§ 1085.50. Additional powers and duties of the Water Resources Board
Oklahoma Statutes AnnotatedTitle 82. Waters and Water Rights
82 Okl.St.Ann. § 1085.50
§ 1085.50. Additional powers and duties of the Water Resources Board
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;
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:
Credits
Laws 2013, c. 361, § 1, eff. Nov. 1, 2013.
82 Okl. St. Ann. § 1085.50, OK ST T. 82 § 1085.50
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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