SECTION 90:10-3-4. Final approval form

(a)   The Request for Final Approval form shall be provided by the State Bond Advisor, and shall include but not be limited to the following:

(1)   Material changes. The Applicant is required to list and explain any material changes from the information provided on the issuer's Provisional Approval form that have taken place since the date of provisional approval.

(2)   Project information. The Applicant is required to provide more detailed information on the status of the project, including the anticipated construction draw schedule and the estimated completion date. Descriptions of any collateral pledged for the borrowing, the revenue stream dedicated for repayment of the loan, and any credit enhancement provider are also required.

(3)   Attachments. The following attachments are required:

(A)   Evidence of provisional approval from the Council unless the applicant elects to apply for provisional and final approval simultaneously, pursuant to 90:10-3-4(b).

(B)   Letter from issuer certifying that due diligence has been completed.

(C)   Letter from issuer's attorney or bond counsel stating that they have reviewed the proposed transaction and it will comply with state and federal law.

(D)   Copy of the document that authorizes the bond issue. Such documentation would include enabling act, legislation, resolution or ordinance from the issuer's governing board, and/or other documentation authorizing the obligation.

(E)   Letter from the issuer stating that there are no conflicts of interest between the Applicant, any borrowers, service providers affiliated with the issuance, or any other participants in the transaction.

(F)   Form of Opinion Letter from Bond Counsel regarding the valid authorization and tax status of the issue. The Council may approve an application pending receipt of bond counsel opinion letter; however, the letter must be received prior to closing.

(G)   In the case of obligations backed by the Credit Enhancement Reserve Fund, the report prepared by the Program Development and Credit Review Committee and the Credit Enhancement Reserve Fund Supplemental Information form.

(H)   Preliminary Official Statement, Offering Circular or Private Placement Memorandum. This information may be submitted in draft form, provided the issuer identifies any missing information or data that is incomplete and/or subject to change.

(I)   Letter from issuer's attorney or bond counsel stating that there is no litigation pending or threatened relating to outstanding or proposed obligations or the issuer's authority to enter into any agreements necessary to complete the proposed transaction.

(b)   In addition to the above, the State Bond Advisor may require an issuer to submit any other materials or information deemed by the State Bond Advisor to be necessary to consideration of the application.

(c)   An issuer may elect to apply for final and provisional approval simultaneously. An application must include both the provisional and final approval request forms and all required supporting documentation and be submitted together in accordance with the provisions of 90:10-3-2.

[Source: Amended at 8 Ok Reg 2527, eff 6-27-91; Amended at 12 Ok Reg 1991, eff 7-14-95; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03]