Okla. Stat. tit. 82, § 82-1085.64: Revolving fund

A. In order to administer the Clean Water State Revolving Fund

Loan Account, there is hereby created in the State Treasury a "Clean

Water State Revolving Fund Loan Administrative Fund". The Clean

Water State Revolving Fund Loan Administrative Fund shall be set

apart from all other Board accounts and funds and shall be a

permanent and perpetual fund not subject to fiscal year limitations.

The Clean Water State Revolving Fund Loan Administrative Fund shall

consist of monies deposited into the fund from the following

sources:

1. Loan processing and application processing and loan

administrative fees heretofore collected by the Oklahoma Water

Resources Board on loans made from the Clean Water State Revolving

Fund Loan Account and designated by the Board for transfer and

deposit into the Clean Water State Revolving Fund Loan

Administrative Fund;

2. Application processing and loan administrative fees

collected by the Board after the effective date of this section on

loans made from the Clean Water State Revolving Fund Loan Account;

and

3. Any other funds, whether public or private, that have been

designated by the source thereof for deposit in the Clean Water

State Revolving Fund Loan Administrative Fund.

B. Monies in, or investment income derived from, the Clean

Water State Revolving Fund Loan Administrative Fund shall be

restricted and used solely for the purpose of administering the

Clean Water State Revolving Fund Loan Account or as otherwise

authorized by the federal Water Quality Act of 1987 or guidance or

regulation promulgated thereunder. Monies in the Clean Water State

Revolving Fund Loan Administrative Fund, or investment income

derived therefrom shall be used by the Board in carrying out its

responsibilities as provided in Sections 1085.51 through 1085.65 of

this title and shall be subject to annual designation by the State

Legislature.

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

Loan Administrative Fund may 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, all in a manner consistent with the federal Water Quality

Act of 1987 or regulations promulgated thereunder. The Board may

transfer to the Clean Water State Revolving Fund Loan Administrative

Fund income derived from investment of the Fund. Monies invested by

the State Treasurer shall be available to meet administrative

funding needs.

D. The Board is authorized to transfer monies from the Clean

Water State Revolving Fund Loan Administrative Fund into the Clean

Water State Revolving Fund Loan Account to be utilized for purposes

consistent with the federal Water Quality Act of 1987.

E. The Board shall cause to be completed an annual audit of any

expenditure from the Clean Water State Revolving Fund Loan

Administrative Fund.