{"data":{"id":"us-ok/okla.-stat.-tit.-69-69-405","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 69, § 69-405","heading":"Use of fund - Purposes","body":"The Department of Transportation shall use the State\n\nInfrastructure Bank Revolving Fund for the following purposes:\n\n1. To make a loan to an eligible entity if:\n\na. the loan application, project and planning documents\n\nhave been approved by the Department or the\n\nTransportation Commission,\n\nb. the loan is made at or below market interest rates,\n\nc. principal and interest payments will begin no later\n\nthan the month following the completion of the\n\nproject,\n\nd. the State Infrastructure Bank Revolving Fund will be\n\ncredited with all payments of principal and interest\n\non all loans,\n\ne. the applicant demonstrates to the satisfaction of the\n\nDepartment the financial capability to assure\n\nsufficient revenues to pay debt service,\n\nf. the recipient of the loan establishes a dedicated\n\nsource of revenue for payment of debt service for the\n\nloan, and\n\ng. the recipient agrees to maintain financial records in\n\naccordance with governmental accounting standards, to\n\nconduct an annual audit of the financial records\n\nrelating to the construction project, and to submit\n\nthe audit report to the Department on a scheduled\n\nannual basis;\n\n2. To guarantee or purchase insurance for eligible entities if\n\nthe guarantee or insurance would improve access to market credit or\n\nreduce interest rates;\n\n3. To provide loan guarantees to similar revolving loan\n\naccounts or funds established by eligible entities;\n\n4. To administer the State Infrastructure Bank Revolving Fund\n\npursuant to the provisions in this act. All funds to be utilized\n\nfor administrative costs from the State Infrastructure Bank\n\nRevolving Fund shall be subject to annual appropriation by the\n\nLegislature; and\n\n5. For such other purpose or in such manner as is determined by\n\nthe Commission or the Director to be an appropriate use of the State\n\nInfrastructure Bank Revolving Fund and which has been specifically\n\napproved by the Federal Highway Administration pursuant to the\n\nNational Highway System Designation Act of 1995 and the\n\nTransportation Infrastructure Finance and Innovation Act of 1998.","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":"e6873c641d9e3f01478f05ece6b816c1043ab3143e1fb9234c7dfdd652c9004f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-69-69-4041","next":"us-ok/okla.-stat.-tit.-69-69-406"},"notice":"GroundRules: Original legal text. Not legal advice."}