SECTION 200:20-5-4. Authority inducement action

  After reviewing and considering the submitted application, the Authority may proceed to take one of the following alternative forms of Authority action on the application:

(1)   The Authority may approve the application as submitted, in whole or in part, and thereby adopt an inducement resolution authorizing such further action as may be necessary to effectuate inducement. Such resolution shall include, among other things, a statement substantially to the effect that unless the bonds, notes or other obligations therein authorized are issued within one year from the date of its adoption, it shall expire and have no further effect, unless subsequently extended by action of a majority of the Trustees.

(2)   The Authority may retain the application under advisement for further consideration or continue hearing on same for later ruling and disposition, and, the Authority may withhold ruling on the application pending further hearing and/or submission to the Authority of such further or additional information as the Authority may require for application consideration purposes.

(3)   The Authority may reject and deny the application, in whole or in part.

(4)   The Authority may approve the application, in whole or in part, such approval being conditioned and contingent upon receipt and approval by the Authority of any outstanding and necessary material, information, documents, verifications or other authorization, and thereby adopt an inducement resolution authorizing such further action as may be necessary to effectuate inducement.

(5)   The Authority shall submit a Request for Approval from the Governor, if required by Oklahoma statute, Executive Order of the Governor of provisions of the Internal Revenue Code or regulations thereunder.

(6)   Following the adoption of the inducement resolution, the Authority and the applicant shall execute and deliver a Memorandum of Understanding relating to the project which may include provisions relative to estimated fees, expenses and funding utilization.