Okla. Stat. tit. 74, § 74-859
This is the official text of Okla. Stat. tit. 74, § 74-859, part of Oklahoma’s Stat. tit. 74, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 74,." Browse the sections below, each linked to its official government source.
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Hearings on loan applications - Granting of loan -
Official statutory text
Limitation.
The Board of Directors of the Oklahoma Industrial Finance
Authority shall hold such hearings and examinations as to each loan
application received as shall be necessary to determine whether the
public purposes of the Oklahoma Industrial Finance Authority Act
will be accomplished by the granting of loans requested within such
applications. When the Board shall have determined facts to be
favorable as to any loan application, it is hereby authorized and
empowered, having due regard to the promotion of the public purposes
herein declared, to grant a loan to an industrial development agency
in the manner and to the extent as provided in the Oklahoma
Industrial Finance Authority Act; provided, however, that no loan
shall be made by the Authority to any industrial development agency
for any single industrial development project in excess of the sum
Oklahoma Statutes - Title 74. State Government Page 584
of Five Million Dollars ($5,000,000.00) if the loan is secured by a
first mortgage on real property and One Million Dollars
($1,000,000.00) if the loan is secured by a second mortgage on real
property.
The Board of Directors of the Oklahoma Industrial Finance
Authority shall hold such hearings and examinations as to each loan
application received as shall be necessary to determine whether the
public purposes of the Oklahoma Industrial Finance Authority Act
will be accomplished by the granting of loans requested within such
applications. When the Board shall have determined facts to be
favorable as to any loan application, it is hereby authorized and
empowered, having due regard to the promotion of the public purposes
herein declared, to grant a loan to an industrial development agency
in the manner and to the extent as provided in the Oklahoma
Industrial Finance Authority Act; provided, however, that no loan
shall be made by the Authority to any industrial development agency
for any single industrial development project in excess of the sum
Oklahoma Statutes - Title 74. State Government Page 584
of Five Million Dollars ($5,000,000.00) if the loan is secured by a
first mortgage on real property and One Million Dollars
($1,000,000.00) if the loan is secured by a second mortgage on real
property.
Status: in_force · Read it on the official government site
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