Okla. Admin. Code § 90:10-7-3

Current through Vol. 42, No. 4, November 1, 2024

Section 90:10-7-3 - Authorized and proper public function or purpose

(a) In its review of applications, the Council will determine whether the proposed obligations carry out an authorized and proper public function or purpose. The Council may consider the structure of the proposed transaction, the method of sale, and the extent to which the obligations will serve the purposes of the project or program and promote the interests and public welfare of the State of Oklahoma.

(b) In the case of proposed refunding and advance refunding bond issues, the Council of Bond Oversight will interpret public purpose to be the extent to which the financing will achieve one or more of the following objectives:

(1) a net present value savings;

(2) changes to restrictive covenants in financing documents; and/or

(3) a restructuring of existing obligations in the event of fiscal distress that will provide relief from such distress.

(c) To ensure that an issue will achieve a public purpose, the Council may approve financing requests subject to the satisfaction of certain conditions, in accordance with 90:10-7-5(b).

Okla. Admin. Code § 90:10-7-3

Amended at 9 Ok Reg 2251, eff 6-25-92; 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