OPIRF provides three types of funding options: Grant, Loan, or Emergency.
- (1) Grants may be awarded at an amount not to exceed 20% of the funds available in the OPIRF. The OPIRF will Grant no more than 80% of the project costs.
- (2) Loans may be awarded at an amount not to exceed 35% of the funds available in the OPIRF. The OPIRF will finance no more than 80% of the project cost. The interest rate on a secured loan will be equal to the yield on U.S. Treasury securities of comparable maturity on the date of execution of the credit agreement, plus a 1% ODOT administrative fee. Interest begins to accrue on OPIRF proceeds immediately upon disbursement of funds. Failure to make timely payments may result in late fees and/or default of the loan.
- (3) At the start of each calendar year, 10% of the funds available shall be reserved for emergency repairs to ports or waterways infrastructure. Emergency funds shall be released only when authorized by the Transportation Commission.
Added at 42 Ok Reg, Number 20, effective 7-11-25