Oklahoma Administrative Code, Title 105 — Oklahoma Capital Investment Board

Chapter 1 Administrative Operations

Subchapter 1 Organization

Okla. Admin. Code § 105:1-1-1 Purpose

The purpose of this chapter is to establish the operating procedures of the Oklahoma Capital Investment Board authorized by the Oklahoma Capital Formation Act, 74 O.S., Section 5085.2 et seq.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-1-2 Mission

The mission of the Board is to mobilize equity and near-equity capital for investment in such a manner that will result in a significant potential to create jobs and diversify and stabilize the economy of the State of Oklahoma. [74:5085.3]

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-1-3 Organization

(a) The Board shall consist of five (5) Directors appointed by the Governor with the advice and consent of the Senate. The Directors shall be selected based on outstanding knowledge and leadership and shall possess experience in the management of investments similar in nature and value to those of the Board. [74:5085.6]

(b) Directors shall serve terms of five (5) years. [74:5085.6]

(c) The Board shall annually elect from its membership a chairman. [74:5085.6]

(d) The Board shall appoint a President, who shall not be a Director, to serve as the chief executive officer of the Board and who shall direct and supervise the administrative affairs of the Board.

(e) The Board may contract for a management firm for the Trust to properly operate the business of the Trust.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Subchapter 3 General Course and Method of Operations

Okla. Admin. Code § 105:1-3-1 Official office

(a) The principal office of the Oklahoma Capital Investment Board, "OCIB", shall be located at such address as the Board shall determine from time to time. It currently is c/o Oklahoma Department of Commerce, Capital Resources Division, 6601 N. Broadway, P.O. Box 26980, Oklahoma City, OK 73126-0980.

(b) Office hours shall be from 8:00 a.m. to 5:00 p.m., unless otherwise designated by the President of the Board, Monday through Friday inclusive except on legal holidays established by statute or proclamation of the Governor.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-3-2 Meetings; notices; agendas

(a) Meetings of the Board shall be held in conformance with the Bylaws of the Board and are generally held quarterly.

(b) Notice of all meetings will be given in accordance with the provisions of the Oklahoma Open Meeting Act, 25 O.S., Section 301 et seq.

(c) The agenda of the Board's meetings shall be determined by the President. The President shall attempt to send copies thereof to each Board member no less than two (2) days prior to the meeting.

(d) Any matter which any member deems necessary will be placed on the agenda if communicated to the President in time for lawful filing and posting of the agenda.

(e) Other responsible persons may request the President to place matters on the agenda for a meeting. The President in his/her sole discretion may consent to, decline to or delay the placing of such requested matters on the agenda. The agenda will be filed and posted in accordance with the Oklahoma Open Meetings Act, 25 O.S. Section 301 et seq.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-3-3 Executive session

In addition to other lawful reasons for which the Board may hold Executive Sessions, the Board may hold Executive Sessions to discuss confidential or commercially sensitive materials if deemed necessary by the Directors. Such materials include marketing plans, financial statements, trade secrets, research concepts, methods or products, or any other proprietary information of persons firms, associations, partnerships, agencies, corporations or other entities. [74:5085.6]

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-3-4 Confidential or commercially sensitive information

Any information submitted to or compiled by the Oklahoma Capital Investment Board with respect to the marketing plans, financial statements, trade secrets, research concepts, methods or products, or any other proprietary information of firms, persons, associations, partnerships, agencies, corporations, or other entities shall be confidential except to the extent that the person or entity that provided such information or that is the subject of such information consents to disclosure. [74:5085.6]

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-3-5 Open records

(a) The President will appoint one (1) member of the OCIB staff to act as the open records contact person.

(b) All requests for the public records of the OCIB will be made to this person who will make the public records of the OCIB available for inspection or copying during normal office hours. The contact person will decide if the request is for a record not otherwise made confidential under Oklahoma law. The open records contact person is authorized to discuss this decision with the President or legal counsel as may become necessary.

