Oklahoma Administrative Code › Title 200 - Oklahoma Development Finance Authority › Chapter 20 - Administration of ODFA-Financed Projects › Subchapter 5 - Financing Application, Review and Approval › Section 200:20-5-1 - General procedure for application, review and consideration

Current through Vol. 41, No. 20, July 1, 2024
The general procedure to be followed in the application, review and consideration for financing process shall be as follows:
(1)
Pre-application conference.
While not specifically required, all potential applicants are encouraged to initially contact the Authority for purposes of making arrangements for participating in a pre-application conference between Authority, Authority's counsel, applicant (or representative), applicant's legal and financial advisor and such other persons whose attendance and participation may be deemed appropriate and beneficial. At the pre-application conference, preliminary matters respecting the applicant, the proposed project and the application for financing may be generally discussed in an effort to familiarize all concerned parties with the financial assistance program and applicable application requirements and procedures. If possible an applicant may be given a preliminary indication by the Authority representatives concerning whether the project conforms with trust purposes, Oklahoma and Federal law. In addition, the applicant will be notified that even if trust purposes are met, the project may be rejected for financing on numerous criteria developed by the Authority if the Authority determines these criteria are not adequately served.
(2)
Application.
Applicant shall initiate application review and consideration by submission to the Authority of applicant's application for financing. In all instances, applications must be written and in a form which meets the requirements of Subchapter 7.
(3)
Preliminary review.
Upon receipt of the application by the Authority, the submitted application shall be given preliminary review by the Trustees and Authority's counsel for an initial determination of project eligibility, applicant eligibility and for completeness and accuracy of all required and necessary information.
(4)
Final review.
Subsequent to preliminary review and based upon the determination of eligibility and adequacy of information submitted, the application shall thereafter be reviewed by the Trustees and Authority's counsel for recommendation to the Authority. In this endeavor, Authority shall review and investigate the application for the purpose of determining compliance with considerations and factors and criteria deemed relevant and necessary for purposes of inducement action by the Authority.
(5)
Initiating bond issues notice.
Prior to any inducement resolution or official steps in development of any project, a copy of the application shall be submitted to the Office of the Governor describing, among other things required, the type of project contemplated and the public purpose served thereby.
(6)
Authority action.
Upon completion of review, the submitted application with recommendations, if any, shall be placed upon the Authority's agenda for the next regular (or special) Authority meeting and shall be thereby submitted to the Authority for hearing, review and consideration and Authority action. At such hearing, any interested person may appear and be heard.