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

(1)  Provide, make, and condition loans;

(2)  Guarantee eligible party loans and bonds and topurchase or provide bond insurance or other credit enhancement or liquiditysupport for eligible party debt service payments when such action would improvecredit market access or reduce interest rates;

(3)  Buy or refinance debt obligations of eligibleparties at or below market rates, when the debt obligations were incurred afterMarch 7, 1985;

(4)  Support and pay the reasonable costs ofadministering the revolving fund, including operation and maintenance of therevolving fund, subject to the limits in Title 33 United States Code section1383(d)(7) and Title 40 Code of Federal Regulations section 35.3120(g), and toprovide a source of revenue or security for such support and payment;

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

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

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

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

 

Note

 

  Agency rules shall supersede the 2002 amendment until therules are amended, repealed, or replaced.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