(c) Except for information that is confidential or commercially sensitive as described in 105:1-3-4 or specifically kept confidential under Oklahoma or federal law, all documents or records of the OCIB will be open for public inspection and copying.

(d) In the event the record has been sent to the archives, the custodian of the records will inform the applicant who may seek the records from that source.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-3-6 Inspecting or obtaining copies of records

(a) Any person wishing to inspect or obtain copies of any records may do so by completing a Request for Inspection/Copies of Records form which details the records and sets out the name, address and telephone number of the person(s) requesting copies of such records. The description of the record(s) requested for copying should be as specific as possible.

(b) If more than twenty (20) copies are requested, the Board may arrange to mail the copies to the applicant within ten (10) days.

(c) The Board may charge twenty-five cents ($0.25) per page for copies of records and may charge fifteen dollars ($15.00) per hour for staff time spent in obtaining the records after staff time of more than one hour for the same record or group of related records has been necessary in order to retrieve such records for inspection or copying. The search fee charges and copying charges shall be posted on the bulletin board in the OCIB offices and shall be on file at the County Clerk's Office of the Oklahoma County Court House. Charges for particular materials or copies set by law shall be in accordance with statute. The search fee shall only be applicable to materials requested solely for commercial purposes or when clearly an excessive disruption of the essential function of the Board has or will occur, unless it is determined by the President in his discretion that the public interest is served to such an extent that no charge should be applicable.

(d) Upon the receipt of a request for inspection or copy of any records held by the Board, the custodian of the records shall as soon as reasonably possible but not in any case later than five (5) days of receipt of the request notify the person requesting the record of one of the following:

(1) That the request is granted and the estimated charge for the copying or any search fee. A deposit of fifty percent(50%)of the cost may be required if the estimated costs exceed one-hundred fifty dollars ($150.00) or the person or party requesting the copy(s) owes the Board in excess of that amount for copies and services already rendered, or

(2) That the request is denied and the reasons for the denial. Such denial shall be on a form which provides statutory citation or other reasons for denial, or

(3) That the request is granted but that due to circumstances specified in the notice the inspection of documents or the copy must be delayed. The reasons for the delay shall be specified in the notice sent by the custodian of the records. In the event a delay is necessary, the custodian of the records shall notify the person requesting the record as soon as the record or copy is available.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-3-7 Copies provided by third party

In the event essential business of the Board makes copying activities impossible or impractical within the ten (10) days of the written receipt of the request, Board personnel may provide materials to be copied by a private copier at the expense of the person or entity requesting the copies after arrangements have been made by the applicant with the private copier.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Subchapter 5 Programs

Okla. Admin. Code § 105:1-5-1 Forms

Any individual or group desiring to make use of any of OCIB's guarantee programs must respond to the appropriate OCIB information request or execute the appropriate OCIB contract(s) or agreement(s) and their requisite forms. Such information requests may take the form of a request for proposals, a request for qualifications or any other type of request as determined by the Board from time to time. Such information requests shall query applicants on their experience, management, philosophy, performance and investment plan. In addition, each applicant shall be required to submit any and all additional information as deemed necessary by Board staff to complete their due diligence process and make an informed recommendation. Copies of the information requests are available upon request form the office during regular business hours. OCIB contracts and agreements and their requisite forms are available upon request from the office during regular business hours.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-5-2 Evaluation criteria

The Board shall evaluate applicants based on their level of experience, quality of management, investment philosophy and process, historical investment experience, probability of success in fund raising, the amount and timing of fees to be paid, such other investment criteria as may be commonly used in professional portfolio management, and such other criteria as the Board might deem important from time to time including but not limited to strategic and economic development criteria.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-5-3 Oklahoma investments guaranteed by tax credits

