Economies Revolving Fund. A. There is hereby created in the State Treasury a revolving fund for the Oklahoma Department of Emergency Management to be designated the "State Assistance Dedicated for Disaster-impacted Local Economies Revolving Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies directed for deposit to the fund. All monies accruing to the credit of said fund are hereby appropriated and may be budgeted and expended by the Oklahoma Department of Emergency Management for the purpose of providing advanced financial liquidity to governmental subdivisions directly impacted by events attributing to a Federal Emergency Management Agency (FEMA) declared emergency or disaster, provided such governmental subdivision has entered into a qualifying repayment agreement with the Oklahoma Department of Emergency Management. Expenditures from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment. B. As used in this section: 1. "Advanced financial liquidity" means funding provided to fund gaps in mitigation of local and county revenue losses and operating deficits; infrastructure repair and replacement, including road, sewer, and water facilities; temporary housing and shelter made necessary by the result of the associated emergency or disaster; and to fund gaps in required matching funds for participation in, or the benefit of, programs administered or funded by the Federal Emergency Management Agency (FEMA); and 2. "Qualifying repayment agreement" means a memorandum of understanding or legally binding agreement which identifies the purpose of use for such advanced financial liquidity, and which identifies the source of repayment by the governmental subdivision and a repayment timeline or standard for repayment. C. The Oklahoma Department of Emergency Management may promulgate rules as needed to implement the provisions of this section.
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