A. By May 1, 1999, the Oklahoma Transportation Commission shall provide financial review guidelines to the Oklahoma Department of Transportation for use by the Department in preliminary evaluations of transportation projects. The evaluation shall include such information as required by the Department and the Commission, including but not limited to:
1. Cost of the proposed transportation project;
2. Amount of the loan requested;
3. Repayment schedule; and
4. Existing and anticipated assets and liabilities of the applicant.
B. Upon a determination of the Department that an entity meets the criteria to receive funding pursuant to the provisions of this act, the Department shall forward to the Commission the preliminary application for an initial financial review.
C. Upon receipt of the preliminary application, the Commission shall prepare an initial financial review of the entity based upon:
1. The documents submitted by the Department and any additional information requested by the Commission through the Department, necessary to make a financial review of such entity; and
2. The proposed loan amount and interest rate for which the entity qualifies.
Upon conclusion of the initial financial review, the Commission may either recommend approval or rejection of the proposed loan.
D. The Commission shall return the preliminary application to the Department with a written recommendation of approval or rejection. If the Commission recommends rejection, the written recommendation shall include the reason for the rejection. The Commission shall forward a written copy of the rejection notice to the entity. The entity may then be allowed to modify any such documents in order to comply with the requirements of the Commission and may resubmit the necessary financial documents to the Department.
E. If the Commission recommends approval, the Commission shall notify the Department of the acceptance. Upon receipt of the notice and upon approval of the planning documents by the Department, the Department shall notify the entity of the approval and request the entity to prepare and submit the final loan application and a nonrefundable loan application processing fee in the amount of Five Hundred Dollars ($500.00).
F. Upon a determination of compliance with the state and federal laws, the Department is authorized to approve, refer and forward the final loan application and necessary documents to the Commission with the recommendation that a loan be made to the eligible entity pursuant to the federal National Highway System Designation Act of 1995 from the State Infrastructure Bank Revolving Fund.
G. Upon review of the final loan application and applicable documents, the Commission shall either approve or reject the loan application. The Commission may request additional information from the applicant or the Department in order to complete the financial review of the application for the loan. The Commission shall notify the applicant of any rejection of the final loan application. Notification of approval of such entity for a loan shall be sent to the Department and the Department shall notify the applicant. The Department shall have the authority to grant final approval for disbursement of loan proceeds by the State Infrastructure Bank and to present the proceeds at the closing of the loan. Upon request for disbursement of funds from the account pursuant to the provisions of this act, the Commission shall provide for the release of the loan proceeds.
H. Payment on loans shall be made to the State Infrastructure Bank as provided in the loan documents.
Added by Laws 1998, c. 292, § 8, eff. Nov. 1, 1998.