form

Current through Vol. 41, No. 20, July 1, 2024
(a) The Request for Final Approval form shall be provided by the State Bond Advisor, and shall include but not be limited to the following:
(1)
Material changes.
The Applicant is required to list and explain any material changes from the information provided on the issuer's Provisional Approval form that have taken place since the date of provisional approval.
(2)
Project information.
The Applicant is required to provide more detailed information on the status of the project, including the anticipated construction draw schedule and the estimated completion date. Descriptions of any collateral pledged for the borrowing, the revenue stream dedicated for repayment of the loan, and any credit enhancement provider are also required.
(3)
Attachments.
The following attachments are required:
(A) Evidence of provisional approval from the Council unless the applicant elects to apply for provisional and final approval simultaneously, pursuant to 90:10-3-4(b).
(B) Letter from issuer certifying that due diligence has been completed.
(C) Letter from issuer's attorney or bond counsel stating that they have reviewed the proposed transaction and it will comply with state and federal law.
(D) Copy of the document that authorizes the bond issue. Such documentation would include enabling act, legislation, resolution or ordinance from the issuer's governing board, and/or other documentation authorizing the obligation.
(E) Letter from the issuer stating that there are no conflicts of interest between the Applicant, any borrowers, service providers affiliated with the issuance, or any other participants in the transaction.
(F) Form of Opinion Letter from Bond Counsel regarding the valid authorization and tax status of the issue. The Council may approve an application pending receipt of bond counsel opinion letter; however, the letter must be received prior to closing.
(G) In the case of obligations backed by the Credit Enhancement Reserve Fund, the report prepared by the Program Development and Credit Review Committee and the Credit Enhancement Reserve Fund Supplemental Information form.
(H) Preliminary Official Statement, Offering Circular or Private Placement Memorandum. This information may be submitted in draft form, provided the issuer identifies any missing information or data that is incomplete and/or subject to change.
(I) Letter from issuer's attorney or bond counsel stating that there is no litigation pending or threatened relating to outstanding or proposed obligations or the issuer's authority to enter into any agreements necessary to complete the proposed transaction.
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 3 - Application Procedure › Section 90:10-3-5 - State Bond Advisor review of request for proposals and approval of fees

Current through Vol. 41, No. 20, July 1, 2024
(a) State and Local Governmental Entities subject to the provisions of Section 695.7(C) of the Act, must submit request for proposals to the State Bond Advisor for review and comment. The State Bond Advisor shall have seven days from the date requests for proposals are submitted to provide written or oral comment to the applicant, State or Local Government Entity, prior to an applicant's use of a request for proposals. Requests for proposals shall make provision for the submission of cost information in a format approved by the State Bond Advisor. Applicants shall also provide to the State Bond Advisor copies of final Requests for Proposals. One copy of each response to a request for proposals shall be provided to the State Bond Advisor within seven days of its receipt. State or Local Governmental Entities subject to Section 695.7(C) of the Act shall prepare a written statement indicating the basis for selections, and make such statement available on request to the Council.
(b) State or Local Governmental Entities subject to the provisions of Section 695.7(C) of the Act, must submit fee approval requests in such form as the State Bond Advisor may require at any time. The State Bond Advisor shall approve or disapprove the fees and expenses for goods and services requisite or deemed desirable in the issuance of obligations, including, but not limited to the following:
(1) Underwriter's Discount:
(A) Management Fee
(B) Expenses
(C) Underwriting
(D) Average Takedown
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 3 - Application Procedure › Section 90:10-3-6 - Program approval

Current through Vol. 41, No. 20, July 1, 2024
The Council recognizes that certain potential applicants may not wish to incur time and expense in developing programs or plans of financing without first obtaining tentative approval of the general purpose and intent of the program. Such potential applicants may request such approval from the Council prior to taking formal preliminary action on any specific issuance without making the formal application for approval under 62 O.S., Section 695.9.
Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 3 - Application Procedure › Section 90:10-3-8 - Substantial changes to Council of Bond Oversight approved applications

Current through Vol. 41, No. 20, July 1, 2024
(a) The following shall be considered substantial changes to the nature of an obligation and shall require the issuer to submit a new application to the Council for approval:
(1) a change in the mode of the obligation from fixed rate to variable rate;
(2) an increase of more than 10% in the amount of variable rate obligations to be issued;
(3) an extension of the final maturity of the proposed issue;
(4) a change in the security pledge, excluding any decision by the issuer to utilize widely accepted credit enhancement techniques; and/or
(5) any other change the State Bond Advisor deems substantial.
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 5 - Fees › Section 90:10-5-1 - Fee payment requirements

