Disposition of investment income - Legal counsel. In furtherance of the purposes of Sections 1085.31 through 1085.49 of this title: 1. The Oklahoma Water Resources Board shall administer grants from any monies which may be available to the Water Resources Fund for furtherance of the purposes of Sections 1085.31 through 1085.49 of this title to eligible entities of the state with such conditions as shall in its discretion effectuate these purposes. For purposes of carrying out and implementing the provisions of this section, there is hereby created and established within the Water Resources Fund a grant account which shall contain such monies as may be available for purposes of carrying out the provisions of this section. No more than ten percent (10%) of such grants shall be used for planning purposes. All such eligible entities are hereby authorized to accept grants from the Board. No grant shall be made to any single eligible entity during any fiscal year in an amount exceeding twenty percent (20%) of the funds available for grants to eligible entities during that fiscal year nor shall such grant exceed Three Hundred Thousand Dollars ($300,000.00). In the case of projects to which more than one eligible entity is a party, no such grant shall be made exceeding in amount twenty percent (20%) of funds available for such purposes per participating eligible entity nor shall such grant exceed Three Hundred Thousand Dollars ($300,000.00) per participating entity. In making such grants, the Board shall consider: The needs of the area to be served by the project and the benefit of the project to the area in relation to the needs of other areas requiring state assistance; the availability of revenue to the political subdivision, from all sources, for the ultimate repayment of the cost of the project, including interest; whether the political subdivision can reasonably finance the project without assistance from the state; and the relationship of the project to the overall statewide water and sewage treatment needs; and whether or not the applicant has taken all reasonable measures to limit waste and conserve water; 2. The Board shall prescribe such rules and regulations as may be necessary for determining the eligibility and priority of applicants for loans and grants and devise rules and regulations to insure fair and equitable distribution of said loans and grants; and promulgate and adopt such rules and regulations as may be necessary for purposes of expenditures and payments. Provided, no grant of funds shall be made unless such grant is necessary to assist public bodies in emergency situations. Provided also priorities for use of loan and grant money for a particular project shall be established by the state agency with primary responsibility. Provided further, that the Board shall not adopt any rule, regulation or condition requiring that a particular attorney or law firm be employed by any eligible entity in connection with such entity's grants or loans from the Board; and 3. The Board is hereby authorized to direct that up to fifty percent (50%) of the interest income from the investment of monies in the Statewide Water Development Revolving Fund and the Water Resources Fund Grant Account accruing from and after the date of this act be deposited in the Statewide Water Development Revolving Fund created under Section 1085.40 of this title. The Board may adopt reasonable nondiscriminatory standards for selection of legal counsel. Added by Laws 1980, c. 158, § 6, eff. July 1, 1980. Amended by Laws 1982, c. 306, § 8, emerg. eff. May 28, 1982; Laws 1987, c. 208, § 117, operative July 1, 1987; Laws 1987, c. 236, § 105, emerg. eff. July 20, 1987; Laws 2025, c. 77, § 2, eff. Nov. 1, 2025.
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