ITEM TITLE:
Title
Consider authorizing the Chairman to execute the FY25 annual agreement with the Oklahoma Department of Transportation for the State Public Transit Revolving Fund Program in the amount of $243,850.00.
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INITIATOR: Christine James, Planning Director
STAFF INFORMATION SOURCE: Ryan Landers, LATS General Manager
BACKGROUND: Section 4031 of Title 69 of the Oklahoma Statutes created a revolving fund for the Oklahoma Department of Transportation (ODOT) designated as the “Public Transit Revolving Fund” for the purpose of establishing, expanding, improving and maintaining rural and urban public transportation services.
The funding allocated from the Public Transit Revolving Fund to LATS is budgeted for the purpose of establishing, expanding, improving and maintaining rural and urban public mass transportation service. Available funds may also be used for local share or matching funds for the purpose of federal capital or operating grants. Prior to the allocation of funds from the Public Transit Revolving Fund, LATS shall provide to ODOT, a proposed budget outlining the proposed use of the monies for the corresponding fiscal year.
This is an annual agreement between the Transit Trust and ODOT.
EXHIBIT: FY25 Revolving Fund Contract
Letter from ODOT accompanying the contract
KEY ISSUES: N/A
FUNDING SOURCE: N/A
STAFF RECOMMENDED TRUST ACTION: Authorize the Chairman to execute the FY25 annual agreement with the Oklahoma Department of Transportation for the State Public Transit Revolving Fund Program in the amount of $243,850.00.