224A.322 Kentucky water and wastewater assistance for troubled or economically
394 words·~2 min read·
/ky/224a-322A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
restrained systems fund.
(1)The Kentucky water and wastewater assistance for troubled or economically
restrained systems fund is hereby established in the State Treasury and shall be
administered by the authority.
(2)The fund shall be a dedicated revolving fund, and all moneys in the fund shall be
allocated by the General Assembly for and dedicated to providing funding for both
capital and non-capital expenses for eligible projects by public water or wastewater
systems, as evaluated and scored pursuant to KRS 224A.320.
(3)Funding may be awarded pursuant to this section in the form of grants, loans, no-
interest loans, or forgivable loans as proposed by the board and determined by the
General Assembly. Interest rates for loans awarded pursuant to this section shall be
set using the same criteria to set the interest rates for loans from the federally-
assisted water supply revolving fund administered by the authority under KRS
224A.1115 and the federally-assisted wastewater revolving fund administered by
the authority under KRS 224A.111, except that interest rates for loans awarded
pursuant to this section shall be set at least one-half of one percent (0.5%) lower
than they would have been if awarded from the federally-assisted water supply and
wastewater revolving funds, provided that a loan interest rate for a loan awarded
pursuant to this section shall not be less than zero percent (0%).
(a)The fund may receive donations, gifts, state appropriations, repayments from
the funding provided under subsection
(2)of this section, and revenues or
proceeds from the sale of bonds or from other financial instruments.
(b)The fund may receive proceeds from the authority's infrastructure revolving
fund under KRS 224A.304, as available, if:
1. Not contrary to the requirements which establish and govern the
management and use of those funds; and
2. The proceeds do not contain any federal moneys.
(c)Any interest earnings of the fund shall become a part of the fund and shall not
lapse.
(5)Notwithstanding KRS 45.229, moneys in the fund shall not lapse but shall be
carried forward to the next fiscal year and used solely for the stated purposes in this
section and KRS 224A.320.
(6)The authority may use up to one-half of one percent (0.5%) of moneys deposited
into the fund established by this section for administrative costs resulting from the
discharge of its duties under KRS 224A.320 to 224A.325.