Current through Vol. 41, No. 20, July 1, 2024
(a) Applicants must pay a fee to the Council if their submitted application is approved by the Council or if their application is deemed approved by operation of law, but only if the financing subject to an application is issued and closed. The State Bond Advisor may enter into written agreements with issuers to provide for periodic payment if the approved obligation will be in the form of draws or a line of credit. The State Bond Advisor may waive fee payment if the issue is a conduit financing with a state entity loan program financed with bond proceeds.
(b) The fee shall be paid to the Council by means of a check or negotiable instrument upon receipt of an invoice from the official office of the Council and shall be paid within two weeks.
Amended at 8 Ok Reg 2531, eff 6-27-91; Amended at 9 Ok Reg 2251, eff 6-25-92; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 5 - Fees › Section 90:10-5-2 - Fee schedule

Current through Vol. 41, No. 20, July 1, 2024
Fees (calculated by multiplying the principal amount times the applicable fee, as shown in the table below):
Principal Amount Fee
(expressed as basis points times principal amount of issuance or obligation
Principal Amount
Fee
(expressed as basis points times principal amount of issuance or obligation)
First $5 million
3 basis points (.0003)
In excess of $5 million, up to and including $50 million
2 basis points (.0002)
All amounts in excess of $50 million
1 basis point (.0001)
Amended at 8 Ok Reg 2527, eff 6-27-91; Amended at 12 Ok Reg 1991, eff 7-14-95; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 7 - Evaluation Standards and Criteria › Section 90:10-7-1 - General

Current through Vol. 41, No. 20, July 1, 2024
The Council is mandated to make determinations regarding public purpose for which obligations are to be issued by State or Local Governmental Entities subject to Section 695.8 of the Act, in accordance with Title 60 of the Oklahoma Statutes, Sections 176, et seq, the Oklahoma Public Trust Act (the "Public Trust Act"). The Public Trust Act authorizes that obligations may be issued for authorized and proper public purpose. Limitations imposed in regard to public purpose as set out in the Public Trust Act and imposed as a result of statutory language therein may be specified by indenture documents that are the charter documents for a particular entity and/or in statutory language pertaining to a particular Issuer in other federal or state laws. Specified prohibitions in Title 60 in regard to the definition of a "proper public purpose" are previously set out in the definition section of this Chapter.
Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 7 - Evaluation Standards and Criteria › Section 90:10-7-2 - Legal compliance

Current through Vol. 41, No. 20, July 1, 2024
Bearing the criteria of this Chapter in mind and within the limitations set thereby, the Council may consider the following items:
(1)
Compliance with state laws.
All issuances must be in compliance with applicable state laws.
(2)
Compliance with applicable Federal Laws, Rules, and Regulations.
Compliance with federal laws affecting environment, taxes, and other aspects of a particular program or project.
(3)
Compliance with trust indenture or enabling statutes of issuer.
The application and proposed project or program must be in compliance with the enabling document or statutes regarding each issuer subject to Council approval.
(4)
Eligibility.
The user of the proceeds for the proposed project or program must be eligible for the assistance sought.
Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 7 - Evaluation Standards and Criteria › Section 90:10-7-3 - Authorized and proper public function or purpose

Current through Vol. 41, No. 20, July 1, 2024
(a) In its review of applications, the Council will determine whether the proposed obligations carry out an authorized and proper public function or purpose. The Council may consider the structure of the proposed transaction, the method of sale, and the extent to which the obligations will serve the purposes of the project or program and promote the interests and public welfare of the State of Oklahoma.
(b) In the case of proposed refunding and advance refunding bond issues, the Council of Bond Oversight will interpret public purpose to be the extent to which the financing will achieve one or more of the following objectives:
(1) a net present value savings;
(2) changes to restrictive covenants in financing documents; and/or
(3) a restructuring of existing obligations in the event of fiscal distress that will provide relief from such distress.
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 7 - Evaluation Standards and Criteria › Section 90:10-7-4 - Criteria applicability

