Okla. Stat. tit. 63, § 63-690.10: State Assistance Dedicated for Disaster-impacted Local

Economies Revolving Fund.

A. There is hereby created in the State Treasury a revolving

fund for the Oklahoma Department of Emergency Management to be

designated the "State Assistance Dedicated for Disaster-impacted

Local Economies Revolving Fund". The fund shall be a continuing

fund, not subject to fiscal year limitations, and shall consist of

all monies directed for deposit to the fund. All monies accruing to

the credit of said fund are hereby appropriated and may be budgeted

and expended by the Oklahoma Department of Emergency Management for

the purpose of providing advanced financial liquidity to

governmental subdivisions directly impacted by events attributing to

a Federal Emergency Management Agency (FEMA) declared emergency or

disaster, provided such governmental subdivision has entered into a

qualifying repayment agreement with the Oklahoma Department of

Emergency Management. Expenditures from said fund shall be made

upon warrants issued by the State Treasurer against claims filed as

prescribed by law with the Director of the Office of Management and

Enterprise Services for approval and payment.

B. As used in this section:

1. "Advanced financial liquidity" means funding provided to

fund gaps in mitigation of local and county revenue losses and

operating deficits; infrastructure repair and replacement, including

road, sewer, and water facilities; temporary housing and shelter

made necessary by the result of the associated emergency or

disaster; and to fund gaps in required matching funds for

participation in, or the benefit of, programs administered or funded

by the Federal Emergency Management Agency (FEMA); and

2. "Qualifying repayment agreement" means a memorandum of

understanding or legally binding agreement which identifies the

purpose of use for such advanced financial liquidity, and which

identifies the source of repayment by the governmental subdivision

and a repayment timeline or standard for repayment.

C. The Oklahoma Department of Emergency Management may

promulgate rules as needed to implement the provisions of this

section.