Okla. Stat. tit. 82, § 82-1085.93: Hazard Mitigation Financial Assistance Fund

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

fund for the Oklahoma Water Resources Board to be designated the

"Hazard Mitigation Financial Assistance Fund". The fund shall be a

continuing fund, not subject to fiscal year limitations, and shall

consist of all monies received by the Oklahoma Water Resources Board

from appropriations, dedicated revenues, fees or other sources as

provided by law. All monies accruing to the credit of said fund are

hereby appropriated and may be budgeted and expended by the Oklahoma

Water Resources Board for the purpose of providing loans and grants

for hazard mitigation. 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. In addition to other lawful purposes, monies placed in the

Fund, exclusive of such amounts of interest derived from investment

deposits necessary to maintain the grant account, may be used by the

Board to implement hazard mitigation planning and projects,

including but not limited to, providing grants or loans to eligible

entities to:

1. Develop a federal/state approved local/regional hazard

mitigation planning document;

2. Acquire land or a conservation easement from a willing

seller or grantor in order to mitigate hazards; or

3. Implement voluntary, incentive-based hazard mitigation

measures in order to facilitate compliance with state or national

regulations.

C. Monies in, or investment income derived from, the Hazard

Mitigation Financial Assistance Fund which is used to match any

grant funds provided by the Federal Emergency Management Agency or

any other federal agencies shall be restricted and used consistent

with federal agencies procedures or guidance or regulations

promulgated thereunder for hazard mitigation projects.

D. Monies in the Hazard Mitigation Financial Assistance Fund,

or investment income derived therefrom, shall be used by the

Oklahoma Water Resources Board and the Oklahoma Department of

Emergency Management and Homeland Security in carrying out their

responsibilities as provided in a written annual joint operating

agreement which shall include, among other matters, a budget for

administering the Oklahoma Hazard Mitigation Program.

E. The monies placed in the Hazard Mitigation Financial

Assistance 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 promulgated regulations.

The Board may transfer to the Hazard Mitigation Financial Assistance

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

the State Treasurer shall be available to implement hazard

mitigation projects.

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

expenditures from the Hazard Mitigation Financial Assistance Fund,

and such audit cost shall be included in the budget for

administering the Oklahoma Hazard Mitigation Program.