Current through Vol. 41, No. 20, July 1, 2024
The general criteria set forth in this subchapter shall constitute general guidelines and standards for application review and consideration by the Council. In all instances, each individual application must be reviewed and considered on its own merit. The criteria and standards set forth shall accordingly, be interpreted and applied to allow sufficient flexibility in the ultimate exercise of the Council's judgement and discretion.
Amended at 16 Ok Reg 1735, eff 6-11-99; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 7 - Evaluation Standards and Criteria › Section 90:10-7-5 - Documentation of Council action

Current through Vol. 41, No. 20, July 1, 2024
(a) The Council shall provide a written determination by means of a statement signed by the State Bond Advisor reflecting the decision of the Council with respect to its consideration of any application. Such statement shall be copied and sent to the applicant. If the application is disapproved, the statement will indicate the reason(s) for this determination.
(b) The Council may make its provisional or final approvals contingent upon certain conditions being met or material submitted. The Council may delegate the authority to determine if these conditions have been met or the sufficiency of the material to the State Bond Advisor on an application by application basis. The Council may also delegate to the State Bond Advisor the authority to sign, on behalf of the Council, written statements setting forth the Council's actions on applications to the Council.
(c) The Council may grant conditional final approval in cases where additional information is needed. In such a conditional approval, the Council may require the issuer to appear before the Council at a later time to present additional information before final approval. Where a delay until the next Council meeting would be detrimental to the issuer, the Council may authorize the State Bond Advisor to determine if the additional information provided is sufficient to meet the stated requirements of the Council.
(d) In the case of disapproval, except of proposed obligations supported by the Credit Enhancement Reserve Fund, the applicant may request rehearing or reconsideration of the disapproval by submitting a new application to the Council along with an explanation of the basis for the appeal or reconsideration within ten (10) days of disapproval.
(e) If a previously disapproved application is reconsidered, the Council shall first vote on whether or not to reconsider the application. Only if the Council affirmatively votes to reconsider such an application shall the Council proceed to vote on the merits of the proposed financing.
Amended at 9 Ok Reg 2251, eff 6-25-92; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 9 - Reporting › Section 90:10-9-1 - Closing documentation to the State Bond Advisor

Current through Vol. 41, No. 20, July 1, 2024
(a) Prior to closing, issuers subject to Council approval must obtain the State Bond Advisor's approval of all fees and expenses paid or to be paid in connection with the transaction. Such approval shall be obtained on a form provided for that purpose by the State Bond Advisor. For the approval of any fees or expenses that may not be known prior to closing, the issuer shall make arrangements with the State Bond Advisor for formal approval of such fees and expenses when final information is available. Such post-closing approval will become a part of the official record of the transaction.
(b) In the case of State or Local Governmental Entity obligations subject to Council approvals, the following documents shall be submitted to the State Bond Advisor within thirty days of the closing of a bond issue or obligation transaction:
(1) Official Notice of Sale, Official Statement, Private Placement memorandum or other applicable document indicating the conditions, amortization, pricing, and terms of a bond or Certificate of Participation sale; or
(2) a copy of an executed lease purchase agreement along with amortization schedules. For all certificated lease obligations, whether sold publicly or privately placed, the issuer shall provide a schedule showing the dates of repayment for all certificates.
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 9 - Reporting › Section 90:10-9-2 - Local governmental entities

Current through Vol. 41, No. 20, July 1, 2024
(a) Local Governmental Entity issuers whose obligations are not subject to Council approval, must file a copy of the Official Statement, Offering Circular or Private Placement Memorandum within ten days following the date funds become available to the issuer from the sale of the obligations. In addition, the Local Governmental Entity must also complete and file the Notice by Local Governmental Entity form provided by the State Bond Advisor. This form shall include, but not be limited to the following:
(1) issue information including size, dated date, delivery date and maturity schedule;
(2) interest rates and reoffering yields; and
(3) call provisions; and
(4) a listing of the fees paid by the issuer, or by any third party on behalf of the issuer, for services rendered in connection with the issuance or sale of the obligations, whether or not such fees are paid with proceeds of the obligations.
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 9 - Reporting › Section 90:10-9-3 - Confirmation of issuance [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Amended at 8 Ok Reg 2527, eff 6-27-91; Revoked at 12 Ok Reg 1991, eff 7-14-95
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 11 - Credit Enhancement Reserve Fund Applications › Section 90:10-11-1 - General

