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 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.
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
Oklahoma Finance Authorities