Okla. Stat. tit. 82, § 82-1085.53: Creation of account - Composition - Purpose -

Investment.

A. Within the Water Resources Fund created pursuant to Section

1085.33 of this title, there is hereby created the "Clean Water

State Revolving Fund Loan Account". The account shall be set apart

as a permanent and perpetual account not subject to fiscal year

limitations and shall consist of:

1. All monies received pursuant and subject to the restrictions

of the federal Water Quality Act of 1987 which are eligible for use

in state revolving loan funds established to meet the requirements

of that act;

2. Monies appropriated to the account;

3. Payments of principal and interest and penalty payments on

loans made directly from federal grant monies and state-appropriated

monies in the account;

4. Payments of principal and interest and penalty payments on

loans made from the proceeds of the sale of investment certificates

in the account or as may be provided in applicable bond resolutions

or indentures as appropriate;

5. All income from the investment of monies held in the account

consistent with applicable bond resolutions or indentures as allowed

by the federal Water Quality Act of 1987;

6. Proceeds from the sale of investment certificates issued to

provide water quality project loans pursuant to the provisions of

the Clean Water State Revolving Fund Program except as otherwise

provided by the applicable bond resolutions or indentures as

appropriate; and

7. Any other sums designated for deposit to the account from

any source, public or private.

B. The Clean Water State Revolving Fund Loan Account shall

remain available in perpetuity for providing financial assistance in

accordance with the federal Water Quality Act of 1987.

C. The monies in the Clean Water State Revolving Fund Loan

Account shall be used for the purpose of making loans to eligible

entities pursuant to the provisions of the Clean Water State

Revolving Fund Program or for such other purposes authorized by the

federal Water Quality Act of 1987.

D. The monies placed in the Clean Water State Revolving Fund

Loan Account shall be invested by the State Treasurer in an

adequately collateralized manner and as prescribed by Section 89.2

of Title 62 of the Oklahoma Statutes or pursuant to investment

contracts or agreements with entities maintaining a rating in the

top two categories by a nationally recognized municipal bond rating

agency, in the manner consistent with the provisions of the federal

Water Quality Act of 1987. Monies invested by the State Treasurer

shall be available to meet program needs for funding as established

by the Board.

E. Notwithstanding the provisions of Section 1085.39 of this

title, the Board shall not use funds in the Clean Water State

Revolving Fund Loan Account established in the Water Resources Fund

to make grants.