Oklahoma § 74-859 - Hearings on loan applications - Granting of loan Limitation

§ 74-859. Hearings on loan applications - Granting of loan 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

Oklahoma Statutes - Title 74. State Government

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.