SB265 Summary

• Establishes the Oklahoma Water Infrastructure Loan Program administered by the Oklahoma Water Resources Board to provide low-interest loans and grants to municipalities, rural water districts, and other eligible entities for water infrastructure projects including treatment plants, pipelines, storage facilities, and water quality improvements.

• Creates the Oklahoma Water Infrastructure Revolving Fund as a continuing fund in the State Treasury to finance the program, consisting of proceeds from state-owned water sales, water rights leasing fees, federal and private grants, and investment returns.

• Requires at least 10% of annual fund revenue be allocated to projects in rural or underserved communities as determined by the Board.

• Mandates the Board promulgate rules for project eligibility and application procedures, submit annual reports to legislative leaders and the Governor detailing fund revenues, expenditures, project status and recommendations, and undergo annual independent audits of fund expenditures.

• Declares an emergency, making the act effective immediately upon passage and approval.