{"data":{"id":"us-ok/okla.-stat.-tit.-69-69-3003","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 69, § 69-3003","heading":"Financing - Trustees - Construction contract","body":"No road shall be financed or constructed under the terms of this\n\nact, except such access roads or connecting roads which are\n\nincidental to some authorized facility, unless the trust indenture,\n\nthe financing provisions, the selection of the trustees and the\n\nconstruction contract shall conform with the following provisions:\n\n1. The contractor shall be paid in bonds issued by the trust,\n\nwhich shall constitute complete compensation for the performance of\n\nthe contract with the trust in accordance with the terms and\n\nconditions thereof.\n\n2. The plans and specifications for the project must be at\n\nleast equal to minimum standards of the State Highway Department for\n\nthe State of Oklahoma or the Oklahoma Turnpike Authority for like\n\nfacilities and subject to reasonable approval of engineer to be\n\ndesignated by the trust.\n\n3. Before any right-of-way is acquired, excluding any interest\n\nacquired in a right-of-way by option, or any condemnation action is\n\ncommenced for the purpose of acquiring right-of-way, the contractor\n\nshall first have filed a payment and performance bond with the\n\ntrust, in an amount as provided in the construction contract, but\n\nnot less than the total estimated cost of actual construction.\n\n4. The trustees of any trust which has the power, under the\n\nterms of this act and of its trust indenture, to contract for the\n\nconstruction and financing of any toll expressway shall be selected\n\nas follows:\n\na. The governing body of each participating municipality\n\nshall designate one person and shall submit such\n\nperson's name in writing to the principal district\n\njudge presiding over the territory of such\n\nparticipating municipality. If such person is\n\napproved by such judge or if the judge takes no action\n\nwithin thirty (30) days from the date such name was\n\nsubmitted to him, such person, upon taking the oath,\n\nshall become a trustee.\n\nb. When the appointment of a member of the board of\n\ntrustees by each participating municipality has been\n\ncompleted, such members shall meet and elect a\n\ntemporary chairman, and shall notify the Governor of\n\nthe State of Oklahoma by registered mail of:\n\n(1) Existence of the trust;\n\n(2) The names of the participating municipalities;\n\nand\n\n(3) The name of the member of the board appointed by\n\neach participating municipality, and shall\n\nrequest that the Governor appoint within thirty\n\n(30) days a like number of trustees, less one.\n\nIf the Governor fails to make any or all of such\n\nappointments, the trustees shall fill such\n\nvacancies by a nomination by any member of the\n\nboard of trustees and the approving vote of a\n\nmajority of the trustees.\n\nc. When all vacancies have been filled, the trustees\n\nshall elect a permanent chairman who shall serve for\n\nthe longest term provided for in the trust indenture.\n\nAll other members shall draw lots for staggered terms.\n\nd. Subsequent vacancies shall be filled by action of the\n\nsurviving trustees for the unexpired term thereof.\n\ne. Subsequent appointments shall be made in the manner\n\nprovided above.\n\n5. The construction contract shall provide for reimbursement to\n\nthe trust for an amount equal to the cost of engineering, including\n\ninspection, subject to such reasonable limits as the parties may\n\nagree to, or, the trust must have a prior commitment that the cost\n\nof such inspection or any portion thereof shall be borne by one or\n\nmore of the participating municipalities, or the state, as\n\nestablished by a written agreement between the trust and such\n\nmunicipalities or the state.\n\n6. The construction contract shall make provisions for the\n\nproviding of maintenance when the facility is completed and open to\n\nthe public. Such maintenance cost may be borne or shared in any\n\nlawful manner that the trust, contractor and participating\n\nmunicipality may agree upon. Until the trust bonds are retired, any\na written agreement between the trust and such\n\nmunicipalities or the state.\n\n6. The construction contract shall make provisions for the\n\nproviding of maintenance when the facility is completed and open to\n\nthe public. Such maintenance cost may be borne or shared in any\n\nlawful manner that the trust, contractor and participating\n\nmunicipality may agree upon. Until the trust bonds are retired, any\n\nsurplus revenues shall be deposited in a special fund for the\n\npurpose of providing maintenance for the facility until the fund is\n\nof sufficient size that such surplus revenues may be prudently\n\ndiverted to other lawful purposes within the discretion of the board\n\nof trustees.\n\n7. The construction contract shall set a maximum and a minimum\n\nfor the toll to be collected from the traveling public on such toll\n\nexpressway for each separate class of vehicles and shall set forth\n\nthe formula by which the actual toll shall be set, which shall be\n\neffective until all the bonds issued for the payment of the project\n\nshall have been retired, unless changed by an agreement of such\n\ntrust and a majority of the registered bondholders.","path":["OK Code","Title 69"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os69.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a9c079f6acee6eea98e6ea3e2374f6220da2cf089820f61ed8b1d793d557a073","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-69-69-3002","next":"us-ok/okla.-stat.-tit.-69-69-3004"},"notice":"GroundRules: Original legal text. Not legal advice."}