Okla. Stat. tit. 82, § 82-1085.54

A. All funds available in the Clean Water State Revolving Fund

Loan Account shall first be used to assure maintenance of progress

towards compliance with enforceable deadlines, goals, and

requirements of the Oklahoma Environmental Quality Code, Oklahoma's

Water Quality Standards, and Federal Clean Water Act, including

urban storm water activities and wastewater treatment plant

projects.

B. The Oklahoma Water Resources Board shall use the Clean Water

State Revolving Fund Loan Account only as provided by the federal

Water Quality Act of 1987 for the following purposes:

1. To make a loan to an eligible entity if:

a. the loan application, project and planning documents

have been approved by the Board pursuant to Section

1085.58 of this title or the Oklahoma Conservation

Commission pursuant to Section 1085.65 of this title,

b. the loan is made at or below market interest rates,

including interest-free loans, at terms consistent

with the federal Water Quality Act of 1987,

c. principal and interest payments will begin not later

than one year after completion of any water quality

project and all loans will be fully amortized

consistent with the federal Water Quality Act of 1987,

d. the Clean Water State Revolving Fund Loan Account will

be credited with all payments of principal of and

interest on all loans,

e. the applicant demonstrates to the satisfaction of the

Board the financial capability to assure sufficient

revenues to pay debt service,

f. the recipient of the loan establishes a dedicated

source of revenue for payment of debt service for the

loan, and

g. the recipient agrees to maintain financial records in

accordance with governmental accounting standards, to

conduct an annual audit of the financial records

relating to the water quality project, and to submit

the audit report to the Board on a scheduled annual

basis;

2. To buy or refinance eligible entity obligations at or below

market rates if the eligible entity obligations were incurred in

construction which began after March 7, 1985;

Oklahoma Statutes - Title 82. Waters and Water Rights Page 243

3. To guarantee or purchase insurance for eligible entities if

the guarantee or insurance would improve access to market credit or

reduce interest rates;

4. As a source of revenue or security for the payment of

principal of and interest on any investment certificate issued by

the Board. The proceeds of the sale of such investment certificates

shall be deposited in the Clean Water State Revolving Fund Loan

Account in compliance with applicable bond resolutions or indentures

authorizing the sale;

5. To provide loan guarantees to similar revolving loan

accounts or funds established by eligible entities;

6. To earn interest on accounts established under the Clean

Water State Revolving Fund Loan Account;

7. To administer the Clean Water State Revolving Fund Loan

Account pursuant to the provisions of this act. All funds to be

utilized for administrative costs from the Clean Water State

Revolving Fund Loan Account shall be subject to annual designation

by the State Legislature; and

8. For such other purpose or in such other manner, as is

determined by the Board to be an appropriate use of the Clean Water

State Revolving Fund Loan Account pursuant to the Clean Water State

Revolving Fund Program and which has been specifically approved or

otherwise authorized by the Environmental Protection Agency pursuant

to the federal Water Quality Act of 1987.

C. An eligible entity may use the loan fund money on nonpoint

source pollution reduction if, based upon the needs of the eligible

entity, the reduction of nonpoint source pollution would enhance the

water quality project. The funds received by the eligible entity

may be used for the implementation of the nonpoint source management

program pursuant to Section 1085.65 of this title.