Oklahoma § 69-409 - Preliminary evaluations of transportation projects Financial review - Final loan applications - Approval or rejection Release of loan proceeds

§ 69-409. Preliminary evaluations of transportation projects Financial review - Final loan applications - Approval or rejection Release of loan proceeds

A. By May 1, 1999, the Oklahoma Transportation Commission shall

provide financial review guidelines to the Oklahoma Department of

Transportation for use by the Department in preliminary evaluations

of transportation projects. The evaluation shall include such

information as required by the Department and the Commission,

including but not limited to:

1. Cost of the proposed transportation project;

2. Amount of the loan requested;

3. Repayment schedule; and

4. Existing and anticipated assets and liabilities of the

applicant.

B. Upon a determination of the Department that an entity meets

the criteria to receive funding pursuant to the provisions of this

act, the Department shall forward to the Commission the preliminary

application for an initial financial review.

C. Upon receipt of the preliminary application, the Commission

shall prepare an initial financial review of the entity based upon:

1. The documents submitted by the Department and any additional

information requested by the Commission through the Department,

necessary to make a financial review of such entity; and

2. The proposed loan amount and interest rate for which the

entity qualifies.

Upon conclusion of the initial financial review, the Commission may

either recommend approval or rejection of the proposed loan.

D. The Commission shall return the preliminary application to

the Department with a written recommendation of approval or

rejection. If the Commission recommends rejection, the written

recommendation shall include the reason for the rejection. The

Commission shall forward a written copy of the rejection notice to

the entity. The entity may then be allowed to modify any such

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

documents in order to comply with the requirements of the Commission

and may resubmit the necessary financial documents to the

Department.

E. If the Commission recommends approval, the Commission shall

notify the Department of the acceptance. Upon receipt of the notice

and upon approval of the planning documents by the Department, the

Department shall notify the entity of the approval and request the

entity to prepare and submit the final loan application and a

nonrefundable loan application processing fee in the amount of Five

Hundred Dollars ($500.00).

F. Upon a determination of compliance with the state and

federal laws, the Department is authorized to approve, refer and

forward the final loan application and necessary documents to the

Commission with the recommendation that a loan be made to the

eligible entity pursuant to the federal National Highway System

Designation Act of 1995 from the State Infrastructure Bank Revolving

Fund.

G. Upon review of the final loan application and applicable

documents, the Commission shall either approve or reject the loan

application. The Commission may request additional information from

the applicant or the Department in order to complete the financial

review of the application for the loan. The Commission shall notify

the applicant of any rejection of the final loan application.

Notification of approval of such entity for a loan shall be sent to

the Department and the Department shall notify the applicant. The

Department shall have the authority to grant final approval for

disbursement of loan proceeds by the State Infrastructure Bank and

to present the proceeds at the closing of the loan. Upon request

for disbursement of funds from the account pursuant to the

provisions of this act, the Commission shall provide for the release

of the loan proceeds.

H. Payment on loans shall be made to the State Infrastructure

Bank as provided in the loan documents.

Added by Laws 1998, c. 292, § 8, eff. Nov. 1, 1998.