The Collaborative International Dictionary of English v.0.48:

Olay \O"lay\ ([=o]"l[imac]), n. pl. [Tamil [=o]lai.]
   Palm leaves, prepared for being written upon with a style
   pointed with steel. [Written also ola.] --Balfour (Cyc. of
   India).
   [1913 Webster]

WordNet (r) 3.0 (2006):

ola
    n 1: leaf or strip from a leaf of the talipot palm used in India
         for writing paper [syn: ola, olla]

U.S. Gazetteer Places (2000):

Ola, AR -- U.S. city in Arkansas
   Population (2000):    1204
   Housing Units (2000): 556
   Land area (2000):     1.856851 sq. miles (4.809223 sq. km)
   Water area (2000):    0.130731 sq. miles (0.338593 sq. km)
   Total area (2000):    1.987582 sq. miles (5.147816 sq. km)
   FIPS code:            51560
   Located within:       Arkansas (AR), FIPS 05
   Location:             35.031748 N, 93.221309 W
   ZIP Codes (1990):     72853
   Note: some ZIP codes may be omitted esp. for suburbs.
   Headwords:
    Ola, AR
    Ola