SECTION 150:15-7-1. Program income

Latest version.

(a) Program income, other than loan repayments on Economic Development and Community Development Projects, will remain with local recipients of Community Development Block Grant funds to the maximum extent feasible. Program income retained by local recipients must be utilized for Community Development Block Grant eligible activities and must be administered in accordance with federal program requirements and regulations and must be reported to the Oklahoma Department of Commerce.
(b) Program income received from Economic Development and Community Development Financing projects from Fiscal Years 1987 to the present shall be deposited in the State's Revolving Fund in accordance with the annually adopted and federally approved State Plan/Final Statement.

[Source: Amended at 13 Ok Reg 703, eff 8-21-95 (emergency); Amended at 13 Ok Reg 2347, eff 6-27-96; Amended at 18 Ok Reg 3502, eff 9-14-01]

                    
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