About
History of OIFA
1959
The Oklahoma Industrial Finance Authority (OIFA) was created by the people of Oklahoma. The OIFA was established as a constitutional non-appropriated Authority with a mission to “expand employment and diversify the State’s economy”.
1974
The Oklahoma Development Authority was created as a public trust for the benefit of the State of Oklahoma, under provisions of the Public Trust Act (Title 60 Oklahoma Statutes, 2021 § 176 et seq.).
1987
The Oklahoma Development Authority was further clarified, expanded, and renamed to The Oklahoma Development Finance Authority (ODFA) with the adoption of The Oklahoma Development Finance Authority Act (Title 74 Oklahoma Statutes, 2021 § 5062.1 et seq.).
1992
OIFA and ODFA were consolidated into the Oklahoma Finance Authorities (OFA). The consolidation enabled the combined Authorities to take advantage of resource sharing and economies of scale which have reduced overall expenses and provided a consistent economic development strategy for the many financing programs.
1999
ODFA was authorized to issue bonds for the State Regents’ Master Lease Program to finance the acquisition of personal property for state colleges and universities in order to achieve cost saving efficiencies.
2005
ODFA was authorized to issue bonds for the State Regents’ Master Lease Real Property Program to finance the acquisition of or improvements to real property for state colleges and universities in order to achieve cost saving efficiencies.
2009
ODFA was authorized as the administrator for the State’s Business Expansion Incentive Program as a resource partner to the Oklahoma Department of Commerce to incentivize business expansion and stimulate economic growth.
The people of Oklahoma have never been called upon to spend tax dollars in support of the Oklahoma Finance Authorities. Economic development, business retention and expansion, and new capital investment in Oklahoma is a result of true working relationships and the efficient administration of key programs.