Oklahoma § 69-2004 Annual lease of Highway 44 by Transportation Commission –

Oklahoma Statutes

§ 69-2004 — Annual lease of Highway 44 by Transportation Commission –

Oklahoma·Title 69 Roads, Bridges, And Ferries

Amount and funding of lease payments.

A.In order to avoid the expenditure of funds for the currently planned construction of four lanes parallel to the Will Rogers Turnpike near Claremore, the Oklahoma Transportation Commission shall enter into a lease with the Oklahoma Transportation Authority for the Transportation Commission to lease, on an annual basis, that part of the Will Rogers Turnpike also known as Interstate Highway 44, from its beginning near the interchange with U.S. Highway 412 and State Highway 66 at Catoosa and extending northeast to the current interchange with State Highway 20 south of Claremore.

B.The lease between the Transportation Commission and the Transportation Authority shall be an annual lease renewable by agreement of the parties for a period of fifty (50) yea

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Amount and funding of lease payments. A. In order to avoid the expenditure of funds for the currently planned construction of four lanes parallel to the Will Rogers Turnpike near Claremore, the Oklahoma Transportation Commission shall enter into a lease with the Oklahoma Transportation Authority for the Transportation Commission to lease, on an annual basis, that part of the Will Rogers Turnpike also known as Interstate Highway 44, from its beginning near the interchange with U.S. Highway 412 and State Highway 66 at Catoosa and extending northeast to the current interchange with State Highway 20 south of Claremore. B. The lease between the Transportation Commission and the Transportation Authority shall be an annual lease renewable by agreement of the parties for a period of fifty (50) years. The annual lease payment shall be based on the net revenue which would have accrued to the Transportation Authority from tolls on the leased portion of the turnpike. No funds available for expenditure pursuant to Section 2001 of Title 69 of the Oklahoma Statutes shall be used for this purpose. C. The lease payments referred to in this section shall come exclusively from the Oklahoma Department of Transportation monies identified in the existing five-year plan for State Highway 20 running parallel to the Will Rogers Turnpike.

Oklahoma § 69-2004 (Annual lease of Highway 44 by Transportation Commission –) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.