§ 46-12.2-6 Establishment of the waterpollution control revolving fund, the Rhode Island water pollution controlrevolving fund and the local interest subsidy trust fund – Sources offunds – Permitted uses. – (a) The agency shall be the instrumentality of the state for administration ofthe water pollution control revolving fund, the Rhode Island water pollutioncontrol revolving fund, and the local interest subsidy trust fund, and suchother funds it holds or for which it is responsible, and, in conjunction withthe department, is empowered to and shall take all action necessary orappropriate to secure to the state the benefits of title VI of the Clean WaterAct, 33 U.S.C. § 1381 et seq., and other federal or state legislationpertaining to the funds and to the financing of approved projects. Withoutlimiting the generality of the foregoing and other powers of the agencyprovided in this chapter, the agency is empowered to and shall:
(1) Cooperate with appropriate federal agencies in allmatters related to administration of the water pollution control revolving fundand, pursuant to the provisions of this chapter, administer the fund andreceive and disburse such funds from any such agencies and from the state asmay be available for the purpose of the fund.
(2) Administer the Rhode Island water pollution controlrevolving fund and the local interest subsidy trust fund, and receive anddisburse such funds from the state as may be available for the purpose of thefunds subject to the provisions of this chapter.
(3) In cooperation with the department, prepare, and submitto appropriate federal agencies applications for capitalization grants undertitle VI of the Clean Water Act, 33 U.S.C. § 1381 et seq., and enter intocapitalization grant agreements, operating agreements, and other agreementswith appropriate federal and state agencies, and accept and disburse, asprovided herein, any capitalization grant awards made under title VI of theClean Water Act, 33 U.S.C. § 1381 et seq.
(4) Cooperate with the department in the preparation andsubmission to appropriate federal and state agencies of intended use plansidentifying the use of capitalization grant awards and other moneys in thewater pollution control revolving fund.
(5) In cooperation with the department, prepare and submit toappropriate federal agencies, the department and the governor, annual and otherreports and audits required by law.
(6) Subject to the provisions of this chapter, make, andenter into binding commitments to provide financial assistance to localgovernmental units from amounts on deposit in the water pollution controlrevolving fund, the Rhode Island water pollution control revolving fund andfrom other funds of the agency; and provide, and enter into binding commitmentsto provide subsidy assistance for loans and local governmental obligations fromamounts on deposit in the local interest subsidy trust fund.
(7) Establish and maintain fiscal controls and accountingprocedures conforming to generally accepted government accounting standardssufficient to ensure proper accounting for receipts in and disbursements fromthe water pollution control revolving fund, the Rhode Island water pollutioncontrol revolving fund, the local interest subsidy trust fund and other fundsit holds or for which it is responsible and, adopt such rules, regulations,procedures, and guidelines which it deems necessary to assure that localgovernmental units administer and maintain approved project accounts and otherfunds and accounts relating to financial assistance in accordance withgenerally accepted government accounting standards.
(b) The agency shall establish and set up on its books aspecial fund, designated the water pollution control revolving fund, to be heldin trust and to be administered by the agency solely as provided in thischapter and in any trust agreement securing bonds of the agency. The agencyshall credit to the water pollution control revolving fund or one or moreaccounts therein:
(1) All federal capitalization grant awards received undertitle VI of the Clean Water Act, 33 U.S.C. § 1381 et seq., provided theagency shall transfer to the department the amount allowed by § 603(d)(7)of the Water Quality Act, 33 U.S.C. § 1383(d)(7), to defray administrationexpenses;
(2) All amounts appropriated or designated to the agency bythe state for purposes of the fund;
(3) To the extent required by federal law, loan repaymentsand other payments received by the agency on any loans and local governmentalobligations;
(4) All investment earnings on amounts credited to the fundto the extent required by federal law;
(5) All proceeds of bonds of the agency to the extentrequired by any trust agreement for such bonds;
(6) All other monies which are specifically designated forthis fund, including, amounts from the Rhode Island Clean Water Actenvironmental trust fund, gifts, bequests, administrative, civil and criminalpenalties, or other funds from any public or private sources; and
(7) Any other amounts required by the provisions of thischapter, agreement, or any other law or by any trust agreement pertaining tobonds to be credited to the fund or which the agency in its discretion shalldetermine to credit thereto.
