{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-1085.54","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-1085.54","heading":"Uses of funds","body":"A. All funds available in the Clean Water State Revolving Fund\n\nLoan Account shall first be used to assure maintenance of progress\n\ntowards compliance with enforceable deadlines, goals, and\n\nrequirements of the Oklahoma Environmental Quality Code, Oklahoma's\n\nWater Quality Standards, and Federal Clean Water Act, including\n\nurban storm water activities and wastewater treatment plant\n\nprojects.\n\nB. The Oklahoma Water Resources Board shall use the Clean Water\n\nState Revolving Fund Loan Account only as provided by the federal\n\nWater Quality Act of 1987 for the following purposes:\n\n1. To make a loan to an eligible entity if:\n\na. the loan application, project and planning documents\n\nhave been approved by the Board pursuant to Section\n\n1085.58 of this title or the Oklahoma Conservation\n\nCommission pursuant to Section 1085.65 of this title,\n\nb. the loan is made at or below market interest rates,\n\nincluding interest-free loans, at terms consistent\n\nwith the federal Water Quality Act of 1987,\n\nc. principal and interest payments will begin not later\n\nthan one year after completion of any water quality\n\nproject and all loans will be fully amortized\n\nconsistent with the federal Water Quality Act of 1987,\n\nd. the Clean Water State Revolving Fund Loan Account will\n\nbe credited with all payments of principal of and\n\ninterest on all loans,\n\ne. the applicant demonstrates to the satisfaction of the\n\nBoard the financial capability to assure sufficient\n\nrevenues to pay debt service,\n\nf. the recipient of the loan establishes a dedicated\n\nsource of revenue for payment of debt service for the\n\nloan, and\n\ng. the recipient agrees to maintain financial records in\n\naccordance with governmental accounting standards, to\n\nconduct an annual audit of the financial records\n\nrelating to the water quality project, and to submit\n\nthe audit report to the Board on a scheduled annual\n\nbasis;\n\n2. To buy or refinance eligible entity obligations at or below\n\nmarket rates if the eligible entity obligations were incurred in\n\nconstruction which began after March 7, 1985;\n\n3. To guarantee or purchase insurance for eligible entities if\n\nthe guarantee or insurance would improve access to market credit or\n\nreduce interest rates;\n\n4. As a source of revenue or security for the payment of\n\nprincipal of and interest on any investment certificate issued by\n\nthe Board. The proceeds of the sale of such investment certificates\n\nshall be deposited in the Clean Water State Revolving Fund Loan\n\nAccount in compliance with applicable bond resolutions or indentures\n\nauthorizing the sale;\n\n5. To provide loan guarantees to similar revolving loan\n\naccounts or funds established by eligible entities;\n\n6. To earn interest on accounts established under the Clean\n\nWater State Revolving Fund Loan Account;\n\n7. To administer the Clean Water State Revolving Fund Loan\n\nAccount pursuant to the provisions of this act. All funds to be\n\nutilized for administrative costs from the Clean Water State\n\nRevolving Fund Loan Account shall be subject to annual designation\n\nby the State Legislature; and\n\n8. For such other purpose or in such other manner, as is\n\ndetermined by the Board to be an appropriate use of the Clean Water\n\nState Revolving Fund Loan Account pursuant to the Clean Water State\n\nRevolving Fund Program and which has been specifically approved or\n\notherwise authorized by the Environmental Protection Agency pursuant\n\nto the federal Water Quality Act of 1987.\n\nC. An eligible entity may use the loan fund money on nonpoint\n\nsource pollution reduction if, based upon the needs of the eligible\n\nentity, the reduction of nonpoint source pollution would enhance the\n\nwater quality project. The funds received by the eligible entity\n\nmay be used for the implementation of the nonpoint source management\n\nprogram pursuant to Section 1085.65 of this title.","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":"3d4218322047fc2ddd2257cdb71e91ff97d21f68042a67838de2ae065fec4ef0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-1085.53","next":"us-ok/okla.-stat.-tit.-82-82-1085.55"},"notice":"GroundRules: Original legal text. Not legal advice."}