Okla. Stat. tit. 74, § 74-872: Agency not holding title to real estate comprising

industrial development project - Loans.

In those instances where in an industrial development agency not

holding title to real estate comprising the industrial development

project, but desiring the Oklahoma Industrial Finance Authority to

participate in the financing of such project, joins a responsible

industrial buyer in making application for a loan from said

Authority for such purpose, the said industrial development agency

itself contributing funds to the financing of such project, whether

secured or not, the said Oklahoma Industrial Finance Authority is

hereby authorized and empowered, subject to all other provisions of

Sections 851 through 868 of this title, and in supplementation

thereof, to participate in the financing of such industrial

development project not to exceed sixty-six and two-thirds percent

(66 2/3%) of the cost thereof, taking as security for its loan a

first mortgage lien on such approved industrial development project

or thirty-three and one-third percent (33 1/3%) of the cost thereof,

taking as security a second mortgage lien on such approved

industrial development project; provided, however, that in such case

the mortgage lien securing funds loaned by the local industrial

development agency shall be inferior to the lien of said Authority,

and provided, further, that the local industrial development agency

shall be jointly and severally liable upon the note or notes given

the said Authority as one of the principal makers thereof.