Okla. Stat. tit. 66, § 66-309.3
This is the official text of Okla. Stat. tit. 66, § 66-309.3, part of Oklahoma’s Stat. tit. 66, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 66,." Browse the sections below, each linked to its official government source.
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Railroad Rehabilitation Act - Powers and duties of
Official statutory text
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.
Oklahoma Statutes - Title 66. Railroads Page 45
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).
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.
Oklahoma Statutes - Title 66. Railroads Page 45
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).
Status: in_force · Read it on the official government site
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