Okla. Stat. tit. 74, § 74-873
This is the official text of Okla. Stat. tit. 74, § 74-873, 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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Power of Authority to purchase notes and mortgages
Official statutory text
Oklahoma Statutes - Title 74. State Government Page 589
The Oklahoma Industrial Finance Authority is hereby further
authorized and empowered, if in its discretion the public purposes
of the aforesaid constitutional and statutory provisions would
thereby be subserved, to purchase with recourse from an approved
industrial development agency, a promissory note or notes, and
mortgage or participations therein upon an industrial development
project securing said note or notes previously taken by said
industrial development agency from a responsible buyer of such
industrial development project, provided that the Oklahoma
Industrial Finance Authority shall first have investigated and found
that: (1) The note and mortgage or participations therein so
purchased or offered for purchase shall constitute either a first or
second mortgage lien upon the property, (2) That the amount thereof
does not exceed sixty-six and two-thirds percent (66 2/3%) of the
cost of such industrial development project where the note or
mortgage constitutes a first mortgage lien on the property, or
thirty-three and one-third percent (33 1/3%) of the cost of such
industrial development project where the note or mortgage
constitutes a second mortgage lien on the property, and (3) That the
industrial development agency assigning said note and mortgage will
use the proceeds thereof in the furtherance of other industrial
development projects.
The Oklahoma Industrial Finance Authority is hereby further
authorized and empowered, if in its discretion the public purposes
of the aforesaid constitutional and statutory provisions would
thereby be subserved, to purchase with recourse from an approved
industrial development agency, a promissory note or notes, and
mortgage or participations therein upon an industrial development
project securing said note or notes previously taken by said
industrial development agency from a responsible buyer of such
industrial development project, provided that the Oklahoma
Industrial Finance Authority shall first have investigated and found
that: (1) The note and mortgage or participations therein so
purchased or offered for purchase shall constitute either a first or
second mortgage lien upon the property, (2) That the amount thereof
does not exceed sixty-six and two-thirds percent (66 2/3%) of the
cost of such industrial development project where the note or
mortgage constitutes a first mortgage lien on the property, or
thirty-three and one-third percent (33 1/3%) of the cost of such
industrial development project where the note or mortgage
constitutes a second mortgage lien on the property, and (3) That the
industrial development agency assigning said note and mortgage will
use the proceeds thereof in the furtherance of other industrial
development projects.
Status: in_force · Read it on the official government site
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