Oklahoma § 69-405 - Use of fund - Purposes

§ 69-405. Use of fund - Purposes

The Department of Transportation shall use the State

Infrastructure Bank Revolving Fund for the following purposes:

1. To make a loan to an eligible entity if:

a.

the loan application, project and planning documents

have been approved by the Department or the

Transportation Commission,

Oklahoma Statutes - Title 69. Roads, Bridges, and Ferries

b.

c.

the loan is made at or below market interest rates,

principal and interest payments will begin no later

than the month following the completion of the

project,

d.

the State Infrastructure Bank Revolving Fund will be

credited with all payments of principal and interest

on all loans,

e.

the applicant demonstrates to the satisfaction of the

Department the financial capability to assure

sufficient revenues to pay debt service,

f.

the recipient of the loan establishes a dedicated

source of revenue for payment of debt service for the

loan, and

g.

the recipient agrees to maintain financial records in

accordance with governmental accounting standards, to

conduct an annual audit of the financial records

relating to the construction project, and to submit

the audit report to the Department on a scheduled

annual basis;

2. To guarantee or purchase insurance for eligible entities if

the guarantee or insurance would improve access to market credit or

reduce interest rates;

3. To provide loan guarantees to similar revolving loan

accounts or funds established by eligible entities;

4. To administer the State Infrastructure Bank Revolving Fund

pursuant to the provisions in this act. All funds to be utilized

for administrative costs from the State Infrastructure Bank

Revolving Fund shall be subject to annual appropriation by the

Legislature; and

5. For such other purpose or in such manner as is determined by

the Commission or the Director to be an appropriate use of the State

Infrastructure Bank Revolving Fund and which has been specifically

approved by the Federal Highway Administration pursuant to the

National Highway System Designation Act of 1995 and the

Transportation Infrastructure Finance and Innovation Act of 1998.

Added by Laws 1998, c. 292, § 4, eff. Nov. 1, 1998. Amended by Laws

2012, c. 356, § 4, eff. Nov. 1, 2012.