{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-1085.50","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-1085.50","heading":"Additional powers and duties of the Oklahoma Water","body":"Resources Board.\n\nA. In addition to other powers and duties provided by law, and\n\nin accordance with subsection E of Section 39A of Article X of the\n\nOklahoma Constitution, the Oklahoma Water Resources Board shall have\n\nthe power and duty to:\n\n1. Manage, maintain, expend and otherwise administer monies in\n\nthe Water Infrastructure Credit Enhancement Reserve Fund and any\n\naccounts or subaccounts within the fund, pursuant to the authority\n\nof the Oklahoma Water Resources Board as provided for in Section 39A\n\nof Article X of the Oklahoma Constitution, and shall manage the fund\n\nso as to make available the amounts necessary to secure the payment\n\nof principal, interest, and premiums, if any, on bonds and other\n\nfinancial obligations which the Water Infrastructure Credit\n\nEnhancement Reserve Fund secures;\n\n2. Establish separate accounts and subaccounts within the Water\n\nInfrastructure Credit Enhancement Reserve Fund. All accounts shall\n\nbe segregated and used for specified purposes or held as security\n\nfor designated obligations;\n\n3. Issue general obligation bonds to provide necessary funds\n\nfor the Water Infrastructure Credit Enhancement Reserve Fund\n\npursuant to the provisions of subsection B of this section; and\n\n4. Transfer, when necessary, monies from the Water\n\nInfrastructure Credit Enhancement Reserve Fund to the Statewide\n\nWater Development Revolving Fund created in Section 1085.40 of Title\n\n82 of the Oklahoma Statutes or Water Resources Fund created in\n\nSection 1085.33 of Title 82 of the Oklahoma Statutes to be used for\n\nthe payment of principal, interest, and premiums, if any, on bonds\n\nand other financial obligations which the Water Infrastructure\n\nCredit Enhancement Reserve Fund secures. The use of monies so\n\ntransferred and the interest income from such monies shall be\n\nrestricted to the purposes specified in Section 39A of Article X of\n\nthe Oklahoma Constitution. The Board shall establish any accounts\n\nand subaccounts within the Statewide Water Development Revolving\n\nFund and Water Resources Fund necessary to implement the provisions\n\nof this paragraph.\n\nB. The Board may issue general obligation bonds to provide\n\nnecessary funds for the Water Infrastructure Credit Enhancement\n\nReserve Fund. The issuance of general obligation bonds shall be\n\naccomplished in the same manner as investment certificates issued\n\nunder the provisions of Sections 1085.33 and 1085.37 of Title 82 of\n\nthe Oklahoma Statutes. The qualifications and characteristics of\n\ngeneral obligation bonds issued pursuant to this section shall be\n\nthe same in all respects as investment certificates issued pursuant\n\nto the provisions of Section 1085.33 of Title 82 of the Oklahoma\n\nStatutes, except that the general obligation bonds issued pursuant\n\nto this section shall be general obligation bonds backed by the full\n\nfaith and credit of the State of Oklahoma. The Board shall not\n\nissue such general obligation bonds unless:\n\n1. The Board has determined that:\n\na. all legally available funds identified in subsection B\n\nof Section 39A of Article X of the Oklahoma\n\nConstitution have been used,\n\nb. there are insufficient monies in the Water\n\nInfrastructure Credit Enhancement Reserve Fund to\n\ncover imminent debt service requirements of the bonds\n\nor other financial obligations which the Water\n\nInfrastructure Credit Enhancement Reserve Fund\n\nsecures, and\n\nc. the issuance of the general obligation bonds is\n\nnecessary to address a default on the bonds or other\n\nfinancial obligations which the Water Infrastructure\n\nCredit Enhancement Reserve Fund secures and is\n\nbeneficial for the long-term stability of the fund;\n\n2. The issuance of the general obligation bonds has been\n\napproved by resolution of a majority of the members of the Oklahoma\n\nWater Resources Board;\n\n3. The issuance of the general obligation bonds has been\nress a default on the bonds or other\n\nfinancial obligations which the Water Infrastructure\n\nCredit Enhancement Reserve Fund secures and is\n\nbeneficial for the long-term stability of the fund;\n\n2. The issuance of the general obligation bonds has been\n\napproved by resolution of a majority of the members of the Oklahoma\n\nWater Resources Board;\n\n3. The issuance of the general obligation bonds has been\n\nreviewed and approved by the Bond Commissioner of the State of\n\nOklahoma as required in Section 13 et seq. of Title 62 of the\n\nOklahoma Statutes; and\n\n4. The issuance of the general obligation bonds has been\n\nreviewed and approved pursuant to the Oklahoma Bond Oversight and\n\nReform Act.","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":"2a5806b443fe30edd8dc52c9e19fa1695458c681d710d1a28d4cdafbb19808ee","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-1085.5","next":"us-ok/okla.-stat.-tit.-82-82-1085.51"},"notice":"GroundRules: Original legal text. Not legal advice."}