The Board shall ensure that at least Two Dollars ($2.00) will be invested in Oklahoma businesses or projects for every One Dollar ($1.00) of principal guaranteed by the sale of tax credits by the Board (The Standard) [74:5085.8]. This Standard shall be applied as a portfolio, or a program-wide Standard to be achieved at least once by July 1,2015 and applies only to Board guarantees backed by tax credits issued to the Board pursuant to 74 O.S. 1991, Section 5085.7 and not to guarantees backed by cash, securities or other assets of the Board. Such dollars invested in Oklahoma businesses or projects includes capital mobilized directly through the use of an OCIB guarantee and that capital invested by others along with such directly mobilized capital in Oklahoma businesses or projects as equity, near-equity or debt. Accomplishment of this Standard shall be a cumulative measure of all such dollars and shall not be reduced by the liquidation or reduction in value of investments in Oklahoma businesses or projects. The fact that the Board at any one point in time may not have yet achieved the Standard shall not invalidate or affect the enforceability of any Board guarantee backed by the sale of tax credits. The Board shall seek to negotiate investment agreements that include standards required of individual investments which shall be appropriate to the investment and that enable the Board to outperform this Standard.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Subchapter 7 Individual Proceedings

Okla. Admin. Code § 105:1-7-1 Authority

All individual proceedings (administrative hearings) shall be governed by the rules of this title and the Oklahoma Administrative Procedures Act, 75 O.S., Section 301 et seq.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-7-2 Request for hearing

(a) Any person or entity adversely affected by an act or decision by the Board is entitled to an individual hearing and if a hearing is desired shall file a request for hearing at the Board office within 30 days of the adverse act or decision.

(b) A Request for Hearing shall be made in writing and shall specify that a hearing is desired. Issues to be addressed in such hearing must be listed in the Request for Hearing. Any parties known that may be affected by the requested relief must be listed. The Request must set out plainly the relief sought.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-7-3 Date of filing

The date of filing shall be the date on which any notices are post-marked by the U.S. mail service, proper postage affixed, or the date of personal delivery.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-7-4 Notice of hearing

(a) Within a reasonable time after receipt of a request for a hearing, there shall be mailed to all known interested parties a notice of hearing.

(b) The notice of hearing shall include the following information:

(1) A statement of the time, place, and nature of the hearing.

(2) A statement of the legal authority and jurisdiction under which the hearing is to be held.

(3) Specific reference to statutes or rules which may be involved.

(4) A short and plain statement of the issues asserted in as much detail as possible at the time of the notice.

(5) A statement that any party may appear and if represented by an attorney, said attorney shall be paid at the party's expense.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-7-5 Hearing examiner

(a) President of the Board or his designee, shall appoint a hearing examiner to conduct all individual hearings.

(b) A hearing examiner shall withdraw from any individual proceeding in which he cannot accord a fair and impartial hearing.

(c) Any party may request disqualification of the hearing examiner by filing an affidavit with the President, stating the specific grounds upon which the request is made.

(d) The President shall promptly make a determination either granting or denying the request. Denial of the request is not an appealable order.

(e) If the President orders the hearing examiner disqualified, or if the hearing examiner withdraws, the President shall appoint another hearing examiner.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-7-6 Discovery and subpoenas

(a) The hearing examiner may require the parties in an individual proceeding to attend discovery or status conferences when necessary and appropriate for prompt adjudication of individual proceedings.

(b) Any party, upon notice, may take depositions of witnesses in the same manner as provided for in civil proceedings before the district court. The depositions may be admitted into evidence in the same manner as other evidence. Costs of depositions shall be borne by the deposing party.

(c) The President or hearing examiner may issue subpoenas and documents. Any party, upon motion, may request that subpoenas be issued.

(d) In order to allow sufficient time, a request for subpoenas must be received at least five (5) days prior to any hearing at which attendance of a witness is required.

(e) Obedience of any subpoena may be enforced by the Board in the district court.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-7-7 Conduct of individual proceedings

(a) The hearing examiner may admit and give probative effect to evidence which possesses probative value commonly accepted by reasonably prudent men in the conduct of their affairs.

