§ 62-695.24 — Designation of various pools - Amounts reserved and

Oklahoma § 62-695.24

• Jurisdiction: Oklahoma
• Title 62: Public Finance

Text

placed. A. For the period January 1 through June 30 of each calendar year, the state ceiling shall be reserved and placed in pools according to the following: 1. Ten percent (10%) of the state ceiling shall be reserved and placed in a pool designated as the Student Loan Pool. Allocations from this pool may be made only to qualified student loan bonds issued by eligible state issuers; 2. Twenty-five percent (25%) of the state ceiling shall be reserved and placed in a pool designated as the Economic Development Pool. Allocations from this pool may be made only upon the recommendation of the Director of the Oklahoma Department of Commerce and following review and approval by the Council of Bond Oversight. In order to approve the recommendation, the Council of Bond Oversight must find that the project seeking an allocation from this pool will result in the creation of manufacturing jobs in this state or will in some other way contribute to an economic development objective of this state; 3. Forty percent (40%) of the state ceiling shall be reserved and placed in a pool designated as the Housing Pool. Allocations from this pool may be made only to qualified single-family bonds, multifamily bonds, or mortgage credit certificates. a. No single project or issuer shall be eligible to receive an allocation or allocations in excess of twenty-five percent (25%) of the state ceiling under this paragraph. b. Notwithstanding subparagraph a of this paragraph, an issuer shall be eligible to receive subsequent allocations provided that any previous allocations have already issued; 4. Twenty-five percent (25%) of the state ceiling shall be reserved and placed in a pool to be designated the Discretionary Pool. Allocations from this pool may be made to any qualified private activity bond, as provided by Section 141 of the Internal Revenue Code, that is not subject to paragraph 1, 2, or 3 of this subsection. a. Before June 30 of any calendar year, an amount not to exceed ten percent (10%) of the state ceiling may be reserved and placed from the Discretionary Pool to any of the pools defined in paragraph 1, 2, or 3 of this subsection. b. Reservation and placement from the Discretionary Pool shall be at the discretion of the Deputy Treasurer for Debt Management and subject to the approval of the Council of Bond Oversight; and 5. Projects subject to one or more pools shall be eligible to receive an allocation from the pool designated by the Deputy Treasurer for Debt Management. a. No pool designation shall be made for the purpose of denying or delaying an allocation by intentionally selecting a pool containing insufficient amounts of available state ceiling. b. Any appeal from such designation shall be made to the Council of Bond Oversight. B. On July 1 of each calendar year, any unallocated sums remaining in the pools of subsection A of this section shall be reserved and placed in the Consolidated Pool. C. Notwithstanding subsection H of Section 695.25, no later than 9:00 a.m. on December 1 of each calendar year, any previous allocations that fail to issue, or unallocated sums remaining in the Consolidated Pool, shall be reclaimed or reserved for qualified carryforward projects, as said term is used in Section 103(n)(10) and 146(f) of the Internal Revenue Code.

Legislative History

Added by Laws 1990, c. 326, § 4, emerg. eff. May 30, 1990. Amended by Laws 1993, c. 233, § 6, eff. July 1, 1993; Laws 1995, c. 349, § 4, eff. Jan. 1, 1996; Laws 1996, c. 342, § 2, eff. Jan. 1, 1997; Laws 1997, c. 236, § 4, emerg. eff. May 23, 1997; Laws 1998, c. 129, § 2, eff. Jan. 1, 1999; Laws 1998, c. 400, § 4, eff. Jan. 1, 1999; Laws 2004, c. 380, § 2, eff. Jan. 1, 2005; Laws 2019, c. 53, § 9, eff. Nov. 1, 2019; Laws 2025, c. 176, § 3, eff. Nov. 1, 2025.