224A.112 Creation of infrastructure revolving fund and broadband
569 words·~3 min read·
/ky/224a-112A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
deployment fund -- Purpose -- Use of moneys.
(1)The infrastructure revolving fund shall be established in the State Treasury and
shall be administered by the authority. The fund shall be a dedicated fund, and
all moneys in the fund shall be allocated and dedicated solely to providing
financial assistance to governmental agencies, and investor-owned water
systems as provided for in KRS 96.540, 224A.306, 224A.308, and 224A.310,
for the construction or acquisition of infrastructure projects through an account
designated as the 2020 water service account.
(2)The broadband deployment fund shall be established in the State Treasury and
shall be administered by the office. The fund shall be a dedicated fund, and all
moneys in the fund shall be allocated and dedicated solely to providing grant
funds to governmental agencies and private sector entities to construct
infrastructure for the deployment of broadband service to households and
businesses in underserved or unserved areas of the Commonwealth through
an account designated as the broadband deployment fund.
(3)Funds in subsections
(1)and
(2)of this section shall not be commingled and
shall be used only for the stated purposes in subsections
(1)and
(2)of this
section.
(4)The financial assistance which may be provided by the revolving fund shall be
limited to:
(a)Making loans, on the condition that the loans are made at or below
market interest rates, including interest free loans, at terms not to exceed
thirty
(30)years and that the fund will be credited with all payments of
principal and interest on all loans;
(b)Purchasing or guaranteeing, or purchasing insurance for, local or state
obligations when the action would improve credit market access or reduce
interest rates;
(c)Providing a source of revenue or security for the payment of principal and
interest on bonds or notes issued by the authority or other agencies of the
state if the proceeds of the sale of the bonds will be deposited in the fund;
(d)Providing moneys with which to carry out the requirements of assistance
agreements; and
(e)Making grants as funds specifically appropriated for grants or proceeds
from the sale of the authority's revenue bonds are available.
(5)The revolving fund shall be established, maintained, and credited with
repayments and the fund balance shall be available in perpetuity for its stated
purposes.
(6)The authority may provide financial assistance from the revolving fund to
supplement assistance provided from the federally assisted wastewater
revolving fund as created in KRS 224A.111.
(7)The authority shall advise governmental agencies of the availability of the
infrastructure revolving fund and how moneys may be obtained from the fund.
(8)The authority may enter into any necessary or required agreement with federal
or state agencies or persons to carry out the provisions of this section. All state
agencies shall cooperate with the authority and share information with the
authority as appropriate to accomplish the purposes set out in KRS 224A.300.
(9)Moneys in the broadband deployment fund are hereby appropriated for the
purposes set forth in this section and KRS 224A.1121.
(10)Notwithstanding KRS 45.229, any moneys remaining in the broadband
deployment fund at the close of the fiscal year shall not lapse but shall be
carried forward into the succeeding fiscal year to be used for the purposes set
forth in this section and KRS 224A.1121.
(11)Interest earned on moneys in the broadband deployment fund shall stay in the
fund.