A. Monies allocated from the Public Transit Revolving Fund by the Oklahoma Department of Transportation may be used for local share or matching funds for the purpose of federal capital or operating grants. Prior to the allocation of monies from the Public Transit Revolving Fund, each eligible entity desiring monies from the Public Transit Revolving Fund, shall provide to the Department, a proposed budget outlining the proposed use of the monies for the next fiscal year. Any eligible entity not submitting a proposed budget shall be deemed to waive any claim to monies from the Public Transit Revolving Fund for the next fiscal year. All monies distributed among the eligible entities shall be audited to ensure compliance with applicable law and the latest available audited financial statement shall be provided to the Department.
B. Any eligible entity receiving monies from the Public Transit Revolving Fund shall expend a minimum of fifty percent (50%) of the monies for services for the elderly and the handicapped.
C. Allocations of program funds from the Public Transit Revolving Fund shall not be subject to the Central Purchasing Act, Section 85.1 et seq. of Title 74 of the Oklahoma Statutes. However, any equipment purchased with monies from the Public Transit Revolving Fund shall be subject to the Central Purchasing Act.
Added by Laws 1990, c. 250, § 3, operative July 1, 1990.
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