§342D-84  Revolving fund; uses.  (a) 
Moneys in the revolving fund, if consistent with the purpose of the revolving
fund stated in section 342D-83(b), may be used to:



(1)  Provide, make, and condition loans;



(2)  Guarantee eligible party loans and bonds and to
purchase or provide bond insurance or other credit enhancement or liquidity
support for eligible party debt service payments when such action would improve
credit market access or reduce interest rates;



(3)  Buy or refinance debt obligations of eligible
parties at or below market rates, when the debt obligations were incurred after
March 7, 1985;



(4)  Support and pay the reasonable costs of
administering the revolving fund, including operation and maintenance of the
revolving fund, subject to the limits in Title 33 United States Code section
1383(d)(7) and Title 40 Code of Federal Regulations section 35.3120(g), and to
provide a source of revenue or security for such support and payment;



(5)  Pay the principal, interest, and redemption
premium, if any, on revenue bonds issued by the director, if the proceeds of
revenue bonds will be deposited in the revolving fund;



(6)  Provide interest rate subsidies from earnings on
corpus allocation to subsidize loans to eligible parties made from the proceeds
of the revenue bonds of the department; and



(7)  Provide interest rate subsidies to eligible
parties by depositing revolving fund moneys into interest bearing accounts in
participating financial institutions that issue loans for the implementation of
eligible projects under section 342D-83(b).



(b)  The entire water pollution control loan
program, and not only those accounts or subaccounts funded by revenue bond
proceeds, shall be subject to section 39-61 for the purposes of accomplishing
leveraging and exclusion of the revenue bonds from the state constitutional
debt ceiling. [L 1997, c 221, pt of §1; am L 2002, c 132, §7]



 



Note



 



  Agency rules shall supersede the 2002 amendment until the
rules are amended, repealed, or replaced.  L 2002, c 132, §9.