Okla. Stat. tit. 82, § 82-1085.84A: Drinking Water Treatment Loan Administrative Fund

A. In order to administer the Drinking Water Treatment

Revolving Loan Account, there is hereby created in the State

Treasury a "Drinking Water Treatment Loan Administrative Fund". The

Drinking Water Treatment 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 Drinking

Water Treatment Loan Administrative Fund shall consist of monies

deposited into the fund from the following sources:

1. Application processing and loan administrative fees

collected by the Board on Drinking Water Treatment Revolving Loan

Account loans; and

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

designated by the source thereof for deposit in the Drinking Water

Treatment Loan Administrative Fund.

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

Water Treatment Loan Administrative Fund shall be restricted and

used solely for the purpose of administering the Drinking Water

Treatment Revolving Loan Account or as otherwise authorized by the

federal Safe Drinking Water Act or guidance or regulations

promulgated thereunder. Monies in the Drinking Water Treatment Loan

Administrative Fund, or investment income derived therefrom, shall

be used by the Board and Department in carrying out their

responsibilities as provided in the written annual joint operating

agreement identified in Section 1085.82 of Title 82 of the Oklahoma

Statutes and shall be subject to annual designation by the State

Legislature.

C. The monies placed in the Drinking Water Treatment 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 Safe Drinking

Water Act or regulations promulgated thereunder. The Oklahoma Water

Resources Board may transfer to the Drinking Water Treatment 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 Drinking

Water Treatment Loan Administrative Fund into the Drinking Water

Treatment Revolving Loan Account to be utilized for purposes

consistent with the federal Safe Drinking Water Act.

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

expenditures from the Drinking Water Treatment Loan Administrative

Fund.