Okla. Stat. tit. 82, § 82-1085.50

Resources Board.

Oklahoma Statutes - Title 82. Waters and Water Rights Page 238

A. In addition to other powers and duties provided by law, and

in accordance with subsection E of Section 39A of Article X of the

Oklahoma Constitution, the Oklahoma Water Resources Board shall have

the power and duty to:

1. Manage, maintain, expend and otherwise administer monies in

the Water Infrastructure Credit Enhancement Reserve Fund and any

accounts or subaccounts within the fund, pursuant to the authority

of the Oklahoma Water Resources Board as provided for in Section 39A

of Article X of the Oklahoma Constitution, and shall manage the fund

so as to make available the amounts necessary to secure the payment

of principal, interest, and premiums, if any, on bonds and other

financial obligations which the Water Infrastructure Credit

Enhancement Reserve Fund secures;

2. Establish separate accounts and subaccounts within the Water

Infrastructure Credit Enhancement Reserve Fund. All accounts shall

be segregated and used for specified purposes or held as security

for designated obligations;

3. Issue general obligation bonds to provide necessary funds

for the Water Infrastructure Credit Enhancement Reserve Fund

pursuant to the provisions of subsection B of this section; and

4. Transfer, when necessary, monies from the Water

Infrastructure Credit Enhancement Reserve Fund to the Statewide

Water Development Revolving Fund created in Section 1085.40 of Title

82 of the Oklahoma Statutes or Water Resources Fund created in

Section 1085.33 of Title 82 of the Oklahoma Statutes to be used for

the payment of principal, interest, and premiums, if any, on bonds

and other financial obligations which the Water Infrastructure

Credit Enhancement Reserve Fund secures. The use of monies so

transferred and the interest income from such monies shall be

restricted to the purposes specified in Section 39A of Article X of

the Oklahoma Constitution. The Board shall establish any accounts

and subaccounts within the Statewide Water Development Revolving

Fund and Water Resources Fund necessary to implement the provisions

of this paragraph.

B. The Board may issue general obligation bonds to provide

necessary funds for the Water Infrastructure Credit Enhancement

Reserve Fund. The issuance of general obligation bonds shall be

accomplished in the same manner as investment certificates issued

under the provisions of Sections 1085.33 and 1085.37 of Title 82 of

the Oklahoma Statutes. The qualifications and characteristics of

general obligation bonds issued pursuant to this section shall be

the same in all respects as investment certificates issued pursuant

to the provisions of Section 1085.33 of Title 82 of the Oklahoma

Statutes, except that the general obligation bonds issued pursuant

to this section shall be general obligation bonds backed by the full

faith and credit of the State of Oklahoma. The Board shall not

issue such general obligation bonds unless:

Oklahoma Statutes - Title 82. Waters and Water Rights Page 239

1. The Board has determined that:

a. all legally available funds identified in subsection B

of Section 39A of Article X of the Oklahoma

Constitution have been used,

b. there are insufficient monies in the Water

Infrastructure Credit Enhancement Reserve Fund to

cover imminent debt service requirements of the bonds

or other financial obligations which the Water

Infrastructure Credit Enhancement Reserve Fund

secures, and

c. the issuance of the general obligation bonds is

necessary to address a default on the bonds or other

financial obligations which the Water Infrastructure

Credit Enhancement Reserve Fund secures and is

beneficial for the long-term stability of the fund;

2. The issuance of the general obligation bonds has been

approved by resolution of a majority of the members of the Oklahoma

Water Resources Board;

3. The issuance of the general obligation bonds has been
ress a default on the bonds or other

financial obligations which the Water Infrastructure

Credit Enhancement Reserve Fund secures and is

beneficial for the long-term stability of the fund;

2. The issuance of the general obligation bonds has been

approved by resolution of a majority of the members of the Oklahoma

Water Resources Board;

3. The issuance of the general obligation bonds has been

reviewed and approved by the Bond Commissioner of the State of

Oklahoma as required in Section 13 et seq. of Title 62 of the

Oklahoma Statutes; and

4. The issuance of the general obligation bonds has been

reviewed and approved pursuant to the Oklahoma Bond Oversight and

Reform Act.