{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-873","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-873","heading":"Power of Authority to purchase notes and mortgages","body":"\n\nThe Oklahoma Industrial Finance Authority is hereby further\n\nauthorized and empowered, if in its discretion the public purposes\n\nof the aforesaid constitutional and statutory provisions would\n\nthereby be subserved, to purchase with recourse from an approved\n\nindustrial development agency, a promissory note or notes, and\n\nmortgage or participations therein upon an industrial development\n\nproject securing said note or notes previously taken by said\n\nindustrial development agency from a responsible buyer of such\n\nindustrial development project, provided that the Oklahoma\n\nIndustrial Finance Authority shall first have investigated and found\n\nthat: (1) The note and mortgage or participations therein so\n\npurchased or offered for purchase shall constitute either a first or\n\nsecond mortgage lien upon the property, (2) That the amount thereof\n\ndoes not exceed sixty-six and two-thirds percent (66 2/3%) of the\n\ncost of such industrial development project where the note or\n\nmortgage constitutes a first mortgage lien on the property, or\n\nthirty-three and one-third percent (33 1/3%) of the cost of such\n\nindustrial development project where the note or mortgage\n\nconstitutes a second mortgage lien on the property, and (3) That the\n\nindustrial development agency assigning said note and mortgage will\n\nuse the proceeds thereof in the furtherance of other industrial\n\ndevelopment projects.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"f190676dec45611eb1715e6a483678f004d32595fea00f9594017b05ea9b1c4c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-872","next":"us-ok/okla.-stat.-tit.-74-74-874"},"notice":"GroundRules: Original legal text. Not legal advice."}