Current through Vol. 41, No. 20, July 1, 2024
When the Oklahoma Development Finance Authority ("ODFA") submits an application for approval of a Credit Enhancement Reserve Fund ("Fund") financing, the Council shall evaluate the application for approval of the issuance of the ODFA's underlying obligation, and the request for coverage by the Fund, as two (2) separate matters. The issuance of the underlying obligation shall be evaluated using the criteria and standards contained in Subchapter 7 [90:10-7]. The Application for the granting of credit enhancement by the Fund shall be considered by the Council using the standards and criteria of this subchapter.
Amended at 8 Ok Reg 2527, eff 6-27-91; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 10 - Administration of the Oklahoma Bond Oversight and Reform Act › Subchapter 11 - Credit Enhancement Reserve Fund Applications › Section 90:10-11-2 - Evaluation standards and criteria

Current through Vol. 41, No. 20, July 1, 2024
(a) Pursuant to Section 5063.4(F) of Title 74 and Section 695.8(A)(4) of Title 62, the Council is given the authority to approve or disapprove the granting of credit enhancement on any obligation of the ODFA, to the extent they are to be enhanced or supported by the Fund. Because the granting of credit enhancement from the Fund carries with it a pledge to issue general obligation bonds of the State of Oklahoma to be paid by the taxpayers of Oklahoma, it is necessary for the Council to adopt standards and criteria with which to evaluate such applications. When evaluating applications for the granting of credit enhancement by the Fund, the Council shall consider the following:
(1) Whether the ODFA adopted sufficient rules, policies, and regulations to insure that it can adequately perform its statutory duties relating to the management of the Fund and the evaluation of obligations proposed to be covered by the Fund consistent with 5063.3(A) and 5063.4 of Title 74 of the Credit Enhancement Reserve Fund Act.
(2) Whether rules, regulations, and policies governing the Credit Enhancement Reserve Fund program adequately and sufficiently fulfill the intents and purposes of the Credit Enhancement Reserve Fund Act. In making this determination, the Council shall review the findings of the Program Development and Credit Review Committee [74 O.S., Section 5062.6a ].
(3) With respect to individual applications for Council approval, in making a determination to approve or disapprove such applications, the Council shall consider a written report for each application prepared by the Committee. While the Council shall consider the information contained in reports filed by the Committee, the Council shall not be bound to accept the conclusions reached by the Committee in making its determination to approve or disapprove an application. The individual reports shall include:
(A) a determination by the Committee regarding the extent to which an application complies with Rules Regarding the Administration of the Credit Enhancement Reserve Fund as implemented by the Oklahoma Development Finance Authority; and
(B) the assignment of a credit rating indicating the level of risk associated with each application.
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 15 - Administration of the Oklahoma Private Activity Bond Allocation Act › Subchapter 1 - General Provisions › Section 90:15-1-1 - Purpose and scope

Current through Vol. 41, No. 20, July 1, 2024
The Deputy Treasurer for Debt Management is responsible for implementing the Oklahoma Private Activity Bond Allocation Act found at 62 O.S., Section 695.21 et seq. The Deputy Treasurer for Debt Management is engaged by the State Treasurer who is authorized to employ the necessary staff to carry out the duties related to debt management and the Council of Bond Oversight. This Chapter is issued pursuant to the rulemaking authority of the Council of Bond Oversight. In order to provide guidelines to local and state bond issuers which are subject to the Act and wish to issue Private Activity bonds or Mortgage Credit Certificates subject to annual volume ceilings pursuant to federal law, this Chapter establishes pools and registers, including the Consolidated Pool and the Carryforward register, from which certain types of private activity bonds or mortgage credit certificates may be issued, allocation procedures, time frames, and information required on application forms provided by the Deputy Treasurer for Debt Management for such entities in order to facilitate the business of the Deputy Treasurer for Debt Management and such entities.
Added at 8 Ok Reg 2517, eff 6-27-91; Amended at 20 Ok Reg 462, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2269, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 15 - Administration of the Oklahoma Private Activity Bond Allocation Act › Subchapter 1 - General Provisions › Section 90:15-1-2 - Statutory definitions

