Ten percent of the proceeds of each severance tax bond issuance or other appropriation for the purpose of carrying out the provisions of the Rural Infrastructure Act shall be reserved for emergencies and shall be allocated by the department only upon approval of the state board of finance. This amount shall not be deposited in the fund and shall be allocated only for emergency loans and grants. Emergency loans and grants shall be made in accordance with the applicable provisions for loans pursuant to the Rural Infrastructure Act; provided that a grant shall not exceed five hundred thousand dollars ($500,000). At the end of the third quarter of each fiscal year, the unexpended balance of the reserved amount may be transferred by the department to the fund for use in accordance with the Rural Infrastructure Act.
History: 1978 Comp., § 75-1-5, enacted by Laws 1987, ch. 175, § 4; 1988, ch. 28, § 6; 2001, ch. 250, § 5; 2001, ch. 265, § 5; 2007, ch. 342, § 5.
ANNOTATIONSThe 2007 amendment, effective July 1, 2007, increases the maximum amount of a grant from $200,000 to $500,000.
2001 amendments. — Identical amendments to this section were enacted by Laws 2001, ch 250, § 5 and Laws 2001, ch. 265, § 5, effective June 15, 2001, substituting "department" for "division" throughout the section.