Current through Vol. 41, No. 13, March 15, 2024
(a)
General. The ODFA, which is the Administrator of the Fund, is a successor to The Oklahoma Development Authority, a public trust that was organized under Title 60, Sections 176 et seq. and a Declaration of Trust, as amended. ODFA is a constituted instrumentality of the State of Oklahoma with comprehensive and extensive powers to provide financing assistance for multiple purposes.
(b)
Board of Directors. The ODFA is governed by a Board of Directors consisting of seven (7) persons. One of the persons is the Director of the Oklahoma Department of Commerce who serves ex officio but who is a voting member of the Board. Another person, qualified by outstanding knowledge, leadership and experience in the field of finance, is appointed by the Governor of the State of Oklahoma for a two (2) year term subject to the advise and consent of the State Senate. The other five (5) members of the Board are appointed by the Governor, subject to the advise and consent of the State Senate, for staggered terms made on the basis of outstanding knowledge, leadership and experience in the respective field of the appointee. The members annually elect a chairman, vice-chairman, secretary and treasurer from among the membership.
(c)
Board action. Four (4) members of the Board constitute a quorum. The affirmative vote of the majority of members present at a meeting of the Board of Directors is necessary for any action in regard to the Fund.
(d)
Administration. The day to day management of the ODFA is vested in a president appointed by the Board. The president employs such other officers and employees as designated by the Board and directs and supervises the administrative affairs and the general management of the ODFA.
(e)
Program Development and Credit Review Committee. The Committee shall:
(1) Consist of three members: The State Bond Advisor, an ODFA representative and an "at large" member mutually selected by the Bond Advisor and the ODFA appointee. The at large member will serve for a period of six months subject to renewal at the pleasure of the Bond Advisor and the ODFA representative. A quorum will consist of two members. Two affirmative votes are necessary for the Program Development and Credit Review Committee to take action.
(2) Elect a chairman, vice-chairman and secretary for the purpose of conducting business.
(3) Meet when necessary to act on pending business, such meetings shall be subject to the Open Meeting Act. The Committee may hold executive sessions at such meetings as is permitted by the Oklahoma Meeting Act, supra, including Executive Sessions to discuss materials that are confidential or commercially sensitive information. [74:5062.6F] With respect to the Committee's functions and responsibilities:
(A) The ODFA will provide staff for the Program Development and Credit Review Committee and will schedule meetings and prepare agendas.
(B) The ODFA representative shall review and analyze applications and submit the application, terms and conditions relating to the financing and the proposed Insurance Premium for approval or disapproval by the Program Development and Credit Review Committee.
(C) There shall be no appeal with respect to the decision of the Program Development and Credit Review Committee.
(D) Any applicant whose project was disapproved at any level may submit a new application.
(4) Prior to the consideration of any application requesting Credit Enhancement Reserve Fund support except for obligations exempted under the Quality Jobs Investment Program, review and report to the ODFA Board of Directors and to the Executive and Legislative Bond Oversight Commissions findings concerning the Rules Regarding the Administration of the Credit Enhancement Reserve Fund and related regulations and policies as implemented, for the purpose of determining if said rules, regulations and policies adequately and sufficiently fulfill the intents and purposes of the Credit Enhancement Reserve Fund Act.
(5) Review and approve or disapprove program concepts except for obligations exempted under the Quality Jobs Investment Program which generally describe the public purpose, intended public to be served and estimated size of programs which are intended to be supported by the Credit Enhancement Reserve Fund, prior to any action by the ODFA Board of Directors.
(6) Review the application, the Credit Officer's report, the terms and conditions of the proposed ODFA Commitment, and any supporting material for the purpose of assigning a rating of low, moderate or high credit risk based upon the risk of the venture and the ultimate risk of loss exposure to the Credit Enhancement Reserve Fund except for obligations exempted under the Quality Jobs Investment Program.
(7) Examine the credit analysis and due diligence on each application and prepare and provide a written report to the ODFA Board of Directors concerning the credit rating and concerning sufficient compliance with the Rules Regarding the Administration of the Credit Enhancement Reserve Fund except for obligations exempted under the Quality Jobs Investment Program.
