Okla. Stat. tit. 74, § 74-878
This is the official text of Okla. Stat. tit. 74, § 74-878, 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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Maximizing amount of capital available for industrial
Official statutory text
financing.
That in those instances in which the amount of capital available
for industrial financing in the State of Oklahoma tends to be
reduced by reason of reduction in the volume of tax-exempt
industrial bonds issued or issuable by cities or counties in
Oklahoma, or by reason of federal statutes or United States Treasury
Department rulings limiting or adversely affecting this method of
financing said industrial projects in this state, the Oklahoma
Industrial Finance Authority is hereby authorized, within its sole
discretion, to accept applications and make loans to industrial
development agencies, as the same are defined by law. As security
therefor the Authority shall take a mortgage upon the industrial
facility from such industrial development agency holding legal title
to the same, and shall take a promissory note or notes for the
amount of such loan from an approved industrial tenant. The above
financing arrangement shall be in addition to all other loan
procedures heretofore authorized by law governing the lending
operations of the Oklahoma Industrial Finance Authority, it being
the intent and purpose of the Legislature to maximize the amount of
loan capital available from all sources for industrial development
purposes in Oklahoma.
That in those instances in which the amount of capital available
for industrial financing in the State of Oklahoma tends to be
reduced by reason of reduction in the volume of tax-exempt
industrial bonds issued or issuable by cities or counties in
Oklahoma, or by reason of federal statutes or United States Treasury
Department rulings limiting or adversely affecting this method of
financing said industrial projects in this state, the Oklahoma
Industrial Finance Authority is hereby authorized, within its sole
discretion, to accept applications and make loans to industrial
development agencies, as the same are defined by law. As security
therefor the Authority shall take a mortgage upon the industrial
facility from such industrial development agency holding legal title
to the same, and shall take a promissory note or notes for the
amount of such loan from an approved industrial tenant. The above
financing arrangement shall be in addition to all other loan
procedures heretofore authorized by law governing the lending
operations of the Oklahoma Industrial Finance Authority, it being
the intent and purpose of the Legislature to maximize the amount of
loan capital available from all sources for industrial development
purposes in Oklahoma.
Status: in_force · Read it on the official government site
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