Okla. Stat. tit. 82, § 82-1085.40

- Status - Uses and purposes - Investment.

A. There is hereby created in the State Treasury a revolving

fund for the Oklahoma Water Resources Board to be designated the

"Statewide Water Development Revolving Fund". The revolving fund

shall be a continuing fund, not subject to fiscal year limitations.

B. All monies placed in the Statewide Water Development

Revolving Fund, exclusive of such amounts of interest derived from

investment deposits necessary to maintain the grant account at its

maximum amount as provided in subsection C of this section, may be

Oklahoma Statutes - Title 82. Waters and Water Rights Page 234

used by the Board for any and all of the following uses and

purposes:

1. For the planning and, upon legislative authorization,

acquisition of land, construction, operation and maintenance of

multipurpose reservoirs and desalination facilities within the State

of Oklahoma;

2. To provide for and pay the share, contribution or portion of

the cost the state shall pay for any legislative-approved, federally

funded water project in the state including, but not limited to,

projects for bank stabilization, flood control, weather

modification, hydroelectric power, water supply, irrigation,

recreation and other beneficial uses; and

3. To fulfill state contractual obligations upon legislative

authorization and pursuant to approved repayment agreements with the

federal government and incidental to federally funded water supply

storage projects.

The Board shall submit annually to the Legislature a list of

those projects under consideration for funding under the provisions

of this section.

C. The principal amount of all monies placed in the Statewide

Water Development Revolving Fund and in the Water Resources Fund

Grant Account as provided for in Section 1085.39 of this title shall

be invested by the State Treasurer in the manner prescribed by

Sections 89.1 et seq. of Title 62 of the Oklahoma Statutes. Interest

income derived from the investment of monies placed in the Statewide

Water Development Revolving Fund shall be credited to and placed in

the grant account established by Section 1085.39 of Title 82 of the

Oklahoma Statutes, provided, the total of all monies held in the

grant account shall not exceed Five Million Dollars ($5,000,000.00).

Whenever the aggregate total of all monies placed in the grant

account equals Five Million Dollars ($5,000,000.00), then the

principal amount in the grant account shall be kept and maintained

at that amount and all additional interest income not required to

maintain the balance of the grant account at Five Million Dollars

($5,000,000.00) shall be retained in the Statewide Water Development

Revolving Fund. The additional interest income not needed to

maintain the grant account as herein provided may be utilized by the

Board for the purposes and uses enumerated in subsection B of this

section.