Section X-33A: State Industrial Finance Authority.

    The Legislature of the State of Oklahoma is hereby authorized to
enact legislation creating a State Industrial Finance Authority, to
be composed of the State Treasurer (who shall be an ex officio,
non-voting member) and seven members, appointed by the Governor for
overlapping terms, one of whom shall be the Director of the
Department of Economic Development representing the State at large,
and one each from the present six Congressional Districts, at least
five of whom shall have had at least fifteen (15) years experience in
banking, mortgage loans, or financial management, and the remaining
member shall have demonstrated outstanding ability in business or
industry, which Authority shall be, and is hereby, authorized to
issue and sell State Industrial Finance Bonds in such amounts as
shall be needed from time to time for the purposes herein provided,
not to exceed in the aggregate Ninety Million Dollars
($90,000,000.00) outstanding at any one time, said bonds to be
payable in full within thirty (30) years from their date, the
proceeds whereof shall be deposited in the State Treasury in a fund
known as a State Industrial Revolving Loan Fund to be loaned, and
reloaned, by said Authority only to Oklahoma incorporated industrial
development agencies (whether profit or non-profit) in Oklahoma
communities, which agencies shall first have been approved and
qualified by said Authority, such loans to be secured either by first
or second mortgage on the land, buildings and facilities of such
industrial properties, whether existing or to be constructed, held
for sale or lease to approved responsible industrial firms on such
terms as will amortize such loans within a period of twenty-five (25)
years or less, but in no event shall the state's participation exceed
thirty-three and one-third percent (33 1/3%) of the total cost or
value of such industrial properties when such loan is secured by a
second mortgage on such industrial properties and sixty-six and
two-thirds percent (66 2/3%) of the total cost or value of such
industrial properties when such loan is secured by a first mortgage
on such industrial properties.  Provided, however that up to one-half
of such monies in said fund may be used by said Authority to purchase
federally guaranteed SBA loans or loans of similar federal programs
for investment purposes.  All bonds representing the state
indebtedness herein authorized to be created by the State Industrial
Finance Authority shall be backed by the full faith and credit of the
State of Oklahoma, and there shall be pledged to the payment of
principal and interest of the bonds herein authorized to be issued:
(1) The net proceeds from repayment of loans and interest received
thereon; (2) any moneys available from other funds of the State not
otherwise obligated; and (3) the proceeds of any tax, other than ad
valorem, which may be imposed for such purpose in the event funds
available for use and pledge under (1) and (2) should be
insufficient.  The Legislature shall enact appropriate and needful
legislation pertaining to procedure, terms and necessary covenants
for issuance of the bonds herein authorized and establishing such
safeguards and regulations governing the lending of such funds as in
its wisdom may be necessary to the vitalization of this Section, and
helpful in carrying out the purpose and intent hereof; to aid and
assist with Oklahoma's industrial development.  The additional bonds
as authorized herein shall only be sold as needed in increments not
to exceed Ten Million Dollars ($10,000,000.00).