Economic Development
- Accommodations
- Bond Debt
- Businesses
- Climate
- Commercial
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- Water System
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- Tax Structure
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- Industrial Financing
- Recreational
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- Major Employers
- City of Elk City
Economic Development
Industrial Financing
The Oklahoma Finance Authorities (OFA) provide low interest financing through the issuance of general obligation bonds. The loans are established at 300 basis points over cost. In a first mortgage position the loan can be up to $1.25 million. Many Oklahoma counties have voted approval of General Obligation Limited-Tax Bonds for economic development. The amount of bonds the counties can issue is limited to no more than could be retired by a special tax levy of 5 mills. The proceeds of the bonds are generally used to acquire or build a facility associated with the development project. Lease income from the facility is used to amortize the bonds.