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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 90. Council of Bond Oversight |
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Chapter 15. Administration of the Oklahoma Private Activity Bond Allocation Act |
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Subchapter 1. General Provisions |
SECTION 90:15-1-3. Additional definitions
Latest version.
- The following words or terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:"Accepted allocation" means an allocation made and not rejected by the applicant within ten (10) days."Act" shall refer to the Oklahoma Private Activity Bond Allocation Act [62 O.S., Section 695.21 et seq. as amended]."Allocation" means a portion of the state's volume ceiling. An issuer receives an allocation upon receipt of a written confirmation of an allocation by the State Bond Advisor."Beneficiary" means the person, firm or other entity on whose behalf obligations are issued and used."Chronological order" for purposes of administering the Act, means the order in which applications are received, as evidenced by the date and time stamp recorded on each application by the State Bond Advisor. All completed applications received prior to or at 8:00 a.m. on the first business day of each year shall all be recorded as having been received at the same time."Completed application" means a completed Private Activity State Ceiling Allocation Application, provided by the State Bond Advisor, and all required attachments and supporting information, as determined by the State Bond Advisor."Identical beneficial use" means obligations issued for the acquisition, construction or rehabilitation of the same facilities serving the same geographic area or population."Issuer's agents or representatives" means legal counsel, underwriters or financial advisors employed by an issuer to sell bonds or assist with filing or administering mortgage credit certificate programs."Open Records Act" means the Oklahoma Open Records Act, 51 O.S. Section 24A.1. et seq."Partial confirmation" means a confirmation in an amount less than a requested allocation."Permanent status on a register" means an application, as determined by the State Bond Advisor, that is complete and meets the requirements, where appropriate, of 90:15-9-2 through 90:15-9-4."Pools", unless otherwise noted, refer to the various pools created by the Act.."Project", unless otherwise noted, means a bond, the proceeds of which are used for discrete purposes and/or a single facility."Provisional status on a register" means the date and time of receipt of an application prior to a determination of completeness, or where appropriate, a determination of demand pursuant to 90:15-9-2 through 90:15-9-4."Register" means a record of entries made of applications according to the chronological order of applications. Confirmations shall be issued based on an application's chronological order on a register, provided only applications classified as permanent shall establish chronological order. Registers shall be established for each of the pools created by the Act, as well as carryforward applications. Registers will be used to track the status of applications from the time of application through the issuance of any confirmations, and receipt of final confirmations.