Current through Vol. 41, No. 20, July 1, 2024
The following terms are defined in 62 O.S., Section 695.23:
(1) Application for state ceiling allocation
(2) Carryforward
(3) Confirmation
(4) Consolidated Pool
(5) Exempt facility bonds
(6) Final certification or final certificate
(7) Internal Revenue Code
(8) Issued
(9) Issuer or issuing authority
(10) Local issuer
(11) Mortgage credit certificate election
(12) Mortgage credit certificates
(13) Private activity bonds or bonds
(14) Qualified small issue
(15) Qualified student loan bonds
(16) State
(17) State Bond Advisor
(18) State ceiling
(19) State issuer
Added at 8 Ok Reg 2517, eff 6-27-91; Amended at 12 Ok Reg 1997, eff 7-14-95; Amended at 16 Ok Reg 675, eff 12-28-98 (emergency); Amended at 16 Ok Reg 1739, eff 6-11-99; Amended at 20 Ok Reg 2269, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 15 - Administration of the Oklahoma Private Activity Bond Allocation Act › Subchapter 1 - General Provisions › Section 90:15-1-4 - Severability

Current through Vol. 41, No. 20, July 1, 2024
Each provision of this Chapter is severable. If any provision is declared invalid, the invalidity will not affect any other provisions of this Chapter.
Added at 8 Ok Reg 2517, eff 6-27-91
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 15 - Administration of the Oklahoma Private Activity Bond Allocation Act › Subchapter 1 - General Provisions › Section 90:15-1-5 - Interpretation of Chapter

Current through Vol. 41, No. 20, July 1, 2024
This Chapter and procedures are adopted to simplify procedure, avoid delays, save expenses, and facilitate implementation of the Oklahoma Private Activity Bond Allocation Act by the Deputy Treasurer for Debt Management. To that end, this Chapter will be given a fair and impartial construction. This Chapter shall be cumulative to the Oklahoma Administrative Procedures Act. [75 O.S., Section 250 et seq.]
Added at 8 Ok Reg 2517, eff 6-27-91
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 15 - Administration of the Oklahoma Private Activity Bond Allocation Act › Subchapter 3 - General Operations of the Deputy Treasurer for Debt Management › Section 90:15-3-1 - Official office

Current through Vol. 41, No. 20, July 1, 2024
The Office of the State Treasurer is located at 2300 N. Lincoln Blvd., Suite 217, Oklahoma City, Oklahoma 73105. The telephone number is (405) 521-3191. The official office hours are from 8:00 a.m. to 5:00 p.m. Central Time, Monday through Friday, except legal holidays.
Added at 8 Ok Reg 2517, eff 6-27-91; Amended at 10 Ok Reg 2571, eff 6-26-93; Amended at 20 Ok Reg 462, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2269, eff 7-11-03
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 15 - Administration of the Oklahoma Private Activity Bond Allocation Act › Subchapter 3 - General Operations of the Deputy Treasurer for Debt Management › Section 90:15-3-2 - Records

Current through Vol. 41, No. 20, July 1, 2024
(a)
Open Records.
All requests for the public records of the Council will be made through the Office of the State Treasurer which will be charged with making the public records of the Council available for inspection by or copying to the requesting party during normal hours. The Council will charge $0.25 per page for each copy of a public record made upon written request, except as provided in (b) of this section. The Deputy Treasurer for Debt Management will decide if the request is for a record not otherwise made exempt under the Open Records Act and other Oklahoma Law. The Deputy Treasurer for Debt Management is authorized to discuss this decision with the Office of the Attorney General of the State of Oklahoma as may become necessary. Except information that is confidential or commercially sensitive as described above, or specifically exempt under Oklahoma or federal law, all documents or other records of the Council will be open for public inspection and copying.
(b)
Confirmation records.
The Deputy Treasurer for Debt Management will keep continuous and cumulative records to track bond issuances and/or mortgage credit certificate elections that use a portion of the state's annual volume ceiling. The Deputy Treasurer for Debt Management shall not award any new confirmations, if such confirmations would cause the state's volume ceiling to be exceeded. Records will include:
(1) final certification of actual bond issuances and mortgage credit certificate elections subject to confirmations;
(2) confirmations of allocations of the volume ceiling for bonds or mortgage credit certificates which have not been closed or elections filed (i.e. confirmations pending final certifications); and;
(3) confirmations of carryforward assignments to issuers.
Oklahoma Administrative Code › Title 90 - Council of Bond Oversight › Chapter 15 - Administration of the Oklahoma Private Activity Bond Allocation Act › Subchapter 5 - Annual State Ceiling: General [Revoked] › Section 90:15-5-1 - Notice publication; calculation [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 8 Ok Reg 2517, eff 6-27-91; Revoked at 10 Ok Reg 2571, eff 6-26-93