1. A. Within the Water Resources Fund created pursuant to Section of Title 82 of the Oklahoma Statutes, there is hereby created the "Wastewater Facility Construction Revolving Loan Account". The account shall be set apart as a permanent and perpetual account not subject to fiscal year limitations and shall consist of:

   1. 1. all monies received pursuant and subject to the restrictions of the federal Water Quality Act of 1987 which are eligible for use in state revolving loan funds established to meet the requirements of that act;
   2. 2. monies appropriated to the account;
   3. 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. 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. 5. all income from the investment of monies held in the account consistent with applicable bond resolutions or indentures as allowed by the federal Water Quality Act of 1987;
   6. 6. proceeds from the sale of investment certificates issued to provide wastewater construction loans pursuant to the provisions of this act except as otherwise provided by the applicable bond resolutions or indentures as appropriate; and
   7. 7. any other sums designated for deposit to the account from any source, public or private.
2. B. The Wastewater Facility Construction Revolving Loan Account shall remain available in perpetuity for providing financial assistance in accordance with the federal Water Quality Act of 1987.
3. C. The monies in the Wastewater Facility Construction 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 Water Quality Act of 1987.
4. D. The monies placed in the Wastewater Facility Construction Revolving Loan Account shall be invested by the State Treasurer in an adequately collateralized manner and as prescribed by Section 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 Water Quality Act of 1987. Monies invested by the State Treasurer shall be available to meet program needs for funding as established by the Department.
5. E. Notwithstanding the provisions of Section of Title 82 of the Oklahoma Statutes, the Board shall not use funds in the Wastewater Facilities Construction Revolving Loan Account established in the Water Resources Fund to make grants.

Laws 1988, c. 202, § 3, eff. July 1, 1988.