Okla. Admin. Code § 150:140-1-5

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

Section 150:140-1-5 - Award Agreement

(a)Upon approval by the Governor, the Oklahoma Department of Commerce shall enter into an agreement that sets forth the conditions for payment of monies from the Oklahoma Quick Action Closing Fund. The agreement must include:

(1)The total amount of funds awarded;

(2)Except in the case of a rebate approved for payment to a high impact production company pursuant to the provisions of Section 3624 of Title 68 of the Oklahoma Statutes, the performance conditions that must be met to obtain the award including, but not limited to, net new employment in the state, average salary, and total capital investment;

(3)If appropriate, a baseline of current service and measure of enhanced capability;

(4)The methodology of validating performance;

(5)The schedule of payments from the fund, and claw-back provisions for failure to meet performance conditions; and

(6)A requirement that no monies paid from the Oklahoma Quick Action Closing Fund shall be used by a recipient or any other person or entity for purposes of any political contribution to or on behalf of any candidate or for the support of or opposition to any measure including but not limited to an initiative petition or referendum. [62 O.S. § 48.2(H)

(b)If any or all of the amount to be awarded is used to build a capital improvement, except in the case of an amount approved for payment to a high impact production company pursuant to the provisions of Section 3624 of Title 68 of the Oklahoma Statutes:

(1)The funds used for the capital improvement shall be deemed to be held in trust for the benefit of the state and shall be considered as a priority claim for purposes of federal bankruptcy law; and

(2)If the capital improvement is sold, the recipient of the award shall:

(A)repay the state the money awarded to pay for the capital improvement, with interest at the rate and according to the other terms provided by the agreement, and

(B)share with the state a proportionate amount of any profit realized from the sale. [62 O.S. § 48.2(J)]

(c)If, as of the date certain provided in the agreement, the award recipient has not used monies awarded for the intended purposes, the recipient shall repay that amount and any related interest to the state at the agreed rate and on the agreed terms and any such amounts shall be deemed to be held in trust for the benefit of the state and shall be considered as a priority claim for purposes of federal bankruptcy law. [62 O.S. § 48.2(K)]

Okla. Admin. Code § 150:140-1-5

Added at 30 Ok Reg 101, eff 11-1-12 (emergency); Added at 30 Ok Reg 481, eff 5-25-13

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 9/11/2020