A. Sections 1 through 3 of this act shall be known and may be cited as the “Local Development Financing Act”.
B. The purpose of the Local Development Financing Act shall be to augment and enhance Section 6C of Article X of the Oklahoma Constitution by:
1. Assisting communities, especially small and rural towns and counties, by providing a financial resource for economic development endeavors; and
2. Creating marketability for tax apportionment financing vehicles under the Local Development Act.
C. As used in this act:
1. “Administrator” means an organization authorized by an issuer of a debt obligation pursuant to the Local Development Act, which undertakes the performance of the responsibilities contained in subsection C of Section 3 of this act; and
2. “Pooling issuer” means any state or local public entity authorized to issue notes or bonds pursuant to the Oklahoma Statutes for economic development financing of state industries and public facilities.
Added by Laws 2004, c. 527, § 1, eff. July 1, 2004.