{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-1085.74","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-1085.74","heading":"Authorized uses of funds in account","body":"A. All funds available in the Drinking Water Treatment\n\nRevolving Loan Account shall first be used to assure maintenance of\n\nprogress towards compliance with enforceable deadlines, goals and\n\nrequirements of the Oklahoma Environmental Quality Code and the\n\nfederal Safe Drinking Water Act.\n\nB. The Board shall use the Drinking Water Treatment Revolving\n\nLoan Account only as provided by the federal Safe Drinking Water Act\n\nfor 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 Department or Board,\n\nb. the loan is made at or below market interest rates,\n\nincluding interest-free loans, at terms consistent\n\nwith the federal Safe Drinking Water Act,\n\nc. principal and interest payments will begin not later\n\nthan one (1) year after completion of any drinking\n\nwater treatment project and all loans will be fully\n\namortized consistent with the federal Safe Drinking\n\nWater Act,\n\nd. the Drinking Water Treatment Revolving Loan Account\n\nwill be 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 legal, managerial and financial capability\n\nto assure sufficient revenues 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 treatment works, and to submit the\n\naudit report to the Board on a scheduled annual basis;\n\n2. To buy or refinance eligible entity obligations at or below\n\nmarket rates where the debt obligation was incurred after July 1,\n\n1993;\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 Drinking Water Treatment Revolving Loan\n\nAccount in compliance with applicable bond resolutions or indentures\n\nauthorizing the sale;\n\n5. To earn interest on accounts established under the Drinking\n\nWater Treatment Revolving Loan Account; and\n\n6. For such other purpose or in such other manner, as is\n\ndetermined by the Board to be an appropriate use of the Drinking\n\nWater Treatment Revolving Loan Account and which has been\n\nspecifically approved by the Environmental Protection Agency\n\npursuant to the federal Safe Drinking Water 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":"f0b9f6a9230e972d7bab3d9cd198ec9ab8da2c2c7755715c7e574af6c906cb04","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-1085.73","next":"us-ok/okla.-stat.-tit.-82-82-1085.75"},"notice":"GroundRules: Original legal text. Not legal advice."}