{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-1085.53","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-1085.53","heading":"Creation of account - Composition - Purpose -","body":"Investment.\n\nA. Within the Water Resources Fund created pursuant to Section\n\n1085.33 of this title, there is hereby created the \"Clean Water\n\nState Revolving Fund Loan Account\". The account shall be set apart\n\nas a permanent and perpetual account not subject to fiscal year\n\nlimitations and shall consist of:\n\n1. All monies received pursuant and subject to the restrictions\n\nof the federal Water Quality Act of 1987 which are eligible for use\n\nin state revolving loan funds established to meet the requirements\n\nof that act;\n\n2. Monies appropriated to the account;\n\n3. Payments of principal and interest and penalty payments on\n\nloans made directly from federal grant monies and state-appropriated\n\nmonies in the account;\n\n4. Payments of principal and interest and penalty payments on\n\nloans made from the proceeds of the sale of investment certificates\n\nin the account or as may be provided in applicable bond resolutions\n\nor indentures as appropriate;\n\n5. All income from the investment of monies held in the account\n\nconsistent with applicable bond resolutions or indentures as allowed\n\nby the federal Water Quality Act of 1987;\n\n6. Proceeds from the sale of investment certificates issued to\n\nprovide water quality project loans pursuant to the provisions of\n\nthe Clean Water State Revolving Fund Program except as otherwise\n\nprovided by the applicable bond resolutions or indentures as\n\nappropriate; and\n\n7. Any other sums designated for deposit to the account from\n\nany source, public or private.\n\nB. The Clean Water State Revolving Fund Loan Account shall\n\nremain available in perpetuity for providing financial assistance in\n\naccordance with the federal Water Quality Act of 1987.\n\nC. The monies in the Clean Water State Revolving Fund Loan\n\nAccount shall be used for the purpose of making loans to eligible\n\nentities pursuant to the provisions of the Clean Water State\n\nRevolving Fund Program or for such other purposes authorized by the\n\nfederal Water Quality Act of 1987.\n\nD. The monies placed in the Clean Water State Revolving Fund\n\nLoan Account shall be invested by the State Treasurer in an\n\nadequately collateralized manner and as prescribed by Section 89.2\n\nof Title 62 of the Oklahoma Statutes or pursuant to investment\n\ncontracts or agreements with entities maintaining a rating in the\n\ntop two categories by a nationally recognized municipal bond rating\n\nagency, in the manner consistent with the provisions of the federal\n\nWater Quality Act of 1987. Monies invested by the State Treasurer\n\nshall be available to meet program needs for funding as established\n\nby the Board.\n\nE. Notwithstanding the provisions of Section 1085.39 of this\n\ntitle, the Board shall not use funds in the Clean Water State\n\nRevolving Fund Loan Account established in the Water Resources Fund\n\nto make grants.","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":"a4a903be921699811dbba181f5eb0fd45cdacb1cae44691cd740dc8b14737ac1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-1085.52","next":"us-ok/okla.-stat.-tit.-82-82-1085.54"},"notice":"GroundRules: Original legal text. Not legal advice."}