SECTION 200:10-5-6. Fund geographic diversification

  The Administrator will seek to avoid geographic concentration of Insurance Commitments and will seek to achieve diversity of geographic locations where Insurance Commitments are utilized. The Administrator will seek, but will not be required, to issue Insurance Commitments over time that constitute an equitable distribution among the nine (9) Economic Development Regions created among the various counties in the State of Oklahoma and administered by the Oklahoma Department of Commerce. However, under no circumstances shall funds generated by the use of the resources of the Credit Enhancement Reserve Fund be used to fund projects located outside of the boundaries of the state. In making such evaluation of a fair and equitable distribution of the benefits of the Fund resources, the Administrator may consider the relative opportunities for economic development among the various regions, the rate and duration of unemployment in such regions, the magnitude of the public works needs in the respective regions, alternative availability of financing resources in the respective regions, the land area of the region in which government services must be provided, the population of the respective regions and other factors. However, nothing in this Section will require the Fund to issue an Insurance Commitment for ODFA financing assistance that does not meet the credit standards and other underwriting criteria of the Fund generally applied to all applicants.

[Source: Amended at 12 Ok Reg 2177, eff 7-14-95]