(b) The rules of privilege are to be given effect in individual proceedings and evidence excluded because of any privilege recognized by the courts of this State shall not be admitted into evidence.

(c) Incompetent, irrelevant, immaterial and unduly repetitious evidence may be excluded by the hearing examiner.

(d) Documentary evidence may be received in the form of copies or excerpts. Parties may challenge the authenticity of any copies.

(e) A part of the evidence may be received in written form, when a hearing will be expedited and the interest of the parties will not be prejudiced.

(f) Objections to evidence may be made and shall be included in the record of the proceedings.

(g) A party may conduct cross-examination of witnesses called by other parties.

(h) The hearing examiner, upon notice to the parties, may take judicial notice of facts, including facts within the specialized knowledge of the Board.

(i) The hearing examiner may question witnesses and determine the order in which evidence shall be received and presented.

(j) Individual proceedings shall be recorded. They may be recorded by stenographic means or by audio tape.

(k) The hearing examiner may continue a hearing from time to time and may allow the record to remain open for the receipt of further evidence or argument, or for the receipt of proposed orders.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-7-8 Final orders

(a) The hearing examiner shall prepare an order in an expeditious manner following the close of the hearing.

(b) Proposed order shall be mailed to each party and their representatives. Any party adversely affected by the order shall set out in writing reasons why the Board should not ratify and adopt the proposed order within ten (10) days of date of proposed order. The party may request an opportunity to present oral argument to the Board within ten (10) days. The Board may limit the time for oral presentations.

(c) The date the order is adopted by the Board is the date of its issuance and shall be stated on the order.

(d) The order shall include findings of fact and conclusions of law, separately stated. If the hearing examiner requested and received proposed orders, the final order shall also include a ruling on each proposed finding proffered in the proposed orders.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-7-9 Rehearing

(a) Any party aggrieved by a final order may apply to the Board for rehearing within ten (10) days of the date of issuance of the order.

(b) The Board may rehear, reopen, reconsider, or review the orders of the hearing examiner, or may refer the matter to the hearing examiner who first conducted the initial hearing or may deny rehearing.

(c) The President may determine whether or not to grant the application for rehearing and shall order the grounds upon which rehearing, reopening reconsideration shall be conducted.

(d) The grounds for rehearing are:

(1) Relevant, newly-discovered, or newly-available evidence;

(2) Need for additional evidence to develop essential facts;

(3) Probably error which would cause reversal in the district court;

(4) The need for further consideration of issues or evidence in the public interest; or

(5) A showing that issues not previously considered ought to be examined in order to properly dispose of the matter.

(e) Rehearing, reconsideration, or reopening may be had at any time upon showing of fraud, perjured testimony, or fictitious evidence.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-7-10 Appeal of final order; transcripts

(a) Any party aggrieved by a final order may appeal to district court within thirty (30) days of the issuance of a final order.

(b) A transcript of oral testimony at the hearing shall be provided to the appealing party by the Board upon payment of the cost of preparing the transcripts. Request for transcripts shall be made in writing and filed with the Board.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-7-11 Stay of order

(a) The President, upon his or her own motion, may stay the enforcement of an order which has been appealed to district court pending the outcome of the judicial review.

(b) Parties may apply to the President for a stay of enforcement of an order at any time, and a hearing may be held. However, no hearing on a motion to stay shall be granted as a matter of right, and the granting or denial of a hearing is a discretionary act of the President.

(c) No ex parte communications concerning individual proceedings shall be made to the Board, President or the hearing examiner during the pendency of the administrative proceedings or judicial review.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Subchapter 9 Rule Making Procedures

Okla. Admin. Code § 105:1-9-1 Authority

The Board may promulgate, amend or repeal a rule on its own initiative, and may promulgate, amend or repeal a rule at the request of the President.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-9-2 Petitions

(a) Any interested person may petition the Board, requesting the promulgation, amendment, or repeal of a rule. All such petitions shall be in writing, and shall be filed with the President, at the principal office.

