A. In order to administer the Clean Water State Revolving Fund Loan Account, there is hereby created in the State Treasury a "Clean Water State Revolving Fund Loan Administrative Fund". The Clean Water State Revolving Fund Loan Administrative Fund shall be set apart from all other Board accounts and funds and shall be a permanent and perpetual fund not subject to fiscal year limitations. The Clean Water State Revolving Fund Loan Administrative Fund shall consist of monies deposited into the fund from the following sources:

1. Loan processing and application processing and loan administrative fees heretofore collected by the Oklahoma Water Resources Board on loans made from the Clean Water State Revolving Fund Loan Account and designated by the Board for transfer and deposit into the Clean Water State Revolving Fund Loan Administrative Fund;

2. Application processing and loan administrative fees collected by the Board after the effective date of this section on loans made from the Clean Water State Revolving Fund Loan Account; and

3. Any other funds, whether public or private, that have been designated by the source thereof for deposit in the Clean Water State Revolving Fund Loan Administrative Fund.

B. Monies in, or investment income derived from, the Clean Water State Revolving Fund Loan Administrative Fund shall be restricted and used solely for the purpose of administering the Clean Water State Revolving Fund Loan Account or as otherwise authorized by the federal Water Quality Act of 1987 or guidance or regulation promulgated thereunder. Monies in the Clean Water State Revolving Fund Loan Administrative Fund, or investment income derived therefrom shall be used by the Board in carrying out its responsibilities as provided in Sections 1085.51 through 1085.65 of this title and shall be subject to annual designation by the State Legislature.

C. The monies placed in the Clean Water State Revolving Fund Loan Administrative Fund may 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, all in a manner consistent with the federal Water Quality Act of 1987 or regulations promulgated thereunder. The Board may transfer to the Clean Water State Revolving Fund Loan Administrative Fund income derived from investment of the Fund. Monies invested by the State Treasurer shall be available to meet administrative funding needs.

D. The Board is authorized to transfer monies from the Clean Water State Revolving Fund Loan Administrative Fund into the Clean Water State Revolving Fund Loan Account to be utilized for purposes consistent with the federal Water Quality Act of 1987.

E. The Board shall cause to be completed an annual audit of any expenditure from the Clean Water State Revolving Fund Loan Administrative Fund.

Added by Laws 1988, c. 202, § 14, operative July 1, 1988. Amended by Laws 1993, c. 145, § 333, eff. July 1, 1993; Laws 1999, c. 31, § 1, eff. Nov. 1, 1999; Laws 2002, c. 322, § 13, emerg. eff. May 30, 2002.