Okla. Stat. tit. 82, § 82-1141

A. There is hereby created in the State Treasury a revolving

fund for the Department of Transportation to be designated the

“Oklahoma Ports Infrastructure Revolving Fund (OPIRF)”. The fund

shall be a continuing fund, not subject to fiscal year limitations,

for the purpose of pooling all monies received by the Department of

Transportation from appropriations, dedicated revenues, federal

funds, private contributions or other sources authorized by law

dedicated to the McClellan-Kerr Arkansas River Navigation System

(MKARNS) or the waterway ports of this state. Such monies shall

include but not be limited to:

1. Monies received by the Department of Transportation for

waterway projects or infrastructure projects at waterway ports;

2. Principal and interest and penalty payments on loans made

directly from appropriated monies in the fund; and

3. Any other sums deposited into the fund from any public or

private source.

All monies accruing to the credit of the fund are hereby

appropriated and may be budgeted and expended by the Department of

Transportation for qualified projects upon review by the Department

of Transportation and approval from the Transportation Commission.

Expenditures from the fund shall be made upon warrants issued by the

State Treasurer against claims filed as prescribed by law with the

Director of the Office of Management and Enterprise Services for

approval and payment.

B. The monies placed in the OPIRF shall be invested by the

State Treasurer as prescribed by Section 89.2 of Title 62 of the

Oklahoma Statutes. Notwithstanding any other provision of law,

income and earnings on the fund shall accrue to the fund and may be

used for the purposes provided for in this section. Any interest

earned by the State Treasurer from such funds invested shall be

deposited in the OPIRF.

C. As used in this section, a “qualified project” shall:

1. Enhance the safe and efficient operation of the commercial

waterway systems of this state; or

Oklahoma Statutes - Title 82. Waters and Water Rights Page 297

2. Repair, improve, or construct waterway or industrial park

infrastructure located at or within waterway ports of this state

that are determined to provide a public benefit.

Such projects shall be developed in consultation with the United

States Army Corps of Engineers and all Indian tribes with an

ownership interest in the riverbed of the Arkansas River when

necessary.

D. The OPIRF may be utilized by port authorities which have

active waterway ports in this state for pooling available federal,

private, and state monies for capital projects at their ports for

purposes authorized by Section 1106 of this title.

E. The Department of Transportation shall:

1. Grant or make loans from the OPIRF for qualified projects in

order to implement the provisions of this section;

2. Grant an amount not to exceed twenty percent (20%) of the

funds available in the OPIRF during any one (1) year for qualified

projects; and

3. Loan an amount not to exceed thirty-five percent (35%) of

the funds available in the OPIRF during any one (1) year for

qualified projects.

No less than ten percent (10%) of the funds available in the

OPIRF during any one (1) year shall be reserved for emergency

repairs to ports or waterway infrastructure as authorized by the

Transportation Commission. Such determination of ten percent (10%)

shall be made based off of the funds available in the OPIRF at the

start of each calendar year.

F. The Department of Transportation shall promulgate rules

necessary to effectuate the provisions of this section. The

Department of Transportation shall also promulgate rules to ensure

that any grants or loans made from the OPIRF are made at market-

competitive terms.