Checkout our iOS App for a better way to browser and research.
There is created in the state treasury a revolving loan fund to be known as the “drinking water revolving loan fund.”
The authority shall administer the fund and may adopt rules and regulations for such administration.
All interest and earnings of the fund shall remain a part of the fund.
No part of the fund shall revert to the general fund on any June 30, but shall remain a part of the revolving fund available for expenditure in accordance with this part.
The authority may charge and collect from systems and water systems administrative fees and expenses, including, but not limited to, reimbursement of all cost of financing by the authority that the authority determines to be reasonable and required. These fees and expenses shall not become part of the fund.
The authority shall deposit in the fund all receipts from the repayment of principal and interest on loans made pursuant to this part.
The fund shall be established, maintained and credited with repayments, and the fund balance shall be available in perpetuity for providing such loans, pursuant to this part.
The department shall deposit in the fund federal funds allocated to the state pursuant to the federal act which have been determined by the department to be for the purpose of making loans to water systems and for which state matching funds are available.
The department shall recommend annually to the general assembly the appropriate state funds necessary for the receipt of all available matching federal funds.
State money appropriated to the department or to the authority to carry out this part may be used, in addition to other purposes, to match federal funds allocated to the state pursuant to the Safe Drinking Water Act for the purpose of making loans to water systems.
The department shall deposit into the fund any federal funds allocated to the state to make loans and to subsidize loans made under the program authorized by this part.