Powers — Oklahoma Code § 74-855

§ 74-855. Powers

The Oklahoma Industrial Finance Authority, as a public

corporation and governmental instrumentality exercising public

powers of the State of Oklahoma, is hereby granted and shall have

and may exercise all powers necessary or appropriate to carry out

and effectuate the purposes of this act, including the following

powers, in addition to others herein granted:

Oklahoma Statutes - Title 74. State Government

(a) To cooperate with industrial development agencies in their

efforts to promote the expansion of industrial and manufacturing

activity in the state;

(b) To determine, upon proper application of industrial

development agencies, whether the declared public purpose of this

act has been or will be accomplished by the establishment of such

industrial development projects by such industrial development

agencies;

(c) To conduct examinations and investigations and to hear

testimony and take proof, under oath or affirmation, at public or

private hearings, on any matter material for its information and

necessary to the establishment of industrial development projects

hereunder or other determinations related to exercise of the

Authority's lawful powers;

(d) To issue subpoenas requiring the attendance of witnesses and

the production of books and papers pertinent to any hearing before

such Authority, or before one or more members of the Authority

appointed by it to conduct such hearing;

(e) To apply to any court having jurisdiction of the offense, to

have punished for contempt any witness who refuses to obey a

subpoena, or who refuses to be sworn or affirmed or to testify, or

who is guilty of any contempt after summons to appear;

(f) To authorize any member or members of such Authority to

conduct hearings and to administer oaths, take affidavits and

subpoenas;

(g) To make, upon proper application of industrial development

agencies, loans to such industrial development agencies of monies

held in the Industrial Development Fund for industrial development

projects in Oklahoma, and to provide for the repayment and redeposit

of such allocations and loans in the manner hereinafter provided;

(h) To sue and be sued, implead and be impleaded, complain and

defend in all courts;

(i) To adopt, use, and alter at will a corporate seal;

(j) To adopt bylaws for the management and regulation of its

affairs; and to promulgate and issue rules and regulations governing

its operations;

(k) To appoint officers, agents, and employees, and to prescribe

their duties and to fix their compensation, within the limitations

prescribed by laws;

(l) To make contracts of every name and nature and to execute

all instruments necessary or convenient for the carrying on of its

business;

(m) To contract with private legal counsel when its Board of

Directors determines that special circumstances merit the services

of such counsel and when approved by the Attorney General; provided,

in all other circumstances, the Attorney General shall advise and

represent the Authority on legal matters;

Oklahoma Statutes - Title 74. State Government

(n) Without limitation of the foregoing, to accept grants from

and enter into contracts or other transactions with, any federal

agency; and

(o) To take title by foreclosure to any industrial development

project where such acquisition is necessary to protect any loan

previously made by the Authority, and to sell, transfer and convey

any such industrial development project to any responsible buyer; in

the event such sale, transfer and conveyance cannot be effected with

reasonable promptness, the Authority may, in order to minimize

financial losses and sustain employment, lease such industrial

development project to a responsible tenant or tenants; the

Authority shall not lease industrial development projects except

under the conditions and for the purposes cited in this section.

Amended by Laws 1986, c. 276, § 17, operative July 1, 1986; Laws

1988, c. 88, § 3, emerg. eff. March 30, 1988; Laws 1991, c. 130, §

2, emerg. eff. April 29, 1991.