In order to comply with the requirements of federal and state laws, the Board shall complete the following:

1. Establish criteria for determining the interest rates on loans to be made from the Clean Water State Revolving Fund Loan Account. Such criteria may incorporate applicable United States Environmental Protection Agency and Rural Development Administration guidelines for financial assistance.

a.In determining interest rates on loans made from the fund, in addition to other information, due consideration shall be given to:

(1)providing for the maintenance of the account in perpetuity,

(2)statewide needs for the assistance available pursuant to the provisions of this act,

(3)five-year demand projections of the Board for assistance available pursuant to the provisions of this act,

(4)prevailing market interest rates, and

(5)debt service requirements of investment certificates issued by the Board to provide funds for the Clean Water State Revolving Fund Loan Account.

b.In developing criteria for the determination of interest rates available to individual entities, in addition to other information, due consideration shall be given to:

(1)financial resources of the entity,

(2)the ability of the entity to repay the loan,

(3)those entities that discharge into those streams and rivers designated as scenic river areas pursuant to the provisions of Section 1452 of this title or outstanding resource waters under Oklahoma's Water Quality Standards, and

(4)prevailing market interest rates; and

2. Submission of an annual report by the Board to the Governor and to the Speaker of the House of Representatives and the President Pro Tempore of the Senate within one hundred twenty (120) days of the end of each fiscal year concerning the Clean Water State Revolving Fund Loan Account and implementation of the provisions of Sections 1085.51 through 1085.65 of this title. The report shall contain information to show the actual use and the recipients of loans made from the Clean Water State Revolving Fund Loan Account. In addition, the report shall contain five-year demand projections on anticipated loan funds required and ten-year and twenty-year projections as to possible funding needs for water quality projects which may be eligible for financial assistance under Sections 1085.51 through 1085.65 of this title.

Added by Laws 1988, c. 202, § 12, operative July 1, 1988. Amended by Laws 1993, c. 145, § 331, eff. July 1, 1993; Laws 2002, c. 322, § 12, emerg. eff. May 30, 2002.