Oklahoma § 69-404 - State Infrastructure Bank Revolving Fund

§ 69-404. State Infrastructure Bank Revolving Fund

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

fund for the Department of Transportation to be designated the

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

"State Infrastructure Bank Revolving Fund". The fund shall be a

continuing fund, not subject to fiscal year limitations, and shall

consist of the following:

1. All monies received by the Department of Transportation as

provided in Section 403 of this title;

2. All monies received pursuant and subject to the provisions

of the National Highway System Designation Act of 1995 and the

Transportation Infrastructure Finance and Innovation Act of 1998

which are eligible for use in state revolving loan funds established

to meet the requirements of that act;

3. All monies appropriated to this fund;

4. Payments of principal and interest and penalty payments on

loans made directly from federal monies and appropriated monies in

this fund;

5. Annual state administration fees of one-half percent (1/2%)

on the outstanding loan balance; and

6. Any other sums designated for deposit to this fund from any

source, public or private.

All monies accruing to the credit of the fund are hereby

appropriated and may be budgeted and expended by the Department of

Transportation for the purposes of effectuating the provisions of

this act. Expenditures from the 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 monies placed in the State Infrastructure Bank Revolving

Fund shall be invested by the State Treasurer as prescribed by

Section 89.2 of Title 62 of the Oklahoma Statutes. Any interest

earned by the State Treasurer shall be deposited to the credit of

the State Infrastructure Bank Revolving Fund. Monies invested by

the State Treasurer shall be available to meet the program funding

needs established by the Department of Transportation pursuant to

this act.

Added by Laws 1996, c. 303, § 2, emerg. eff. June 10, 1996. Amended

by Laws 1998, c. 292, § 2, eff. Nov. 1, 1998; Laws 2012, c. 356, §

3, eff. Nov. 1, 2012; Laws 2013, c. 15, § 91, emerg. eff. April 8,

2013.

NOTE: Laws 2012, c. 304, § 572 repealed by Laws 2013, c. 15, § 92,

emerg. eff. April 8, 2013.