As used in the Rural Economic Development Loan Act: 1. "Department" means the Oklahoma Department of Agriculture, Food, and Forestry; 2. "Financial institution" means any office or branch of a bank, savings bank, savings association, building and loan association, savings and loan association, credit union or nonprofit lender exempt from taxation pursuant to the provisions of Section 501(c)(3) of the Internal Revenue Code of the United States located in the State of Oklahoma; 3. "Participating financial institution" means a financial institution which pledges at least Three Million Dollars ($3,000,000.00) but not to exceed Ten Million Dollars ($10,000,000.00) to the Rural Economic Development Loan Revolving Fund; 4. "Qualified economic development project" means: a. the development, construction, restoration, or replacement of a physical facility located or to be located in a rural area of this state, which has been initiated by a participating financial institution which has been certified by the Department, and b. the commencement or expansion of economic activities that result in or that will, within three (3) years of the commencement of such activities, result in the employment of five (5) or more full-time-equivalent employees at a location in a rural area of this state in positions that did not exist prior to the commencement of such activities and which has been certified by the Department; and 5. "Rural area" means an area designated as such by the Office of Rural Development of the United States Department of Agriculture. Added by Laws 2002, c. 486, § 2, eff. Jan. 1, 2003. Amended by Laws 2003, c. 87, § 1, emerg. eff. April 15, 2003; Laws 2013, c. 118, § 19, eff. Nov. 1, 2013.
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