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.
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).
Added by Laws 2002, c. 297, § 4, emerg. eff. May 22, 2002.