Oklahoma Administrative Code › Title 200 - Oklahoma Development Finance Authority › Chapter 10 - Administration of Credit Enhancement Reserve Fund › Subchapter 11 - General Approval Standards and Criteria › Section 200:10-11-2 - Standards and criteria for application approval

Current through Vol. 41, No. 20, July 1, 2024
The ODFA recognizes that the monies available for the Fund form the issuance of the General Obligation Bonds and other sources are a precious resource and should be made to deserving and viable applicant. In addition to the Application and related information submitted by the applicant and the written credit evaluation and report by the Credit Officer, the Board may consider general and non-exclusive criteria for Application approval, including, but not limited to the following:
(1)
Financial condition/responsibility.
The Board will consider whether the Person is financially responsible to assume the financial obligations of the underlying financing assistance and all other obligations of such Person applying for an Insurance Commitment to the end that adverse risk selections are avoided to the extent reasonably possible.
(2)
Compliance with laws and Declaration of Trust.
The application and proposed Project or Program must be in compliance with all applicable and relevant federal, state and local laws and rules and regulations and with the Declaration of Trust, as amended, and applicant must possess all necessary and incidental legal rights and privileges necessary for project commencement and operation or for Program participation.
(3)
Eligibility.
The applicant and proposed Project or Program must be determined to be eligible for the credit facility support sought.
(4)
Local need, support and priority.
The proposed Project or Program must be found to be sufficient, as proposed, to serve such needs. The Board also may consider the Project's or Program's relative benefit and priority in relation to the needs of other proposed Projects, Programs and Applications. The Board also may consider the extent and degree of local support, interest and commitment in and to the proposed Project or participation in a Program.
(5)
Availability of other assistance.
The Board may consider the feasibility and availability of alternative sources of financing or credit facility support which could be obtained and utilized by the applicant.
(6)
Economic feasibility.
The Board will consider the overall apparent economic viability and feasibility of the Project as a whole including proposed revenues from the Project and the adequacy and reliability of estimated revenues necessary to meet repayment of the underlying financing assistance and all other obligations of the applicant.
(7)
Statewide needs and public interest.
The Board may give consideration to the relationship between the proposed Project or Program and the overall needs within the State of Oklahoma as well as whether the proposed Project, if constructed, or Program, if consummated, will serve the public interest and welfare.
(8)
Planning and technical support.
The Board may consider the planning and technical support for the Project, particularly for Insurance for Infrastructure and capital improvement facilities, to the end that duplication or inefficient use of facilities is avoided and sound regional planning or inter-governmental cooperation is furthered.
(9)
Comparative requests.
The Board may consider the amount of Insurance requested by each applicant compared with the aggregate amount of Insurance requested by other current applicant.
(10)
Employment and other public purpose benefits.
The Board may consider qualitative and quantitative factors to determine the extent to which an applicant will:
(A) Create additional employment opportunities in the local community and the State of Oklahoma;
(B) Preserve and save employment opportunities in the local community and the State of Oklahoma;
(C) Improve the productivity of enterprises operating, or to be operated, in the State of Oklahoma;
(D) Provide value added processing or production to commodities or goods;
(E) Reduce energy consumption, reduce transportation costs or provide other competitive advantages to enterprises operating, or to be operated, in the State of Oklahoma;
(F) Create related employment opportunities;
(G) Diversify economic activity in the State of Oklahoma; or
(H) Attract new monies into the State of Oklahoma which will further stimulate economic activity.