Okla. Stat. tit. 82, § 82-1085.36
This is the official text of Okla. Stat. tit. 82, § 82-1085.36, part of Oklahoma’s Stat. tit. 82, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 82,." Browse the sections below, each linked to its official government source.
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Loans to political subdivisions and other eligible
Official statutory text
entities - Rate of interest - Security - Payment.
Whenever any municipality, public trust, rural water or sewer
district or any other eligible entity proposes to acquire or
construct a project and/or refinance any indebtedness originally
incurred to acquire or construct a project, the Board is hereby
authorized to advance to the municipality, public trust, rural water
district or other eligible entity or combination thereof sufficient
funds for such purposes. Such loans by the Board shall be made
pursuant to notes, bonds, revenue bonds or other appropriate form of
evidence of indebtedness to the Board by the municipality, public
trust, rural water district or other eligible entity. The interest
rate and loan term shall be determined by the Board, provided,
however, that the interest rate for loans made to rural water or
sewer districts, created and existing under the provisions of
Section 1324.1 et seq. of this title, for the purposes of acquiring
or constructing a project and/or refinancing any indebtedness
originally incurred to acquire or construct a project, shall not
exceed fourteen percent (14%) per annum. As security, the Board may
take a mortgage on the entire project, and a pledge of the revenues
derived from the operation thereof or such other revenues as may be
pledged by the applicant for such purposes. The Board, in its
Oklahoma Statutes - Title 82. Waters and Water Rights Page 231
discretion, may defer the principal or an installment on such loans
but the total cumulating time such payment may be deferred shall not
exceed five (5) years. After a loan or other financial assistance
is obtained under Sections 1085.31 through 1085.65 of this title,
and during the term of such loan or other financial assistance, no
person, other than the eligible entity obtaining the financial
assistance, shall be authorized to provide services of the type
relied on for security of the loan or other financial assistance to
customers of the portion of the system that is identified in the
loan documents as collateral for the loan and either (1) in
existence at the time of the loan or other financial assistance or
(2) financed by the loan or other financial assistance.
Whenever any municipality, public trust, rural water or sewer
district or any other eligible entity proposes to acquire or
construct a project and/or refinance any indebtedness originally
incurred to acquire or construct a project, the Board is hereby
authorized to advance to the municipality, public trust, rural water
district or other eligible entity or combination thereof sufficient
funds for such purposes. Such loans by the Board shall be made
pursuant to notes, bonds, revenue bonds or other appropriate form of
evidence of indebtedness to the Board by the municipality, public
trust, rural water district or other eligible entity. The interest
rate and loan term shall be determined by the Board, provided,
however, that the interest rate for loans made to rural water or
sewer districts, created and existing under the provisions of
Section 1324.1 et seq. of this title, for the purposes of acquiring
or constructing a project and/or refinancing any indebtedness
originally incurred to acquire or construct a project, shall not
exceed fourteen percent (14%) per annum. As security, the Board may
take a mortgage on the entire project, and a pledge of the revenues
derived from the operation thereof or such other revenues as may be
pledged by the applicant for such purposes. The Board, in its
Oklahoma Statutes - Title 82. Waters and Water Rights Page 231
discretion, may defer the principal or an installment on such loans
but the total cumulating time such payment may be deferred shall not
exceed five (5) years. After a loan or other financial assistance
is obtained under Sections 1085.31 through 1085.65 of this title,
and during the term of such loan or other financial assistance, no
person, other than the eligible entity obtaining the financial
assistance, shall be authorized to provide services of the type
relied on for security of the loan or other financial assistance to
customers of the portion of the system that is identified in the
loan documents as collateral for the loan and either (1) in
existence at the time of the loan or other financial assistance or
(2) financed by the loan or other financial assistance.
Status: in_force · Read it on the official government site
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