Oklahoma Administrative Code
Title 200 - Oklahoma Development Finance Authority
Chapter 20 - Administration of ODFA-Financed Projects
Subchapter 5 - Financing Application, Review and Approval
Section 200:20-5-2 - Application for financing
Universal Citation: OK Admin Code 200:20-5-2
Current through Vol. 42, No. 1, September 16, 2024
(a) Application form. Printed application for financing forms shall be, to the extent deemed appropriate, furnished by the Authority. All applications must be completed by the applicant either on written forms as may be provided by the Authority or in such other written form as the Authority may require.
(b) Required general information. The following general information, where deemed by the Authority to be applicable to the applicant and project or program under consideration, must be submitted by applicant within each application:
(1) Applicant's full, true and correct legal name, official residence and mailing address if different from official residence.
(2) Type of entity.
(3) Name and address of parent or affiliated company.
(4) Description of business.
(5) Names and addresses of officers, directors, principal stockholders or partners (identify managing partner).
(6) Name and address of applicant's project legal counsel, underwriter, bank and accountant.
(7) A statement of the manner and means by which applicant intends to finance the entire project if less than 100% is to be financed through the Authority. Information whether an application is to be filed with The Oklahoma Industrial Finance Authority and, if so, the amount. However, the OIFA financing is limited to 25% of the amount requested from the Authority.
(8) Applicant must provide a copy of applicant's previous five (5) years annual financial statements, current statements through the quarter preceding the application, and a copy of the most recent annual report, if any.
(9) A brief but adequate description of the proposed project or program for which application is made, including but not limited to the following:
(A) Information regarding the type of project facility (existing, new facility or expansion) or information concerning the necessity of the program which addresses pertinent information, including the standards and criteria set forth in 200:20-5-3(a).
(B) Address of proposed facility, if any.
(C) Information regarding the site ownership (whether site is currently owned by applicant or site is under option).
(D) Information regarding the project data (size of site, site of building, size of office, whether project is to be leased and if so, to whom and relationship).
(E) Information regarding the employment (present employment, new employment to be created over the following three years, total projected, each detailed by number and annual payroll).
(F) Description of project in detail, including, if applicable:
(i) a general description of the facility to be constructed or acquired,
(ii) the type of machinery and equipment to be acquired,
(iii) a brief description of the product(s) to be manufactured at the facility,
(iv) the manufacturing process to be performed at the site, and
(v) the ultimate consumer of the product(s).
(G) Information concerning the program in detail including objectives to be financed or accomplished.
(10) Information regarding the financing, where applicable, on the following related information:
(A) Anticipated total cost of project or program and justification therefor.
(B) Total amount of funds requested by applicant for project assistance from the Authority including a statement of the specific uses and purposes for which such funds are intended to be applied, including costs of land, buildings, equipment or specified uses in the program.
(C) Description of terms of financing, including:
(i) Whether issue is a private placement or public offering and if a private placement, the name of purchaser of obligation.
(ii) A copy of commitment letter issued by purchaser, if any.
(iii) Estimated interest rate and term, and, when available, comparative information from other possible purchasers reflecting that this is the best purchaser.
(iv) Commitment fee.
(v) Security, if applicable, mortgage and security interest, assignment of rents, guaranty and by whom.
(D) Annual financial statements of Guarantors, if any, for the prior year and current statements through the quarter preceding the application.
(c) Other necessary information.
(1) Where applicable to the particular project for which financing is sought, the following additional information must be submitted with the application:
(A) Employer's identification number.
(B) Fiscal year ends.
(C) Which district IRS office returns are filed.
(D) Detailed statement whether applicant has been involved in any bankruptcy, receivership, reorganization, liquidation of compromise with creditor.
(E) Identity of customer and percentage, if any one customer is responsible for a major portion of the applicant's annual sales.
(F) Description, if applicable, of any relationship between the applicant, its officers, directors, shareholders or partners, or any underwriter or institution purchasing the Authority's obligation, and any Trustee of the Authority.
(G) Comprehensive statement clearly demonstrating project need and the degree and extent of local support for the project. Such statement must be in sufficient detail to support and justify the project and should describe all aspects of present local support and approval for the project. Applicant may include letters or statements of support from any interested persons or agencies.
(2) The Authority reserves the right to require applicant to submit such further or additional project information as may be deemed necessary for proper project review under the particular facts and circumstances of any specific project proposal.
(d) Application certification. All applications for financing must be duly certified by the applying entity (authorized representative) at the time of submission.
Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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