(ii) At the request of the governor, the agency shall takeall action necessary to transfer the state's allotment under title II of theClean Water Act, 33 U.S.C. § 1281 et seq., for federal fiscal year 1989and each federal fiscal year thereafter, to the purposes of the water pollutioncontrol revolving fund, provided that any portion of any allotment which, underthe provisions of the Clean Water Act, 33 U.S.C. § 1251 et seq., may notbe transferred to or used for the purposes of the water pollution controlrevolving fund, shall continue to be received and administered by thedepartment as provided by law.
(c) The agency shall establish and set up on its books aspecial fund, designated the Rhode Island water pollution control revolvingfund, to be held in trust and to be administered by the agency solely asprovided in this chapter and in any trust agreement securing bonds of theagency. The agency shall credit to the Rhode Island water pollution controlrevolving fund or one or more accounts therein:
(1) All amounts appropriated or designated to the agency bythe state for purposes of the fund;
(2) At its discretion, and to the extent allowed by law, loanrepayments and other payments received by the agency on any loans and localgovernmental obligations;
(3) At its discretion, all investment earnings and amountscredited to the fund;
(4) All proceeds of bonds of the agency to the extentrequired by any trust agreement for such bonds;
(5) All other monies which are specifically designated forthis fund, including, amounts from the Rhode Island Clean Water Actenvironmental trust fund, gifts, bequests, administrative, civil and criminalpenalties, or other funds from any public or private sources; and
(6) Any other amounts required by provisions of this chapteror agreement, or any other law or any trust agreement pertaining to bonds to becredited to the fund or which the agency in its discretion shall determine tocredit thereto.
(d) Except to the extent limited by federal law, and subjectto the provisions of this chapter, to the provisions of any agreement with thestate authorized by § 46-12.2-7, and to any agreements with the holders ofany bonds of the agency or any trustee therefor, amounts held by the agency forthe account of either the water pollution control revolving fund or the RhodeIsland water pollution control revolving fund shall be applied by the agency,either by direct expenditure, disbursement, or transfer to one or more otherfunds and accounts held by the agency or maintained under any trust agreementpertaining to bonds, either alone or with other funds of the agency, to thefollowing purposes:
(1) To provide financial assistance to local governmentalunits to finance costs of approved projects, and to refinance the costs of theprojects, subject to such terms and conditions, if any, as are determined bythe department and/or the agency in accordance with § 46-12.2-8;
(2) To purchase or refinance debt obligations of the localgovernmental units, or to provide guarantees, insurance or similar forms offinancial assistance for the obligations;
(3) To fund reserves for bonds of the agency and to purchaseinsurance and pay the premiums therefor, and pay fees and expenses of lettersor lines of credit and costs of reimbursement to the issuers thereof for anypayments made thereon or on any insurance, and to otherwise provide securityfor, and a source of payment for, by pledge, lien, assignment, or otherwise asprovided in § 46-12.2-14, bonds of the agency issued in accordance withthis chapter; and
(4) To pay expenses of the agency and the department inadministering the funds and the financial assistance programs of the agencyauthorized by this chapter. As part of the annual appropriations bill, thedepartment shall set forth the gross amount of expenses received from theagency and a complete, specific breakdown of the sums retained and/or expendedfor administrative expenses.
(ii) By way of illustration, not by limitation, in thepersonnel area, the breakdown of administrative expenses should contain thenumber of personnel paid, the position numbers of the personnel, and whether ornot the position is a new position or a position which had been fundedpreviously by federal funds or a position which had been previously created butunfunded.
