Okla. Stat. tit. 66, § 66-309.3: Railroad Rehabilitation Act - Powers and duties of

Department of Transportation.

The exercise of the powers granted to the Department of

Transportation by the Railroad Rehabilitation Act will be in all

respects for the benefit of the people of this state, for the

increase of their commerce and prosperity and shall be recognized as

an essential government function.

1. On or before November 1, 2002, the Department may make loans

from the Oklahoma Railroad Maintenance Revolving Fund to a qualified

railroad entity for the purpose of financing the rehabilitation of

railroads in this state.

2. Rehabilitation loans shall be made upon such terms as the

Department deems appropriate. The loans shall be at or below market

interest and for a duration not to exceed ten (10) years. All loan

applications are subject to the approval of the Transportation

Commission.

3. The Department shall adopt within one hundred twenty (120)

days of the effective date of this act any emergency rules necessary

to the implementation of this act.

4. No more than fifty percent (50%) of the balance of the

Oklahoma Railroad Maintenance Revolving Fund for any one (1) year

may be encumbered for Railroad Rehabilitation Act loans and the

aggregate amount of all loans from the Oklahoma Railroad Maintenance

Revolving Fund shall not exceed Five Million Dollars

($5,000,000.00).