§ 159G-24. Fee imposed on a loan or grant from Water Infrastructure Fund.

232 words·~1 min read·/nc/chapter-159g/159g-24

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(a)[Fee Amounts. -] Except as set forth in subsection

(c)of this section, a loan awarded from the Water Infrastructure Fund is subject to a fee of two percent (2%) of the loan. A grant awarded from the Water Infrastructure Fund is subject to a fee of one and one-half percent (1 1/2%) of the grant. The fee is payable when a loan or grant is awarded.

(b)Departmental Receipt. - The fee on a loan from the Water Infrastructure Fund is a departmental receipt and must be applied to the Department's and the Local Government Commission's costs in administering loans from these Reserves. The Department and the Local Government Commission must determine how to allocate the fee receipts between their agencies. The fee on a grant from the Water Infrastructure Fund is a departmental receipt of the Department and must be applied to the Department's costs in administering grants from these Reserves.

(c)Fee Waiver. - The Secretary may waive the fee imposed by this section for emergency loans authorized under G.S. 159G-33(a)(4) and G.S. 159G-34(a)(4) when the Governor has declared a state of emergency, as defined in G.S. 166A-19.3, due to a natural disaster such as a hurricane, tornado, or flood, or due to a pending disaster. (2005-454, s. 3; 2012-142, s. 12.01; 2024-53, s. 4C.5.)