A. The primary activities of the pooling issuer may include:

1. Credit enhancement of local community development financing pursuant to the Local Development Act;

2. Utilization of private and public resources to improve the financing infrastructure for communities in this state;

3. Acting as an investor, insurer and/or guarantor of business capital and debt financing on behalf of communities in this state;

4. Marketing public obligations resulting from pooled obligations as provided in this act; and

5. Serving as a purchaser of, and as a guarantor for, the obligations of designated public entities to be repaid in whole or in part with the apportioned tax increments pursuant to the Local Development Act.

B. A pooling issuer may amend its indenture or authorizing document in accordance with the Oklahoma Statutes for purposes of issuing a pooled debt obligation pursuant to this act.

C. The Administrator shall be responsible for establishing, implementing, and coordinating economic development and financing programs for communities pursuant to this act and proposing such financing programs to the pooling issuer.

D. The pooling issuer may invest funds directly in its own pooled obligations pursuant to this section.

E. The following persons and legal entities may legally invest funds belonging to them or within their control in any notes, bonds, or other obligations issued under the Local Development Financing Act:

1. All banks, trust companies, bankers, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking or investment business;

2. All insurance companies, insurance associations, and other persons carrying on an insurance business; and

3. All executors, administrators, curators, trustees, and other fiduciaries.

Such notes, bonds and other obligations shall be authorized security for all public deposits.

F. The state and its political subdivisions are authorized to use any funds owned or controlled by them for the purchase of any such notes, bonds or other obligations issued under the Local Development Financing Act.

G. Nothing contained in subsections E and F with regard to legal investments shall be construed as relieving any person of any duty of exercising reasonable care in selecting securities.

Added by Laws 2004, c. 527, § 3, eff. July 1, 2004.