Okla. Stat. tit. 74, § 74-872
This is the official text of Okla. Stat. tit. 74, § 74-872, 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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Agency not holding title to real estate comprising
Official statutory text
industrial development project - Loans.
In those instances where in an industrial development agency not
holding title to real estate comprising the industrial development
project, but desiring the Oklahoma Industrial Finance Authority to
participate in the financing of such project, joins a responsible
industrial buyer in making application for a loan from said
Authority for such purpose, the said industrial development agency
itself contributing funds to the financing of such project, whether
secured or not, the said Oklahoma Industrial Finance Authority is
hereby authorized and empowered, subject to all other provisions of
Sections 851 through 868 of this title, and in supplementation
thereof, to participate in the financing of such industrial
development project not to exceed sixty-six and two-thirds percent
(66 2/3%) of the cost thereof, taking as security for its loan a
first mortgage lien on such approved industrial development project
or thirty-three and one-third percent (33 1/3%) of the cost thereof,
taking as security a second mortgage lien on such approved
industrial development project; provided, however, that in such case
the mortgage lien securing funds loaned by the local industrial
development agency shall be inferior to the lien of said Authority,
and provided, further, that the local industrial development agency
shall be jointly and severally liable upon the note or notes given
the said Authority as one of the principal makers thereof.
In those instances where in an industrial development agency not
holding title to real estate comprising the industrial development
project, but desiring the Oklahoma Industrial Finance Authority to
participate in the financing of such project, joins a responsible
industrial buyer in making application for a loan from said
Authority for such purpose, the said industrial development agency
itself contributing funds to the financing of such project, whether
secured or not, the said Oklahoma Industrial Finance Authority is
hereby authorized and empowered, subject to all other provisions of
Sections 851 through 868 of this title, and in supplementation
thereof, to participate in the financing of such industrial
development project not to exceed sixty-six and two-thirds percent
(66 2/3%) of the cost thereof, taking as security for its loan a
first mortgage lien on such approved industrial development project
or thirty-three and one-third percent (33 1/3%) of the cost thereof,
taking as security a second mortgage lien on such approved
industrial development project; provided, however, that in such case
the mortgage lien securing funds loaned by the local industrial
development agency shall be inferior to the lien of said Authority,
and provided, further, that the local industrial development agency
shall be jointly and severally liable upon the note or notes given
the said Authority as one of the principal makers thereof.
Status: in_force · Read it on the official government site
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