§74-859. Hearings on loan applications - Granting of loan -
214 words·~1 min read·
/ok/title-74-state-government/74-859·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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
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. Added by Laws 1959, p. 505, § 9. Amended by Laws 1969, c. 48, § 1, emerg. eff. March 4, 1969; Laws 1988, c. 88, § 4, emerg. eff. March 30, 1988; Laws 2001, c. 97, § 1, emerg. eff. April 16, 2001.