(e) The agency shall also establish and set up on its books aspecial fund, designated the local interest subsidy trust fund, to be held intrust and to be administered by the agency solely as provided in this chapterand in any trust agreement securing bonds of the agency. The agency maymaintain a separate account in the local interest subsidy trust fund for eachlocal governmental unit which has received a loan from the agency, inaccordance with this chapter, to separately account for or otherwise segregateall or any part of the amounts credited to the fund and receipts in anddisbursements from the fund. To the extent that the agency is required by thischapter, by any loan agreement or by any trust agreement, it shall, and, to theextent that it is permitted, it may in its discretion, credit to the localinterest subsidy trust fund, and to one or more of the accounts or subaccountstherein:
(1) All amounts appropriated or designated to the agency bythe state for purposes of the fund;
(2) Loan repayments and other payments received on loans andlocal governmental obligations;
(3) Investment earnings on amounts credited to the localinterest subsidy trust fund;
(4) Proceeds of agency bonds;
(5) All other monies which are specifically designated forthis fund including, amounts from the Rhode Island Clean Water Actenvironmental trust fund, gifts, bequests, administrative, civil and criminalpenalties, or other funds from any public or private sources; and
(6) Any other amounts permitted by law.
(f) Subject to any agreement with the state authorized by§ 46-12.2-7, to the provisions of § 46-12.2-8, and to any agreementwith the holders of any bonds of the agency or any trustee therefor, amountsheld by the agency for the account of the local interest subsidy trust fundshall be applied by the agency, either by direct expenditure, disbursement, ortransfer to one or more other funds and accounts held by the agency ormaintained under any trust agreement pertaining to bonds, either alone or withother funds of the agency, to the following purposes:
(1) To pay or provide for all or a portion of the interestotherwise payable by local governmental units on loans and local governmentalobligations, in the amounts and on terms determined by the agency in accordancewith § 46-12.2-8;
(2) To provide a reserve for, or to otherwise secure, amountspayable by local governmental units on loans and local governmental obligationsoutstanding in the event of default thereof; amounts in any account in thelocal interest subsidy trust fund may be applied to defaults on loansoutstanding to the local governmental unit for which the account wasestablished and, on a parity basis with all other accounts, to defaults on anyloans or local governmental obligations outstanding; and
(3) To provide a reserve for, or to otherwise secure, bypledge, lien, assignment, or otherwise as provided in § 46-12.2-14, anybonds of the agency.
(g) Subject to any express limitation of this chapterpertaining to expenditure or disbursement of funds or accounts held by theagency, funds or accounts held by the agency may be transferred to any otherfund or account held by the agency and expended or disbursed for purposespermitted by the fund or account.
§ 46-12.2-6 Establishment of the waterpollution control revolving fund, the Rhode Island water pollution controlrevolving fund and the local interest subsidy trust fund – Sources offunds – Permitted uses. – (a) The agency shall be the instrumentality of the state for administration ofthe water pollution control revolving fund, the Rhode Island water pollutioncontrol revolving fund, and the local interest subsidy trust fund, and suchother funds it holds or for which it is responsible, and, in conjunction withthe department, is empowered to and shall take all action necessary orappropriate to secure to the state the benefits of title VI of the Clean WaterAct, 33 U.S.C. § 1381 et seq., and other federal or state legislationpertaining to the funds and to the financing of approved projects. Withoutlimiting the generality of the foregoing and other powers of the agencyprovided in this chapter, the agency is empowered to and shall:
(1) Cooperate with appropriate federal agencies in allmatters related to administration of the water pollution control revolving fundand, pursuant to the provisions of this chapter, administer the fund andreceive and disburse such funds from any such agencies and from the state asmay be available for the purpose of the fund.
(2) Administer the Rhode Island water pollution controlrevolving fund and the local interest subsidy trust fund, and receive anddisburse such funds from the state as may be available for the purpose of thefunds subject to the provisions of this chapter.
(3) In cooperation with the department, prepare, and submitto appropriate federal agencies applications for capitalization grants undertitle VI of the Clean Water Act, 33 U.S.C. § 1381 et seq., and enter intocapitalization grant agreements, operating agreements, and other agreementswith appropriate federal and state agencies, and accept and disburse, asprovided herein, any capitalization grant awards made under title VI of theClean Water Act, 33 U.S.C. § 1381 et seq.
(4) Cooperate with the department in the preparation andsubmission to appropriate federal and state agencies of intended use plansidentifying the use of capitalization grant awards and other moneys in thewater pollution control revolving fund.
(5) In cooperation with the department, prepare and submit toappropriate federal agencies, the department and the governor, annual and otherreports and audits required by law.
