Okla. Stat. tit. 74, § 74-873: Power of Authority to purchase notes and mortgages

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.