Oklahoma § 69-507 - County Improvements for Roads and Bridges Fund

§ 69-507. County Improvements for Roads and Bridges Fund

A. There is hereby created in the State Treasury a revolving

fund to be known as the "County Improvements for Roads and Bridges

Fund". The fund shall be a continuing fund, not subject to fiscal

year limitations, and shall consist of all appropriations and

transfers made by the Legislature and the apportionments made

pursuant to subsection L of Section 1104 of Title 47 of the Oklahoma

Statutes. All monies accruing to the credit of said fund are hereby

appropriated and may be budgeted and expended beginning with the

fiscal year ending June 30, 2008, and each fiscal year thereafter

pursuant to subsection B of this section. Expenditures from said

fund shall be made upon warrants issued by the State Treasurer

against claims filed as prescribed by law with the Director of the

Office of Management and Enterprise Services for approval and

payment.

B. The funds apportioned pursuant to subsection L of Section

1104 of Title 47 of the Oklahoma Statutes shall be in equal amounts

to the various Transportation Commission districts. The funds shall

be used for the sole purpose of construction or reconstruction of

county roads or bridges on the county highway system that are of the

highest priority as defined by the Transportation Commission.

Counties may accumulate annual funding for a period of up to five

(5) years for a specific project, with such funding to be held by

the Transportation Commission to the credit of the county project.

The Transportation Commission shall promulgate rules for the

administration of the process and the development of criteria for

determining the level of priority for projects and include such

projects in a five-year construction plan that will be updated

annually. Projects in the five-year construction plan shall be

contracted as provided by law and awarded by the Transportation

Commission.

C. The fund shall be invested in whatever instruments are

authorized by law for investments by the State Treasurer and the

interest earned by any investment of monies from the fund shall be

credited to the fund which shall earn the same, if there is any

unexpended balance of such fund to which to credit the interest.

The interest credited herein shall be expended pursuant to this

section.

Added by Laws 2006, 2nd Ex. Sess., c. 45, § 7, eff. July 1, 2007.

Amended by Laws 2012, c. 304, § 575.