SB 265 — Water and water rights; creating the Oklahoma Water Infrastructure Loan Program and Revolving Fund; stating Program and Fund purposes. Emergency.

STATESENATE OFFLOOR OKLAHOMAVERSION 2February 1st26, Session2025 ofAS theAMENDED 60th Legislature (2025) 3 SENATE BILL 265NO. By:

Murdock265 4By: 5 6 7 AS INTRODUCED An Act relating to water and water rights;

creatingMurdock of the OklahomaSenate Waterand InfrastructureNewton of the House 7 [ water and water rights - Loan Program;Program - eligible projects and entities - fund - allocation - promulgation of rules - reporting - auditing – codification - emergency ] BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

providing program purpose;

specifying eligible projects and entities;

creating the Oklahoma Water Infrastructure Revolving Fund;

establishing purpose of fund;

stating source of fund;

providing for allocation of certain funds;

requiring promulgation of rules;

requiring annual reporting;

subjecting program to annual auditing;

providing for codification;

and declaring an emergency.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

Req.a.

No.finance the development of water infrastructure improvements through low-interest loans and grants to municipalities, rural water districts, and other eligible entities for approved water infrastructure projects, and SENATE FLOOR VERSION - SB265 SFLR Page 1 (Bold face denotes Committee Amendments) b.

593provide Pagetechnical 1assistance a.and administrative expense support for water infrastructure project implementation.

finance2. the development of water infrastructure 2 improvements through low-interest loans and grants to 3 municipalities, rural water districts, and other eligible entities for approved water infrastructure 5 projects, and 6 b.

provide technical assistance and administrative 7 expense support for water infrastructure project implementation.

9 2.

future funding needs and recommendations, and Req.d.

No.any other information deemed necessary for inclusion by the Board or its staff.

5932. Page 2 d.

any other information deemed necessary for inclusion 2 by the Board or its staff.

3 2.

5SENATE FLOOR VERSION - SB265 SFLR Page 2 (Bold face denotes Committee Amendments) SECTION 2.

NEW LAW A new section of law to be codified 6 in the Oklahoma Statutes as Section 1085.67 of Title 82, unless 7 there is created a duplication in numbering, reads as follows:

There is hereby created in the State Treasury a 9 revolving fund for the Oklahoma Water Resources Board to be designated the “Oklahoma Water Infrastructure Revolving Fund”.

Req.2.

No.Notwithstanding any other provisions of law, income and investment return on fund principal and interest income and repayment of principal on loans made from the balance of the fund shall accrue to the fund.

593SENATE FLOOR VERSION - SB265 SFLR Page 3 2.(Bold face denotes Committee Amendments) 3.

NotwithstandingNot anyless otherthan provisionsten ofpercent law,(10%) incomeof andthe 2fund’s investmentannual returnrevenue onshall fundbe principalallocated andto interestprojects incomein andrural 3or repaymentunderserved ofcommunities, principalas ondetermined loansby made from the balanceBoard. of the fund shall accrue to the fund.

5 3.

Not less than ten percent (10%) of the fund’s annual revenue 6 shall be allocated to projects in rural or underserved communities, 7 as determined by the Board.

Monies deposited to the fund shall include, but not be 9 limited to:

It being immediately necessary for the preservation of the public peace, health or safety, an emergency is hereby Req.declared to exist, by reason whereof this act shall take effect and be in full force from and after its passage and approval.

No.COMMITTEE REPORT BY:

593COMMITTEE PageON 4APPROPRIATIONS declaredFebruary to26, exist,2025 by- reasonDO whereofPASS thisAS actAMENDED shallSENATE takeFLOOR effectVERSION and- 2SB265 beSFLR inPage full4 force(Bold fromface anddenotes afterCommittee itsAmendments) passage and approval.

3 4 60-1-593 RD 12/30/2024 7:25:33 PM 5 6 7 8 9 Req.