§74-873. Power of Authority to purchase notes and mortgages.
216 words·~1 min read·
/ok/title-74-state-government/74-873·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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. Amended by Laws 1987, c. 9, § 8, emerg. eff. March 31, 1987.