Okla. Stat. tit. 82, § 82-1085.57: Management of funds - Investment certificates

A. In addition to other powers and duties provided by law, the

Oklahoma Water Resources Board shall have the power and duty to:

1. Manage, maintain, expend and otherwise administer monies in

the Water Resources Fund and any accounts or subaccounts therein,

except as otherwise provided by paragraph 2 of this subsection,

pursuant to the provisions of Sections 1085.31 through 1085.39 of

this title;

2. Manage, maintain, expend and otherwise administer monies in

the Clean Water State Revolving Fund Loan Account pursuant to the

statutory authority of the Oklahoma Water Resources Board and shall

manage the account so as to make available the amounts necessary to

fund loans to eligible entities entitled to receive funding;

3. Establish separate accounts and subaccounts within the Water

Resources Fund and provide that such accounts be segregated and used

for specified purposes or held as security for designated

obligations;

4. Issue investment certificates to provide necessary funds for

the Clean Water State Revolving Fund Loan Account pursuant to the

provisions of subsection B of this section;

5. Enter into binding loan agreements with the eligible

entities; and

6. Transfer, when necessary, monies from the Clean Water State

Revolving Fund Loan Account to the Statewide Water Development

Revolving Fund to be used for security or collateral for investment

certificates issued for the Clean Water State Revolving Fund Loan

Account. The monies so transferred and the interest income from

such monies shall be restricted for use to those programs authorized

by the federal Water Quality Act of 1987. The Board shall establish

such accounts and subaccounts within the Statewide Water Development

Revolving Fund necessary to implement the provisions of this

paragraph.

B. The Board may issue investment certificates to provide

necessary funds for the Clean Water State Revolving Fund Loan

Account; provided that said issuance shall be governed by the

provisions of Sections 1085.33 and 1085.37 of this title. The Board

shall not issue such investment certificates unless:

1. The Board has determined that the issuance of the investment

certificates is an economical way to provide loan funds to meet the

demand for funding and is beneficial for the long term stability of

the fund. Prior to issuance of any such bonds, the Board shall

fully consider all comments submitted by the public concerning

issuance of the bonds; and

2. The issuance of such certificates has been reviewed and

approved pursuant to the Oklahoma Bond Oversight and Reform Act.