{"data":{"id":"us-ok/okla.-stat.-tit.-66-66-309.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 66, § 66-309.3","heading":"Railroad Rehabilitation Act - Powers and duties of","body":"Department of Transportation.\n\nThe exercise of the powers granted to the Department of\n\nTransportation by the Railroad Rehabilitation Act will be in all\n\nrespects for the benefit of the people of this state, for the\n\nincrease of their commerce and prosperity and shall be recognized as\n\nan essential government function.\n\n1. On or before November 1, 2002, the Department may make loans\n\nfrom the Oklahoma Railroad Maintenance Revolving Fund to a qualified\n\nrailroad entity for the purpose of financing the rehabilitation of\n\nrailroads in this state.\n\n2. Rehabilitation loans shall be made upon such terms as the\n\nDepartment deems appropriate. The loans shall be at or below market\n\ninterest and for a duration not to exceed ten (10) years. All loan\n\napplications are subject to the approval of the Transportation\n\nCommission.\n\n3. The Department shall adopt within one hundred twenty (120)\n\ndays of the effective date of this act any emergency rules necessary\n\nto the implementation of this act.\n\n4. No more than fifty percent (50%) of the balance of the\n\nOklahoma Railroad Maintenance Revolving Fund for any one (1) year\n\nmay be encumbered for Railroad Rehabilitation Act loans and the\n\naggregate amount of all loans from the Oklahoma Railroad Maintenance\n\nRevolving Fund shall not exceed Five Million Dollars\n\n($5,000,000.00).","path":["OK Code","Title 66"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os66.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"0686e7dcfb743879ebc9f542f324f7017dbbda30255a27f78c589144d8f95c9d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-66-66-309.2","next":"us-ok/okla.-stat.-tit.-66-66-321"},"notice":"GroundRules: Original legal text. Not legal advice."}