Okla. Admin. Code § 90:10-7-5

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

Section 90:10-7-5 - Documentation of Council action

(a) The Council shall provide a written determination by means of a statement signed by the State Bond Advisor reflecting the decision of the Council with respect to its consideration of any application. Such statement shall be copied and sent to the applicant. If the application is disapproved, the statement will indicate the reason(s) for this determination.

(b) The Council may make its provisional or final approvals contingent upon certain conditions being met or material submitted. The Council may delegate the authority to determine if these conditions have been met or the sufficiency of the material to the State Bond Advisor on an application by application basis. The Council may also delegate to the State Bond Advisor the authority to sign, on behalf of the Council, written statements setting forth the Council's actions on applications to the Council.

(c) The Council may grant conditional final approval in cases where additional information is needed. In such a conditional approval, the Council may require the issuer to appear before the Council at a later time to present additional information before final approval. Where a delay until the next Council meeting would be detrimental to the issuer, the Council may authorize the State Bond Advisor to determine if the additional information provided is sufficient to meet the stated requirements of the Council.

(d) In the case of disapproval, except of proposed obligations supported by the Credit Enhancement Reserve Fund, the applicant may request rehearing or reconsideration of the disapproval by submitting a new application to the Council along with an explanation of the basis for the appeal or reconsideration within ten (10) days of disapproval.

(e) If a previously disapproved application is reconsidered, the Council shall first vote on whether or not to reconsider the application. Only if the Council affirmatively votes to reconsider such an application shall the Council proceed to vote on the merits of the proposed financing.

Okla. Admin. Code § 90:10-7-5

Amended at 9 Ok Reg 2251, eff 6-25-92; Amended at 20 Ok Reg 455, eff 1-2-03 (emergency); Amended at 20 Ok Reg 2260, eff 7-11-03