Interest and income; deposits; acceptance of gifts, appropriations, contributions, grants and bequests; use of money to benefit public water systems limited.
1. The interest and income earned on money in the Account for the Revolving Fund and the Account for Set-Aside Programs must be credited to the Account for the Revolving Fund and the Account for Set-Aside Programs, respectively.
2. All payments of principal and interest on all loans made to a public water system and all proceeds from the sale, refunding or prepayment of obligations of a public water system acquired or loans made in carrying out the purposes of the Account for the Revolving Fund must be deposited in the State Treasury for credit to the Account for the Revolving Fund.
3. The Division may accept gifts, appropriations from the State General Fund, contributions, grants and bequests of money from any public or private source. The money so accepted must be deposited in the State Treasury for credit to the Account for the Revolving Fund, or the Account for Set-Aside Programs, and can be used to provide money from the State to match the federal grant, as required by the Safe Drinking Water Act.
4. Except as otherwise provided in subsection 5, only federal money deposited in a separate subaccount of the Account for the Revolving Fund, including repayments of principal and interest on loans made solely from federal money, and interest and income earned on federal money in the Account for the Revolving Fund, may be used to benefit public water systems not governmentally owned.
5. In addition to the sources described in subsection 4, the proceeds of state securities that are solely secured by and solely payable from one or more of the sources set forth in subsection 4 may be used to benefit public water systems not governmentally owned.
Last modified: February 26, 2006