SB 584 Summary

• Amends 66 O.S. 2011, Section 304 to establish procedures for the Department of Transportation to sell state-owned railroad assets through a formal request for proposal process.

• Requires a minimum 90-day response period for interested parties to submit proposals, followed by evaluation by the Department and an economic impact study by the Department of Commerce.

• Mandates that the Secretary of Transportation, Finance, Commerce, Agriculture, and Energy present a joint recommendation to the Transportation Commission within 90 days, which then determines if the sale is in the state's best interest.

• Requires written notification to the Speaker of the House and President Pro Tempore of the Senate prior to the Commission meeting where final sale action will occur.

• All proceeds from railroad asset sales must be deposited into the Railroad Maintenance Revolving Fund; effective date October 1, 2013.