(6) Subject to the provisions of this chapter, make, andenter into binding commitments to provide financial assistance to localgovernmental units from amounts on deposit in the water pollution controlrevolving fund, the Rhode Island water pollution control revolving fund andfrom other funds of the agency; and provide, and enter into binding commitmentsto provide subsidy assistance for loans and local governmental obligations fromamounts on deposit in the local interest subsidy trust fund.
(7) Establish and maintain fiscal controls and accountingprocedures conforming to generally accepted government accounting standardssufficient to ensure proper accounting for receipts in and disbursements fromthe water pollution control revolving fund, the Rhode Island water pollutioncontrol revolving fund, the local interest subsidy trust fund and other fundsit holds or for which it is responsible and, adopt such rules, regulations,procedures, and guidelines which it deems necessary to assure that localgovernmental units administer and maintain approved project accounts and otherfunds and accounts relating to financial assistance in accordance withgenerally accepted government accounting standards.
(b) The agency shall establish and set up on its books aspecial fund, designated the water pollution control revolving fund, to be heldin trust and to be administered by the agency solely as provided in thischapter and in any trust agreement securing bonds of the agency. The agencyshall credit to the water pollution control revolving fund or one or moreaccounts therein:
(1) All federal capitalization grant awards received undertitle VI of the Clean Water Act, 33 U.S.C. § 1381 et seq., provided theagency shall transfer to the department the amount allowed by § 603(d)(7)of the Water Quality Act, 33 U.S.C. § 1383(d)(7), to defray administrationexpenses;
(2) All amounts appropriated or designated to the agency bythe state for purposes of the fund;
(3) To the extent required by federal law, loan repaymentsand other payments received by the agency on any loans and local governmentalobligations;
(4) All investment earnings on amounts credited to the fundto the extent required by federal law;
(5) All proceeds of bonds of the agency to the extentrequired by any trust agreement for such bonds;
(6) All other monies which are specifically designated forthis fund, including, amounts from the Rhode Island Clean Water Actenvironmental trust fund, gifts, bequests, administrative, civil and criminalpenalties, or other funds from any public or private sources; and
(7) Any other amounts required by the provisions of thischapter, agreement, or any other law or by any trust agreement pertaining tobonds to be credited to the fund or which the agency in its discretion shalldetermine to credit thereto.
(ii) At the request of the governor, the agency shall takeall action necessary to transfer the state's allotment under title II of theClean Water Act, 33 U.S.C. § 1281 et seq., for federal fiscal year 1989and each federal fiscal year thereafter, to the purposes of the water pollutioncontrol revolving fund, provided that any portion of any allotment which, underthe provisions of the Clean Water Act, 33 U.S.C. § 1251 et seq., may notbe transferred to or used for the purposes of the water pollution controlrevolving fund, shall continue to be received and administered by thedepartment as provided by law.
(c) The agency shall establish and set up on its books aspecial fund, designated the Rhode Island water pollution control revolvingfund, to be held in trust and to be administered by the agency solely asprovided in this chapter and in any trust agreement securing bonds of theagency. The agency shall credit to the Rhode Island water pollution controlrevolving fund or one or more accounts therein:
(1) All amounts appropriated or designated to the agency bythe state for purposes of the fund;
(2) At its discretion, and to the extent allowed by law, loanrepayments and other payments received by the agency on any loans and localgovernmental obligations;
(3) At its discretion, all investment earnings and amountscredited to the fund;
(4) All proceeds of bonds of the agency to the extentrequired by any trust agreement for such bonds;
(5) All other monies which are specifically designated forthis fund, including, amounts from the Rhode Island Clean Water Actenvironmental trust fund, gifts, bequests, administrative, civil and criminalpenalties, or other funds from any public or private sources; and
(6) Any other amounts required by provisions of this chapteror agreement, or any other law or any trust agreement pertaining to bonds to becredited to the fund or which the agency in its discretion shall determine tocredit thereto.
