Okla. Admin. Code § 730:40-3-4

Current through Vol. 41, No. 19, June 17, 2024

Section 730:40-3-4 - Requirements and criteria

The Department shall develop an application form which shall be made available to all qualified railroad entities. The initial loan application period will be from November 1, 2002 to December 31, 2002. Thereafter, the loan application period will be from January 1 to March 1 for each following state fiscal year beginning July 1, 2003. The application period may be waived by the Department of Transportation (Department) if sufficient unobligated funds are not available for the program. If the Director declares that a transportation emergency has occurred, a loan application(s) outside the annual application period may be submitted to the Department for consideration by the Oklahoma Transportation Commission. Applications submitted during the designated period shall be evaluated based on the following criteria:

(1) The ratio of benefits to costs for any project funded by such loan shall be greater than one. The benefit/cost methodology to be used for this determination shall be the most recent standard benefit/cost methodology approved by the Federal Railroad Administration of the United States Department of Transportation;

(2) The qualified entity shall demonstrate that it is financially sound and capable of fulfilling all obligations created by the proposed loan guarantee agreement; and

(3) The qualified railroad entity shall demonstrate that adequate funding for the proposed project is not otherwise available at terms that would make the proposed project financially feasible.

(4) Projects that are determined to be the most critical shall take precedence.

(5) The length of the loan repayment schedule shall be a major consideration in determining the viability of the loan application.

(6) Privately owned rail facility rehabilitation projects shall take precedence.

(7) Projects with the earliest start and completion dates shall be given major consideration in determining the viability of the loan application.

Okla. Admin. Code § 730:40-3-4

Added at 20 Ok Reg 248, eff 10-29-02 (emergency); Added at 20 Ok Reg 1814, eff 6-12-03