Bill > SB258

This bill creates the Preserving and Advancing County Transportation Fund (PACT Fund), a new state revolving fund designed to support county transportation infrastructure. The fund will be primarily financed through a portion of gross production taxes on natural gas, specifically 20% of the taxes collected at the 5% rate, with a maximum annual contribution of $75 million. The funds will be distributed to counties using a two-part allocation method: two-thirds of the money will first be used to help counties reach a target of $4,000 per county road mile, prioritizing counties with the lowest current funding, and then the remaining funds will be split equally between allocations based on county road miles and county bridge numbers. The remaining one-third of the funds will be distributed to counties based on their number of bridges. Each county treasurer must deposit these funds into their county highway fund and use them exclusively for constructing and maintaining the county highway system. The bill also modifies the existing gross production tax apportionment rules to enable this new funding mechanism and includes an emergency clause to make the act effective immediately upon passage.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb258&Session=2600