OKLAHOMA INDUSTRIAL FINANCE AUTHORITY

MISSION STATEMENT

The Oklahoma Industrial Finance Authority's mission is to increase employment in Oklahoma, and to help diversify the state's economy by issuing bonds and serving as a capital source for Oklahoma businesses.

THE BOARD

The Board of Directors shall be composed of seven members appointed by the Governor for overlapping six year terms, with the advice and consent of the Senate, one of whom shall be the Director of the Oklahoma Department of Commerce, representing the state at large, and one each from the present six Congressional Districts, at least five of whom shall have had at least fifteen years experience in banking, mortgage loans, or financial management, and the remaining member shall have demonstrated outstanding ability in business or industry. The State Treasurer shall be an ex officio, nonvoting member of the Board of Directors.

DUTIES / RESPONSIBILITIES

The Authority is operated under the control of a Board of Directors composed of seven members appointed by the Governor for overlapping six-year terms, with the advice and consent of the Senate. The Authority has the general mission to aid and assist with Oklahoma's Industrial development and provide additional employment and payrolls within the state. The Authority is authorized to issue and sell State Industrial Finance Bonds not to exceed an aggregate net of ninety million dollars ($90,000,000) outstanding at any one time, and within statutory guidelines, may contract to loan funds to industrial development agencies secured by real estate mortgages. The Authority's administrative expenses are financed from monies generated from loan interest.

STATUTORY REFERENCES

Article X, Oklahoma Constitution, Section 34; Title 74, Section 851-878, of the Oklahoma Statutes.

EXPENDITURES BY FUND

                                        FY-93        FY-94        FY-95
 Type of Fund:                         Actual       Actual      Budgeted
 State Appropriated Funds                     $0           $0           $0
 State Continuing/Revolving Funds:
   200 Industrial Development Loan       917,647    3,673,425   25,300,000
   800 OIFA Bond Redemption Fund               0       85,212            0
   810 OIFA Bond Interest Fund                 0    3,243,065    2,250,000

 Federal Funds:                                0            0            0
 Total Expenditures by Fund             $917,647   $7,001,702  $27,550,000

EXPENDITURES BY OBJECT

                                        FY-93        FY-94        FY-95
 Object of Expenditure                 Actual       Actual      Budgeted
 Salaries and Benefits                  $620,443     $625,551     $604,968
 Professional Services                   143,175       95,736      195,800
 Travel                                   18,857       20,250       60,000
 Lease-Purchase Expenditures                   0            0            0
 Equipment                                 6,951        5,544        5,000
 Industrial Loans                              0    2,785,070   24,380,272
 Bond Interest & Redemption
 Other Operating Expenses                128,221    3,469,551    2,303,960
 Total Expenditures by Object           $917,647   $7,001,702  $27,550,000

EXPENDITURES BY BUDGET ACTIVITY / SUB-ACTIVITY

                                        FY-93        FY-94        FY-95
 Activity No. and Name                 Actual       Actual      Budgeted
 10 General Operations                  $914,987   $6,999,929  $27,538,000
 88 Data Processing                        2,660        1,773       12,000
 Total Expenditures by Activity         $917,647   $7,001,702  $27,550,000

FULL-TIME-EQUIVALENT EMPLOYEES (FTE) and VEHICLES

                                        FY-93        FY-94        FY-95
 Activity No. and Name                 Actual       Actual      Budgeted
 10 General Operations                      12.0         12.0         12.0
 Total FTE                                  12.0         12.0         12.0

 Number of Vehicles                            0            0            0

Historical Perspective

Oklahoma Finance Authorities