Oklahoma § 69-687.3 - Emergency and Transportation Revolving Fund

§ 69-687.3. Emergency and Transportation Revolving Fund

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

fund to be designated the "Emergency and Transportation Revolving

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

year limitations, and shall consist of all monies received by any

donations, deposits designated by law, or appropriations. All

monies accruing to the credit of the fund are hereby appropriated

and may be budgeted and expended by any qualified county or counties

pursuant to subsection B of this section for the purpose of funding

emergency or transportation projects of a county that are

reimbursable and subsection C of this section for the purpose of

funding loans to purchase compressed natural gas vehicles or convert

fleet vehicles to compressed natural gas. No more than fifty

percent (50%) of the fund's balance at the beginning of each fiscal

year shall be expended pursuant to subsection C of this section.

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

Statewide Circuit Engineering District Revolving Fund created

pursuant to Section 687.2 of this title for expenditure as provided

by law. Expenditures from the Emergency and Transportation

Revolving 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 Statewide Circuit Engineering Board shall develop and

adopt rules governing the application and qualification procedures

for counties seeking funding pursuant to subsection A of this

section. Such rules shall also specify criteria in determining

reimbursable projects and the procedures for reimbursement of the

fund upon completion of projects.

C. 1. The Statewide Circuit Engineering Board shall develop

and adopt rules governing application and qualification procedures

for counties requesting a loan pursuant to subsection A of this

section to purchase compressed natural gas vehicles or convert

existing fleet vehicles to compressed natural gas.

2. Loans shall be provided at no interest for a maximum term of

five (5) years.

3. Counties that borrow funds for the purpose of purchasing

compressed natural gas vehicles shall provide documentation showing

that an amount of gas- or diesel-powered vehicles equal to or

greater than those purchased have been sold or disposed of.

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

Added by Laws 2008, c. 288, § 1, eff. July 1, 2008. Amended by Laws

2010, c. 318, § 2, emerg. eff. June 6, 2010; Laws 2012, c. 304, §

578; Laws 2015, c. 388, § 1; Laws 2016, c. 260, § 1.