The Oklahoma Industrial Finance Authority may loan money for the purchase of moveable machinery subject to the following limitations:
1. All procedures required in order for the Authority to loan money secured by a mortgage on real property shall be followed;
2. The Authority shall require the industrial development agency to furnish evidence that the Authority shall take a purchase money security interest;
3. Within twenty-four (24) hours after loaning the money to an industrial development agency to purchase any moveable machinery, the Authority shall perfect a security interest in such machinery pursuant to perfection procedures prescribed by Article 9 of Title 12A of the Oklahoma Statutes;
4. Any industrial development agency which receives money for the purchase of a moveable machine shall agree to such procedures as the Authority deems necessary to preserve its interest in such moveable machinery. These procedures may include notification to the Authority of the exact location of such moveable machinery and notification of any changes in location of such moveable machinery;
5. The loan must also be secured by a first or second mortgage on the real estate of the industrial development project.
Added by Laws 1987, c. 9, § 5, emerg. eff. March 31, 1987. Amended by Laws 1988, c. 88, § 5, emerg. eff. March 30, 1988; Laws 2000, c. 371, § 182, eff. July 1, 2001.