{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-1085.36","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-1085.36","heading":"Loans to political subdivisions and other eligible","body":"entities - Rate of interest - Security - Payment.\n\nWhenever any municipality, public trust, rural water or sewer\n\ndistrict or any other eligible entity proposes to acquire or\n\nconstruct a project and/or refinance any indebtedness originally\n\nincurred to acquire or construct a project, the Board is hereby\n\nauthorized to advance to the municipality, public trust, rural water\n\ndistrict or other eligible entity or combination thereof sufficient\n\nfunds for such purposes. Such loans by the Board shall be made\n\npursuant to notes, bonds, revenue bonds or other appropriate form of\n\nevidence of indebtedness to the Board by the municipality, public\n\ntrust, rural water district or other eligible entity. The interest\n\nrate and loan term shall be determined by the Board, provided,\n\nhowever, that the interest rate for loans made to rural water or\n\nsewer districts, created and existing under the provisions of\n\nSection 1324.1 et seq. of this title, for the purposes of acquiring\n\nor constructing a project and/or refinancing any indebtedness\n\noriginally incurred to acquire or construct a project, shall not\n\nexceed fourteen percent (14%) per annum. As security, the Board may\n\ntake a mortgage on the entire project, and a pledge of the revenues\n\nderived from the operation thereof or such other revenues as may be\n\npledged by the applicant for such purposes. The Board, in its\n\ndiscretion, may defer the principal or an installment on such loans\n\nbut the total cumulating time such payment may be deferred shall not\n\nexceed five (5) years. After a loan or other financial assistance\n\nis obtained under Sections 1085.31 through 1085.65 of this title,\n\nand during the term of such loan or other financial assistance, no\n\nperson, other than the eligible entity obtaining the financial\n\nassistance, shall be authorized to provide services of the type\n\nrelied on for security of the loan or other financial assistance to\n\ncustomers of the portion of the system that is identified in the\n\nloan documents as collateral for the loan and either (1) in\n\nexistence at the time of the loan or other financial assistance or\n\n(2) financed by the loan or other financial assistance.","path":["OK Code","Title 82"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os82.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"97dc0b7182132064fad99cb76f5aa49e4122de74a108b7b847811e7634e12213","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-1085.35","next":"us-ok/okla.-stat.-tit.-82-82-1085.37"},"notice":"GroundRules: Original legal text. Not legal advice."}