(b) The petition shall state, clearly and concisely, all matters pertaining to the requested action.

(1) The petition shall set out the nature of the request and, where relevant, the reasons for the request and the desired remedial action of the Board, and shall be signed by the person making the request.

(2) The petition shall set forth estimated savings that may be incurred as a result of granting of the remedy requested.

(3) The petition must also state whether there is any person or entity known to the petitioner who is concerned with the subject of the request and who should be notified of any hearing set regarding the petition.

(c) All information shall be in separate, numbered paragraphs.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-9-3 Consideration of petitions

Petitions concerning rules may be considered by the Board at its next meeting. The Board may, in its discretion, postpone a discussion and ruling on the petition until the next following meeting and shall notify all parties of such postponement. Petitioner shall be obligated to aid the Board in developing a cost benefit analysis of any requested promulgation, amendment, or repeal of a rule. Upon hearing the petition, the Board will notify the petitioner whether the Board will consider rule-making action. The Board shall do so if required to by the Administrative Procedures Act, 75 O.S., Section 250 et seq.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-9-4 Hearings

(a) The President may at his discretion, and with the purpose of expediting the Board's business, conduct hearings on proposed rules, amendments to rules, or repeal of rules and shall conduct hearings when so directed by the Board. Such hearing shall only be conducted after written notice has been mailed to all known interested parties twenty days before the hearing.

(b) The President shall conduct investigation and research regarding a requested rule or amendment thereto and advise the Board regarding the staff recommendation regarding any petition.

(c) Unless otherwise specified, and stated in the Notice of Hearings, all hearings shall be conducted at the Board office.

(d) Any person who is interested or affected by a proposed action on a rule, may appear at the hearing.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-9-5 Determination of substantive rights

(a) Prior to the adoption, amendment or repeal of a rule, the Board shall afford any interested person a reasonable opportunity to submit data, views, and arguments, either oral or written concerning such proposed action.

(b) If the rule under consideration is one which affects the substantive rights of any person, the Board may grant such person or association a reasonable opportunity to participate in an oral hearing, when so requested in writing by the person or association. Oral comments on such a rule shall also be granted when requested by sub-division or agency of government.

(c) If no substantive rights of this person, association or governmental entity are affected by or involved in the rule to be considered, the Board or the President may refuse to hear oral comments and require such matters to be submitted in writing.

(d) The Board or the President shall, in exercise of sound discretion, determine whether the proposed action affects any substantive rights. The Board or the President shall consider fully all written and oral submissions respecting any proposed rule.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-9-6 Emergency rules

Should the Board find that eminent peril of the public health, safety or welfare requires immediate adoption of a rule, the Board may adopt an emergency rule without adherence to the above rules concerning notice and hearing. All emergency rules, however, must be adopted pursuant to the Administrative Procedures Act, 75 O.S., Section 250 et seq.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Subchapter 11 Interpretation of Rules

Okla. Admin. Code § 105:1-11-1 Interpretation of rules

The rules of this chapter are adopted for the purpose of simplifying procedures, avoiding unnecessary delays, saving expense, and facilitating the public in understanding the administration of the Oklahoma Capital Formation Act. To that end, the rules of this chapter shall be given fair and impartial construction. The rules of this chapter shall be cumulative to the Administrative Procedures Act and shall govern all proceedings of the Oklahoma Capital Investment Board.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-11-2 Informal meetings

Informal meetings and proceedings may be held at the direction of the Board between staff and any interested party including any individual group, association, sub-division or agency of government. Board members may participate in such meetings as long as less than three (3) Board members are present at any one meeting.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93

Okla. Admin. Code § 105:1-11-3 Severability

The provisions of this chapter herein contained are severable and repeal, amendment or invalidity of any provision hereof shall not serve to repeal or invalidate the remaining provisions of this chapter.

History

• Added at 10 Ok Reg 219, eff 10-28-92 (emergency); Added at 10 Ok Reg 3551, eff 7-15-93