Oklahoma § 69-408 - Additional powers and duties of Department Administration of monies - Establishment of accounts and

§ 69-408. Additional powers and duties of Department Administration of monies - Establishment of accounts and

subaccounts.

In addition to the other powers and duties provided by law, the

Oklahoma Department of Transportation shall have the power and duty

to:

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

1. Manage, maintain, expend and otherwise administer monies in

the State Infrastructure Bank Revolving Fund and any accounts or

subaccounts in the Fund, pursuant to the provisions of this act.

The Department shall manage the Fund so as to make available the

amounts necessary to fund loans to the eligible entities entitled to

receive funding pursuant to the provisions of this act;

2. Establish separate accounts and subaccounts within the State

Infrastructure Bank and provide that such accounts be segregated and

used for specified purposes or held as security for designated

obligations; and

3. Enter into binding loan agreements with the eligible

entities as specified by the Department.

Added by Laws 1998, c. 292, § 7, eff. Nov. 1, 1998.