Thread by @ThriceSavage

Posted up at the #Oklahoma Development Finance Authority again today because I lover #bankers and also figure the $4 billion #securitization program of February's #okwx-related utility debt should be monitored.

Buckle up for a thread!

Board member Bridger Cox and Secretary Brent Kisling are not in attendance today. Chairman Roger Wagner introduces a woman named Katherine (Catherine?) to go over financials. Says "over the last 11 months, ODFA has held an average cash balance of $9.1 million."

"The current balance sheet is very in line with our budgeted balance sheet," she says, adding that composition of general fund revenue has changed. Gone from $104,000 to $213,000 in closing cost revenue year to year.

Interest rate has declined on cash balance.

Lotta money.

Financial report approved by the board.

Now, ODFA director Mike Davis gives an overview of the #securitization program. I'll have some of this in my article after the meeting, so I'm taking notes right now instead of tweeting blow by blow.

April article: nondoc.com/2021/04/28/sec…

"Especially here, we're dealing with a transaction and a structure and kind of a marriage between municipal finance and asset-backed securities — we're not the first ones to do this, but there have not been a lot of them done." — Mike Davis, #ODFA director. #securitization

Davis recommends selecting a couple law firmsr for bond counsel, noting they must be familiar with #Oklahoma statutes and will have to go before the Oklahoma Supreme Court for final approve "for protection" of everyone.

"We're off in the weeds," he notes. I'm home!

LOTS of details presented. Going to take me a minute to write the article.

Now the #ODFA selects new leadership positions: Chris Condley as chairman, Keith Ventris as vice chairman and Bridge Cox as secretary.

"If you're not here, you win," D.R. Shipley jokes nominating Cox.

Davis moves on: "Believe it or not, we can walk and chew gum here at the authority. We are doing more than securitization."

Managing 27 existing awards. Balance outstanding of $28.5 million for #Oklahoma's business expansion incentive program.

"We really found a very elegant solution to help smaller-sized #Oklahoma companies, and we have now created what we believe in conjunction with the @OKcommerce will be an annual program to help companies called the Oklahoma Innovation Expansion Program."
okcommerce.gov/oiep/#:~:text=….

Those payments are made monthly once the company submits documentation that the company's investment portion has been made.

In July, first month of payments = $307,000 to various companies.

I think Davis said there may be more than 100 companies receiving expansion support?

Now there's some discussion of some sort of Dept. of Commerce merged program called "Select Oklahoma," which is described here. okcommerce.gov/statewide-econ…

On #SelectOklahoma:
Chair – Kinnee Tilly, Oklahoma Manufacturing Alliance
Vice Chair – Mita Bates, Ardmore Development Alliance
Treasurer – Janet Smith, Public Service Company of Oklahoma
Secretary – Michael Davis, #ODFA
Past-Chair – Lisa Powell, Enid Regional Development

Davis on these business incentive/expansion/retention programs: "I wish the public knew more about this. There are some really incredible things being done."

That's why I'm here! Also, #ODFA still needs a website! The public would know more about this stuff that way! 😃😇

ODFA adjourns after an hour meeting. Now Oklahoma Industrial Finance Authority (same board) starts.

Financial report: "Interest income is down 30% at 935,000; interest expense down $595,000

$370,000 interest income, which is down 26%;

"Our net income is $63,000 for the year."

OIFA elects officers also ... and the same fellas are elected as were elected by the ODFA board.

Davis gives OIFA report: Page 22 of board packet (I ain't got one) describes the loan and portfolio report. "The portfolio is performing well."

"The OIFA is facing substantial headwinds" owing to interest rate issues. What a drag! (Get it, @ReeveTarron?) Negative arbitrage!

"We are taking a look at some other investments. Historically, the authority has invested in SBA pools to try to get a little bit better yield."

The board discusses how valuable their June trip to #Woodward was, how they visited a wind turbine (I think), and now I'm feeling guilty cause I didn't go! I should have. Argh.

Could've eaten lunch at Diarti's Italian Restaurant, which is amazing: facebook.com/Diartis-Italia…

Davis thanks Roger Wagner, head of BancCentral National Association, for his board service & chairman time. Says did 46 financing projects over the last 2 years.

"Tremendous value has been provided by the state through these deals."

$125 million for Gilcrease Expressway in 2020

Davis notes tribal partner, city partner, federal, etc. Said the Gilcrease Expressway expansion was on books since 1970s.

"When the Stitt administration came in, that was the first time in my tenure here that I had seen an administration change."

Says that can be disruptive.

OIFA meeting adjourned. Time to write!