{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-1085.40","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-1085.40","heading":"Statewide Water Development Revolving Fund - Creation","body":"- Status - Uses and purposes - Investment.\n\nA. There is hereby created in the State Treasury a revolving\n\nfund for the Oklahoma Water Resources Board to be designated the\n\n\"Statewide Water Development Revolving Fund\". The revolving fund\n\nshall be a continuing fund, not subject to fiscal year limitations.\n\nB. All monies placed in the Statewide Water Development\n\nRevolving Fund, exclusive of such amounts of interest derived from\n\ninvestment deposits necessary to maintain the grant account at its\n\nmaximum amount as provided in subsection C of this section, may be\n\nused by the Board for any and all of the following uses and\n\npurposes:\n\n1. For the planning and, upon legislative authorization,\n\nacquisition of land, construction, operation and maintenance of\n\nmultipurpose reservoirs and desalination facilities within the State\n\nof Oklahoma;\n\n2. To provide for and pay the share, contribution or portion of\n\nthe cost the state shall pay for any legislative-approved, federally\n\nfunded water project in the state including, but not limited to,\n\nprojects for bank stabilization, flood control, weather\n\nmodification, hydroelectric power, water supply, irrigation,\n\nrecreation and other beneficial uses; and\n\n3. To fulfill state contractual obligations upon legislative\n\nauthorization and pursuant to approved repayment agreements with the\n\nfederal government and incidental to federally funded water supply\n\nstorage projects.\n\nThe Board shall submit annually to the Legislature a list of\n\nthose projects under consideration for funding under the provisions\n\nof this section.\n\nC. The principal amount of all monies placed in the Statewide\n\nWater Development Revolving Fund and in the Water Resources Fund\n\nGrant Account as provided for in Section 1085.39 of this title shall\n\nbe invested by the State Treasurer in the manner prescribed by\n\nSections 89.1 et seq. of Title 62 of the Oklahoma Statutes. Interest\n\nincome derived from the investment of monies placed in the Statewide\n\nWater Development Revolving Fund shall be credited to and placed in\n\nthe grant account established by Section 1085.39 of Title 82 of the\n\nOklahoma Statutes, provided, the total of all monies held in the\n\ngrant account shall not exceed Five Million Dollars ($5,000,000.00).\n\nWhenever the aggregate total of all monies placed in the grant\n\naccount equals Five Million Dollars ($5,000,000.00), then the\n\nprincipal amount in the grant account shall be kept and maintained\n\nat that amount and all additional interest income not required to\n\nmaintain the balance of the grant account at Five Million Dollars\n\n($5,000,000.00) shall be retained in the Statewide Water Development\n\nRevolving Fund. The additional interest income not needed to\n\nmaintain the grant account as herein provided may be utilized by the\n\nBoard for the purposes and uses enumerated in subsection B of this\n\nsection.","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":"782d14c315aca39195de8d8200cf7cf6e5b6413cb92f5ad8c7f69e861233dc52","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-1085.4","next":"us-ok/okla.-stat.-tit.-82-82-1085.41"},"notice":"GroundRules: Original legal text. Not legal advice."}