{"data":{"id":"us-ok/okla.-stat.-tit.-69-69-409","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 69, § 69-409","heading":"Preliminary evaluations of transportation projects -","body":"Financial review - Final loan applications - Approval or rejection -\n\nRelease of loan proceeds.\n\nA. By May 1, 1999, the Oklahoma Transportation Commission shall\n\nprovide financial review guidelines to the Oklahoma Department of\n\nTransportation for use by the Department in preliminary evaluations\n\nof transportation projects. The evaluation shall include such\n\ninformation as required by the Department and the Commission,\n\nincluding but not limited to:\n\n1. Cost of the proposed transportation project;\n\n2. Amount of the loan requested;\n\n3. Repayment schedule; and\n\n4. Existing and anticipated assets and liabilities of the\n\napplicant.\n\nB. Upon a determination of the Department that an entity meets\n\nthe criteria to receive funding pursuant to the provisions of this\n\nact, the Department shall forward to the Commission the preliminary\n\napplication for an initial financial review.\n\nC. Upon receipt of the preliminary application, the Commission\n\nshall prepare an initial financial review of the entity based upon:\n\n1. The documents submitted by the Department and any additional\n\ninformation requested by the Commission through the Department,\n\nnecessary to make a financial review of such entity; and\n\n2. The proposed loan amount and interest rate for which the\n\nentity qualifies.\n\nUpon conclusion of the initial financial review, the Commission may\n\neither recommend approval or rejection of the proposed loan.\n\nD. The Commission shall return the preliminary application to\n\nthe Department with a written recommendation of approval or\n\nrejection. If the Commission recommends rejection, the written\n\nrecommendation shall include the reason for the rejection. The\n\nCommission shall forward a written copy of the rejection notice to\n\nthe entity. The entity may then be allowed to modify any such\n\ndocuments in order to comply with the requirements of the Commission\n\nand may resubmit the necessary financial documents to the\n\nDepartment.\n\nE. If the Commission recommends approval, the Commission shall\n\nnotify the Department of the acceptance. Upon receipt of the notice\n\nand upon approval of the planning documents by the Department, the\n\nDepartment shall notify the entity of the approval and request the\n\nentity to prepare and submit the final loan application and a\n\nnonrefundable loan application processing fee in the amount of Five\n\nHundred Dollars ($500.00).\n\nF. Upon a determination of compliance with the state and\n\nfederal laws, the Department is authorized to approve, refer and\n\nforward the final loan application and necessary documents to the\n\nCommission with the recommendation that a loan be made to the\n\neligible entity pursuant to the federal National Highway System\n\nDesignation Act of 1995 from the State Infrastructure Bank Revolving\n\nFund.\n\nG. Upon review of the final loan application and applicable\n\ndocuments, the Commission shall either approve or reject the loan\n\napplication. The Commission may request additional information from\n\nthe applicant or the Department in order to complete the financial\n\nreview of the application for the loan. The Commission shall notify\n\nthe applicant of any rejection of the final loan application.\n\nNotification of approval of such entity for a loan shall be sent to\n\nthe Department and the Department shall notify the applicant. The\n\nDepartment shall have the authority to grant final approval for\n\ndisbursement of loan proceeds by the State Infrastructure Bank and\n\nto present the proceeds at the closing of the loan. Upon request\n\nfor disbursement of funds from the account pursuant to the\n\nprovisions of this act, the Commission shall provide for the release\n\nof the loan proceeds.\n\nH. Payment on loans shall be made to the State Infrastructure\n\nBank as provided in the loan documents.","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":"8576180520acf47b1a9f191546d47bc5a0e623c5d41035a0710dd3d71163b9c6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-69-69-408","next":"us-ok/okla.-stat.-tit.-69-69-411"},"notice":"GroundRules: Original legal text. Not legal advice."}