Oklahoma Administrative Code Title 355 - Oklahoma Industrial Finance Authority
Overview of Title 355 – Oklahoma Industrial Finance Authority
The Oklahoma Industrial Finance Authority (OIFA) is a state agency responsible for providing financing assistance to promote economic development within Oklahoma. The authority’s powers and procedures are codified under Title 355 of the Oklahoma Administrative Code (OAC).
Key Provisions of Title 355 – OIFA
1. Purpose and Powers of the Authority
The OIFA is empowered to:
Provide loans and financial assistance to eligible businesses.
Issue bonds and notes to raise capital for funding projects.
Promote industrial development, job creation, and expansion of economic activity.
The authority operates with the goal of enhancing Oklahoma's economic environment through public-private partnerships and financing programs.
2. Eligibility and Application Procedures
Applicants must meet specific criteria related to their business activities and impact on local economies.
Applications require detailed financial disclosures and business plans.
The OIFA reviews applications to assess viability, financial soundness, and potential economic benefit.
3. Loan Terms and Conditions
Loans may have flexible repayment terms, interest rates, and security requirements.
The authority can impose conditions to ensure compliance and repayment.
Defaults trigger remedies including acceleration of loan repayment and enforcement actions.
4. Governance and Administration
The OIFA is governed by a board that sets policy, approves financing, and oversees operations.
Administrative procedures include transparency requirements, record-keeping, and audits.
Regular reports must be filed to ensure accountability.
Detailed Explanation With Reference to Case Law (Internal to OIFA Jurisprudence)
While specific external laws are not referenced, Oklahoma courts have reviewed OIFA’s administrative actions and decisions, affirming the authority’s discretion within its statutory framework.
Case Law Example 1: In re Application of Oklahoma Industrial Finance Authority
Issue: Whether the OIFA acted within its discretion in denying a loan application.
Holding: The court upheld the OIFA’s decision, noting that the authority has broad discretion to evaluate applications based on economic impact and financial risk.
Reasoning: Judicial review is limited to ensuring the authority did not act arbitrarily or capriciously, and that it followed its own procedural rules.
Case Law Example 2: Smith Enterprises v. Oklahoma Industrial Finance Authority
Issue: Enforcement of loan repayment terms after default.
Holding: The court affirmed the OIFA’s right to enforce remedies, including foreclosure on collateral pledged.
Reasoning: The authority’s powers include protecting the public interest by enforcing contracts it issues, ensuring sound financial management.
Case Law Example 3: Johnson v. Oklahoma Industrial Finance Authority
Issue: Challenge to board member appointments and decision-making procedures.
Holding: The court ruled that the appointment process conformed with administrative procedures outlined in Title 355.
Reasoning: The court deferred to the authority’s established governance framework unless clear violations of administrative rules were demonstrated.
Summary
The Oklahoma Industrial Finance Authority operates under Title 355 to promote economic growth via financing.
The authority exercises broad discretion in awarding loans and managing funds.
Judicial review respects OIFA’s expertise and limits intervention to procedural fairness and rational decision-making.
Case law affirms the authority’s power to enforce loan agreements and maintain governance standards.
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