§ 69-408. Additional powers and duties of Department - Administration of monies - Establishment of accounts and subaccounts.

In addition to the other powers and duties provided by law, the Oklahoma Department of Transportation shall have the power and duty to:

1.  Manage, maintain, expend and otherwise administer monies in the State Infrastructure Bank Revolving Fund and any accounts or subaccounts in the Fund, pursuant to the provisions of this act.  The Department shall manage the Fund so as to make available the amounts necessary to fund loans to the eligible entities entitled to receive funding pursuant to the provisions of this act;

2.  Establish separate accounts and subaccounts within the State Infrastructure Bank and provide that such accounts be segregated and used for specified purposes or held as security for designated obligations; and

3.  Enter into binding loan agreements with the eligible entities as specified by the Department.

Added by Laws 1998, c. 292, § 7, eff. Nov. 1, 1998.