Oklahoma § 82-1085.58 - Evaluation of wastewater projects - Financial review Recommendation of Board - Approval or rejection of loan application

§ 82-1085.58. Evaluation of wastewater projects - Financial review Recommendation of Board - Approval or rejection of loan application

- Disbursement of funds - Payment of loans.

A. The Board shall provide financial review guidelines for use

in preliminary evaluations of water quality projects. The

evaluation shall include such information as required by the Board,

including but not limited to the:

1. Cost of the water quality projects;

2. Amount of the loan requested;

3. Repayment schedule; and

4. Existing and anticipated assets and liabilities of the

applicant.

B. Upon a determination of the Board that an entity meets the

criteria to receive funding pursuant to the provisions of this act,

the Board shall make an initial financial review.

C. The Board shall prepare its initial financial review of the

entity based upon:

1. The documents submitted by the entity and any additional

information requested by the Board necessary to make a financial

review of such entity; and

2. The proposed loan amount and interest rate for which the

entity qualifies.

D. The initial financial review may either recommend approval

or rejection of the proposed loan.

E. If the Board recommends rejection, the written

recommendations shall include reasons for said rejection. The Board

shall forward a written copy of the rejection notice to the entity.

The entity may then be allowed to modify any such documents in order

to comply with the requirements of the Board and may resubmit the

necessary financial documents to the Board.

F. If the Board recommends approval, the Board shall notify the

entity of such acceptance.

Oklahoma Statutes - Title 82. Waters and Water Rights

G. If the loan application is for a watershed management or

nonpoint source pollution control project, the application shall

include a written concurrence by the Oklahoma Conservation

Commission, or the Department of Environmental Quality, whichever

agency has jurisdiction, that the proposed water quality project:

1. Meets or will meet a critical local or state need, as

defined in the State Nonpoint Source Assessment and Management

Report;

2. Is needed or will be needed to comply with the State

Nonpoint Source Assessment and Management Report;

3. Is designed to prevent, reduce, or halt the pollution of the

waters of the state;

4. Is cost-effective; and

5. Will be awarded on a cost-share basis, as required.

H. Upon review of the application and applicable documents, the

Board shall either approve or reject the loan application. The

Board may request additional information from the applicant or the

Department of Environmental Quality or Oklahoma Conservation

Commission, as applicable, in order to complete the financial review

of the application for the loan. The Board shall notify the

applicant of any rejection of an application.

I. Upon the closing of the loan, the Board shall authorize

disbursement of funds from the account pursuant to the provisions of

this act, the loan documents and rules of the Board that provide for

the release of the loan proceeds.

J. Payment on loans shall be made to the Board as provided in

the loan documents.

Added by Laws 1988, c. 202, § 8, operative July 1, 1988. Amended by

Laws 1993, c. 145, § 330, eff. July 1, 1993; Laws 2002, c. 322, § 8,

emerg. eff. May 30, 2002.