ENGR. H. B. NO. 3133 Summary

• Creates the "Municipal Roads and Bridges Revolving Fund Act" to provide advance financing to Oklahoma municipalities for road and bridge construction, restoration, and replacement projects.

• Establishes a revolving fund in the State Treasury administered by the Department of Transportation, funded through appropriations, loan repayments with 2% financing charges, annual state administration fees (0.5%), and interest earnings.

• Eligible municipalities may receive advance financing disbursements if projects exceed their average yearly road budget for the preceding 4 years, with repayment required within 10 years and annual payments not exceeding half of the municipality's average yearly road budget.

• Requires the Transportation Commission to provide financial review guidelines and approve advance financing applications, with the Department of Transportation handling preliminary review, feasibility determination, and project oversight.

• Becomes effective November 1, 2014.