SECTION 355:10-3-2. Loan limit

  The Authority may loan up to Two Million Dollars ($2,000,000.00) on any single qualifying industrial project irrespective of the number of industrial development agencies participating in the financing of such a loan. Subject to this ceiling the Authority may loan an amount up to 66 2/3 percent of the cost or value of qualifying industrial properties connected with the industrial project if the project is secured by both a first mortgage and first security interest in all of the industrial properties. The authority may loan up to 33 1/3 percent of the cost or value of qualifying industrial when the loan is to be secured by a second mortgage in real property and/or second security interest in the equipment of such industrial project. The ceiling on second mortgage loans is One Million Dollars (1,000,000.00.) The cost or value of nonqualifying collateral shall not be included in these computations. For purposes of calculating the cost or value of such industrial properties other cost necessary in establishing such an industrial project may include those items authorized by statute in § 853(1) of Title 74 of the Oklahoma Statutes, as amended.