(a) In accordance with the Clean Water Bond Law of 1984 (Chapter 13 (commencing with Section 13999)), the board, with the approval of the Clean Water Finance Committee, may transfer funds from the Clean Water Construction Grant Account to the fund for the purpose of meeting federal requirements for matching moneys in the fund.
(b) Any repayment of fund moneys, including interest payments, and all interest earned on, or accruing to, any moneys in the fund, shall be deposited in the fund and shall be available, in perpetuity, for expenditure for the purposes and uses authorized by the federal act.
(c) A municipality that elects to provide matching funds shall do all of the following:
(1) Establish an account or other funding mechanism permitted by law for the deposit and use of those funds.
(2) Pay the state’s share of the amount of money owed to any contractor for services rendered to that municipality and transmit evidence of payment to that contractor to the board before the federal matching funds become available pursuant to the federal act.
(3) Grant to the state access to the financial records of the account or other funding mechanism established pursuant to paragraph (1).
(Amended by Stats. 1995, Ch. 370, Sec. 5. Effective August 4, 1995.)