A. The Transportation Commission is hereby authorized to create a "State Infrastructure Bank", pursuant to the federal National Highway System Designation Act of 1995 and the Transportation Infrastructure Finance and Innovation Act of 1998, for the purpose of pooling available federal, private and state appropriated or revolving fund monies or credit assistance specifically authorized by the Legislature for such use. The Commission shall be the instrumentality to make application to the Federal Highway Administration for the capitalization grant which is to be placed in the State Infrastructure Bank. The Commission shall be the instrumentality to submit a Letter of Interest to the Federal Highway Administration for credit assistance pursuant to the Transportation Infrastructure Finance and Innovation Act of 1998. The Commission shall adopt all rules necessary to implement and effectuate the provisions of this act.
B. The State Infrastructure Bank authorized by this section may be utilized by the various counties of Oklahoma for pooling available federal, private and state appropriated or revolving fund monies or credit assistance specifically authorized by the Legislature for capital improvements. The various counties of Oklahoma are authorized to receive and repay monies from the Department of Transportation revolving fund designated as the "State Infrastructure Bank Revolving Fund" for the purpose specifically authorized by the Legislature.
C. The Transportation Commission shall be authorized to make loans from the State Infrastructure Bank to qualified applicants as provided in this act in order to implement the provisions of the National Highway System Designation Act of 1995 and the Transportation Infrastructure Finance and Innovation Act of 1998.
Added by Laws 1996, c. 303, § 1, emerg. eff. June 10, 1996. Amended by Laws 1997, c. 218, § 8, eff. Nov. 1, 1997; Laws 1998, c. 292, § 1, eff. Nov. 1, 1998; Laws 2012, c. 356, § 1, eff. Nov. 1, 2012.