HB 2929 Summary

• Amends 82 O.S. 2011, Section 1085.7A regarding the Community Water Infrastructure Development Revolving Fund by redirecting 50% of funds to the Statewide Water Development Revolving Fund instead of using them for the Oklahoma Comprehensive Water Plan.

• Modifies 82 O.S. 2011, Section 1085.40 to allow transfers into the Statewide Water Development Revolving Fund and updates investment procedures to reference Section 89.1a of Title 62 of the Oklahoma Statutes.

• The Statewide Water Development Revolving Fund can be used for planning, acquisition, construction, and maintenance of multipurpose reservoirs and desalination facilities; state cost-sharing for federally funded water projects; and fulfilling state contractual obligations for federally funded projects.

• Establishes effective date of July 1, 2012, and declares an emergency to allow the act to take effect immediately upon passage and approval.