Statutes, codes, and regulations
Oklahoma Administrative Code
Title 150 - Oklahoma Department of CommerceChapter 175 - PREP Infrastructure Program Rules
Subchapter 1 - [Effective 9/14/2024] PREP Infrastructure Projects Program
Section 150:175-1-5 - Use of funds and reporting requirements

Okla. Admin. Code § 150:175-1-5

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Current through Vol. 42, No. 7, December 16, 2024
Section 150:175-1-5 - Use of funds and reporting requirements
(a) Permissible uses of funds:
(1) Awards received through this program are intended to install industrial infrastructure into sites designated by the Legislature.
(2) Projects using PREP funds must create economic development infrastructure that support sites or surrounding communities.
(3) Funds impermissibly used shall be repaid by the applicant to the State within thirty (30) days of a written request for repayment transmitted to the applicant by the State.
(b) Reporting requirements:
(1) Applicants that receive funds from the program are required to keep specific records of all expenses for which the funds were used, for a period of seven (7) years. Upon request, the applicant or project shall provide access to these records to the State of Oklahoma, its agencies, agents, directors, and/or any party that has contracted with the State for the exclusive purposes of evaluating or ensuring compliance with PREP program requirements.
(2) At their own expense, the applicant shall prepare photocopies or upload documents to OK Grants or other portal used by the Department of all required documents and deliver said documents to the State or any of the aforementioned parties upon written request within a reasonable time of the request.
(3) In the event that the applicant ceases operations as an entity or of the project during this seven (7) year period, the applicant must provide photocopies or electronic photocopies of these records to the Executive Director of ODOC within thirty (30) days of ceasing operations.
(4) Failure to abide by any reporting requirement shall require the applicant to repay PREP funds to the State of Oklahoma within thirty (30) days of a written request for repayment.

Okla. Admin. Code § 150:175-1-5

Adopted by Oklahoma Register, Volume 40, Issue 14, April 3, 2023, eff. 2/27/2023 (emergency)
Adopted by Oklahoma Register, Volume 41, Issue 22, August 1, 2024, eff. 8/12/2024