Current through Vol. 42, No. 1, September 16, 2024
(a)
Upon
approval by the Governor, the Oklahoma Department of Commerce shall enter into
an agreement that sets forth the conditions for payment of monies from the
Oklahoma Quick Action Closing Fund. The agreement must include:
(1)
The total amount of funds
awarded;
(2)
Except in the case of a rebate approved for payment to a high impact
production company pursuant to the provisions of Section
3624
of Title 68 of the Oklahoma Statutes, the performance conditions that must be
met to obtain the award including, but not limited to, net new employment in
the state, average salary, and total capital investment;
(3)
If appropriate, a baseline of
current service and measure of enhanced capability;
(4)
The methodology of validating
performance;
(5)
The schedule of payments from the fund, and claw-back provisions for
failure to meet performance conditions; and
(6)
A requirement that no monies paid
from the Oklahoma Quick Action Closing Fund shall be used by a recipient or any
other person or entity for purposes of any political contribution to or on
behalf of any candidate or for the support of or opposition to any measure
including but not limited to an initiative petition or referendum. [62 O.S.
§ 48.2(H)
(b)
If any or all of the amount to be
awarded is used to build a capital improvement, except in the case of an amount
approved for payment to a high impact production company pursuant to the
provisions of Section
3624
of Title 68 of the Oklahoma Statutes:
(1)
The funds used for the capital
improvement shall be deemed to be held in trust for the benefit of the state
and shall be considered as a priority claim for purposes of federal bankruptcy
law; and
(2)
If
the capital improvement is sold, the recipient of the award shall:
(A)
repay the state the money awarded
to pay for the capital improvement, with interest at the rate and according to
the other terms provided by the agreement, and
(B)
share with the state a
proportionate amount of any profit realized from the sale. [62 O.S. §
48.2(J)]
(c)
If, as of the date certain
provided in the agreement, the award recipient has not used monies awarded for
the intended purposes, the recipient shall repay that amount and any related
interest to the state at the agreed rate and on the agreed terms and any such
amounts shall be deemed to be held in trust for the benefit of the state and
shall be considered as a priority claim for purposes of federal bankruptcy law.
[62 O.S. § 48.2(K)]
Added at 30 Ok Reg 101, eff 11-1-12 (emergency); Added at
30 Ok Reg 481, eff 5-25-13
