Okla. Stat. tit. 82, § 82-1085.73

A. Within the Water Resources Fund created pursuant to Section

1085.33 of this title, there is hereby created the "Drinking Water

Treatment Revolving Loan Account". For purposes of implementing the

federal Safe Drinking Water Act, said account shall be the drinking

water treatment state revolving loan fund required to be established

by the federal Safe Drinking Water Act. The Drinking Water

Treatment Revolving Loan Account shall be set apart as a permanent

and perpetual account not subject to fiscal year limitations and

shall consist of:

1. Monies received pursuant and subject to the restrictions of

the federal Safe Drinking Water Act which are eligible for use in

state revolving loan funds established to meet the requirements of

that act;

2. Monies appropriated to the account;

Oklahoma Statutes - Title 82. Waters and Water Rights Page 253

3. Payments of principal and interest and penalty payments on

loans made directly from federal grant monies and state-appropriated

monies in the account;

4. Payments of principal and interest and penalty payments on

loans made from the proceeds of the sale of investment certificates

in the account or as may be provided in applicable bond resolutions

or indentures as appropriate;

5. All income from the investment of monies held in the account

consistent with applicable bond resolutions or indentures as allowed

by the federal Safe Drinking Water Act;

6. Proceeds from the sale of investment certificates issued to

provide water treatment loans pursuant to the provisions of this act

except as otherwise provided by the applicable bond resolutions or

indentures as appropriate; and

7. Any other sums designated for deposit to the account from

any source, public or private.

B. The principal amounts of the federal capitalization grants,

less program set-asides, and state matching funds in the Drinking

Water Treatment Revolving Loan Account shall be maintained for

providing financial assistance in accordance with the federal Safe

Drinking Water Act.

C. The monies in the Drinking Water Treatment Revolving Loan

Account shall be used for the purpose of making loans to eligible

entities pursuant to the provisions of this act or for such other

purposes authorized by the federal Safe Drinking Water Act.

D. The monies placed in the Drinking Water Treatment Revolving

Loan Account shall be invested by the State Treasurer in an

adequately collateralized manner and as prescribed by Section 89.2

of Title 62 of the Oklahoma Statutes or pursuant to investment

contracts or agreements with entities maintaining a rating in the

top two categories by a nationally recognized municipal bond rating

agency, in the manner consistent with the provisions of the federal

Safe Drinking Water Act. Monies invested by the State Treasurer

shall be available to meet program needs for funding as established

by the Department.

E. Notwithstanding the provisions of Section 1085.39 of this

title, the Board shall not use funds in the Drinking Water Treatment

Revolving Loan Account established in the Water Resources Fund to

make grants.