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§ 853. Definitions

Oklahoma Statutes AnnotatedTitle 74. State Government

Oklahoma Statutes Annotated
Title 74. State Government (Refs & Annos)
Chapter 28. Oklahoma Industrial Finance Authority Act (Refs & Annos)
74 Okl.St.Ann. § 853
§ 853. Definitions
The following terms whenever used or referred to in the Oklahoma Industrial Finance Authority Act shall have the following meanings, except in those instances where the context clearly indicates otherwise:
(a) The term “Authority” shall mean the public body corporate and politic, “The Oklahoma Industrial Finance Authority” created by this act.
(b) The term “Board” shall mean the governing body of the Authority.
(c) The term “government” shall mean the state and federal governments, or any political subdivision, agency or instrumentality, corporate or otherwise, or either of them.
(d) The term “industrial development agency” shall mean any Oklahoma incorporated organization, foundation, association or agency, regardless of the particular name, whether organized for profit or nonprofit, which shall have as its primary function the promotion, encouragement and development of industrial, recreational, agricultural processing and manufacturing enterprises, livestock processing and conditioning enterprises and enterprises which process mined resources in Oklahoma.
(e) The term “Industrial Development Loan Fund” shall mean the account created by Section 860 of this title.
(f) The term “industrial development project” shall mean any site, structure, facility or undertaking comprising or being connected with or being a part of any industrial, recreational, agricultural processing or manufacturing enterprise or enterprise which processes mined resources established or to be established by an industrial development agency in Oklahoma.
(g) The term “municipality” shall mean any city or town in Oklahoma.
(h) The term “machinery” shall mean moveable machinery as well as machinery which is permanently affixed.
(i) The term “purchase money security interest” shall have the same meaning it has under Section 1-9-103 of Title 12A of the Oklahoma Statutes.
(j) On and after May 30, 1990, the term “recreational enterprise” shall mean amusement, cultural, historical, nature, theme, water or zoological park or museum or aquarium.
(k) The term “responsible buyer” shall mean any person, partnership, firm, company or corporation whether organized for profit or not deemed by the Authority, after proper investigation, to be financially responsible to assume all obligations prescribed by the Authority in the acquisition of an industrial development project from an industrial development agency, and in the operation of an industrial or manufacturing enterprise therein or thereon.
(l) The term “responsible tenant” shall mean any person, partnership, firm, company or corporation whether organized for profit or not deemed by the Authority, after proper investigation, to be financially responsible to assume all rental and all other obligations prescribed by the Authority in the leasing of an industrial development project and in the operation of an industrial or manufacturing enterprise therein or thereon or in the operation of tourism facilities in the form of amusement parks, entertainment parks, theme parks, or museums.
(m) The words “cost of establishing an industrial development project” shall embrace any or all of the following: The cost of construction, the cost of all lands, property, rights, easements and franchises acquired, which are deemed necessary for such construction; financing charges, interest prior to and during construction, cost of engineering and legal expense, plans, specifications, surveys, estimates of costs and other expenses necessary or incident to determining the feasibility or practicability of any industrial development project, cost of such machinery and equipment essential to placing the project in operation, not limited to such machinery and equipment of the type necessarily required to be permanently affixed to and, by agreement of the parties, become a part of the realty covered by the Authority's mortgage; provided, further, that the Authority shall make no loan secured by movable machinery and equipment separate and apart from the realty, unless such loan is secured by a security interest and a real estate mortgage on the industrial development project, together with such other expenses as may be necessary or incident to the financing and construction of the industrial development project and the placing of the same in operation. The cost of all machinery and equipment and its installation and maintenance, except as above provided, shall not be included in the “cost of establishing an industrial development project”, but shall be provided by the responsible tenant or responsible buyer.
(n) The determination of the amount of bonds “outstanding at any one time” shall be calculated by totaling the face amount of all unretired bonds issued by the Authority less any sums irrevocably on deposit in the Bond Redemption Account.
(o) Nothing in this act shall be construed to impair or affect the right of any recreational enterprise, as was defined by the Rules and Regulations of the Oklahoma Industrial Finance Authority prior to May 30, 1990, and whose application is on file and pending approval by the Authority prior to May 30, 1990, to otherwise qualify for and receive any loan pursuant to the Oklahoma Industrial Finance Authority Act.

Credits

Laws 1959, p. 500, § 3; Laws 1967, c. 91, § 1, emerg. eff. April 19, 1967; Laws 1980, c. 295, § 1, emerg. eff. June 13, 1980; Laws 1986, c. 133, § 1, emerg. eff. April 17, 1986; Laws 1986, c. 276, § 16, operative July 1, 1986; Laws 1987, c. 9, § 1, emerg. eff. March 31, 1987; Laws 1988, c. 88, § 1, emerg. eff. March 30, 1988; Laws 1989, c. 350, § 4, operative July 1, 1989; Laws 1990, c. 337, § 23; Laws 2000, c. 371, § 181, eff. July 1, 2001.
74 Okl. St. Ann. § 853, OK ST T. 74 § 853
Current with emergency effective legislation through Chapter 29 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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