SECTION 355:10-5-5. Funding criteria

(a)   The Authority recognizes that its available funds and monies to be received through the issuance of future bond issues are a precious resource and should be made to the most deserving and viable loan applicants. In deciding whether to fund a loan the Authority shall consider the following criteria. However, the presence of any single criterion, or the absence of any single criterion, shall not automatically qualify or disqualify a loan applicant. These criteria are meant to be factors considered by the Authority in its finding that the project will further the public purpose of the Oklahoma Industrial Finance Authority Act, 74 O.S. §§ 851 et seq.

(1)   The industrial tenant or responsible buyer for the industrial project financially responsible to assume all obligations prescribed by the Authority in the acquisition of the industrial development project and in the operation of an industrial, manufacturing or recreational enterprise therein or thereon.

(2)   Funding of the loan will increase jobs in the community and state or will preserve and save jobs in the community or state.

(3)   Funding the loan will help diversify the economy of the State of Oklahoma.

(4)   Funding of the loan will also attract money into the state through additional sales or result in additional new investment into the state.

(5)   The project will attract tourists to the state.

(6)   A substantial increase, preservation or retention of jobs must be considered. Minimum job limit should be 10; cost per job should not exceed $30,000 per job; seasonal employment should be adjusted to an annual basis, i.e. 20 jobs for 3 months equals 5 permanent jobs.

(b)   All the criteria in (a) of this Section shall apply unless an emergency is declared by unanimous consent of the Authority.