§ 159G-22. Water Infrastructure Fund.
§ 159G‑22. Water Infrastructure Fund.
(a) Fund Established. The Water Infrastructure Fund isestablished as a special revenue fund. The Fund is comprised of the accountsset out in this section. The Fund provides revenue through its accounts forloans and grants as provided in this Chapter to meet the water infrastructureneeds of the State. The Treasurer is responsible for distributing and investingall revenue received by the Fund. Interest and other investment income earnedby the Fund accrues to it and must be allocated to the account to which theincome is attributable. Accounts to which federal funds are credited must bekept separate from accounts that do not receive federal funds. A payment of theprincipal of or interest on a loan made from an account of the Fund must becredited to the account from which the loan was made.
(b) CWSRF. The Clean Water State Revolving Fund is establishedas an account within the Water Infrastructure Fund. The account receivesfederal funds for wastewater projects and the State funds required to match thefederal funds. The account is established under and must be managed inaccordance with Title VI of the Federal Water Quality Act of 1987, Pub. L. 100‑4,to achieve the purposes of that act and the Federal Water Pollution Control Actof 1972, 33 U.S.C. §§ 1251 through 1387. The account must comply with thesefederal acts and the federal regulations adopted to implement the acts. Revenuecredited to the account is available in perpetuity and must be used only to provideconstruction loans and other assistance allowed under federal law. Grants areavailable from this account only to the extent allowed under federal law.
(c) DWSRF. The Drinking Water State Revolving Fund isestablished as an account within the Water Infrastructure Fund. The accountreceives federal funds for public water systems and the State funds required tomatch the federal funds. The account is established under and must be managedin accordance with section 130 of Title 1 of the federal Safe Drinking WaterAct of 1996 as amended, 42 U.S.C. § 300J‑12, to achieve the purposes ofthat act. The account must comply with that act and the federal regulationsadopted to implement the act. Revenue credited to the account is available inperpetuity and must be used only to provide construction loans and otherassistance allowed under federal law. Grants are available from this accountonly to the extent allowed under federal law.
(d) Wastewater Reserve. The Wastewater Reserve is establishedas an account within the Water Infrastructure Fund. The account is establishedto receive State funds that are to be used for loans and grants for wastewatersystems. Revenue credited to the Reserve is neither received from the federalgovernment nor provided as a match for federal funds.
(e) Wastewater Accounts. The Department is directed toestablish accounts within the Wastewater Reserve to administer loans and grantsfor wastewater collection systems, wastewater treatment works, stormwaterquality projects, and nonpoint source pollution projects. The wastewateraccounts must include an account for each type of loan or grant set out in G.S.159G‑33.
(f) Drinking Water Reserve. The Drinking Water Reserve isestablished as an account within the Water Infrastructure Fund. The account isestablished to receive State funds that are to be used for loans and grants forpublic water systems. Revenue credited to the Reserve is neither received fromthe federal government nor provided as a match for federal funds.
(g) Drinking Water Accounts. The Department is directed toestablish accounts within the Drinking Water Reserve to administer loans andgrants for public water systems. The drinking water accounts must include anaccount for each type of loan or grant set out in G.S. 159G‑34. (2005‑454, s. 3.)