(d) Except to the extent limited by federal law, and subjectto the provisions of this chapter, to the provisions of any agreement with thestate authorized by § 46-12.2-7, and to any agreements with the holders ofany bonds of the agency or any trustee therefor, amounts held by the agency forthe account of either the water pollution control revolving fund or the RhodeIsland water pollution control revolving fund shall be applied by the agency,either by direct expenditure, disbursement, or transfer to one or more otherfunds and accounts held by the agency or maintained under any trust agreementpertaining to bonds, either alone or with other funds of the agency, to thefollowing purposes:
(1) To provide financial assistance to local governmentalunits to finance costs of approved projects, and to refinance the costs of theprojects, subject to such terms and conditions, if any, as are determined bythe department and/or the agency in accordance with § 46-12.2-8;
(2) To purchase or refinance debt obligations of the localgovernmental units, or to provide guarantees, insurance or similar forms offinancial assistance for the obligations;
(3) To fund reserves for bonds of the agency and to purchaseinsurance and pay the premiums therefor, and pay fees and expenses of lettersor lines of credit and costs of reimbursement to the issuers thereof for anypayments made thereon or on any insurance, and to otherwise provide securityfor, and a source of payment for, by pledge, lien, assignment, or otherwise asprovided in § 46-12.2-14, bonds of the agency issued in accordance withthis chapter; and
(4) To pay expenses of the agency and the department inadministering the funds and the financial assistance programs of the agencyauthorized by this chapter. As part of the annual appropriations bill, thedepartment shall set forth the gross amount of expenses received from theagency and a complete, specific breakdown of the sums retained and/or expendedfor administrative expenses.
(ii) By way of illustration, not by limitation, in thepersonnel area, the breakdown of administrative expenses should contain thenumber of personnel paid, the position numbers of the personnel, and whether ornot the position is a new position or a position which had been fundedpreviously by federal funds or a position which had been previously created butunfunded.
(e) The agency shall also establish and set up on its books aspecial fund, designated the local interest subsidy trust fund, to be held intrust and to be administered by the agency solely as provided in this chapterand in any trust agreement securing bonds of the agency. The agency maymaintain a separate account in the local interest subsidy trust fund for eachlocal governmental unit which has received a loan from the agency, inaccordance with this chapter, to separately account for or otherwise segregateall or any part of the amounts credited to the fund and receipts in anddisbursements from the fund. To the extent that the agency is required by thischapter, by any loan agreement or by any trust agreement, it shall, and, to theextent that it is permitted, it may in its discretion, credit to the localinterest subsidy trust fund, and to one or more of the accounts or subaccountstherein:
(1) All amounts appropriated or designated to the agency bythe state for purposes of the fund;
(2) Loan repayments and other payments received on loans andlocal governmental obligations;
(3) Investment earnings on amounts credited to the localinterest subsidy trust fund;
(4) Proceeds of agency bonds;
(5) All other monies which are specifically designated forthis fund including, amounts from the Rhode Island Clean Water Actenvironmental trust fund, gifts, bequests, administrative, civil and criminalpenalties, or other funds from any public or private sources; and
(6) Any other amounts permitted by law.
(f) Subject to any agreement with the state authorized by§ 46-12.2-7, to the provisions of § 46-12.2-8, and to any agreementwith the holders of any bonds of the agency or any trustee therefor, amountsheld by the agency for the account of the local interest subsidy trust fundshall be applied by the agency, either by direct expenditure, disbursement, ortransfer to one or more other funds and accounts held by the agency ormaintained under any trust agreement pertaining to bonds, either alone or withother funds of the agency, to the following purposes:
(1) To pay or provide for all or a portion of the interestotherwise payable by local governmental units on loans and local governmentalobligations, in the amounts and on terms determined by the agency in accordancewith § 46-12.2-8;
(2) To provide a reserve for, or to otherwise secure, amountspayable by local governmental units on loans and local governmental obligationsoutstanding in the event of default thereof; amounts in any account in thelocal interest subsidy trust fund may be applied to defaults on loansoutstanding to the local governmental unit for which the account wasestablished and, on a parity basis with all other accounts, to defaults on anyloans or local governmental obligations outstanding; and
(3) To provide a reserve for, or to otherwise secure, bypledge, lien, assignment, or otherwise as provided in § 46-12.2-14, anybonds of the agency.
(g) Subject to any express limitation of this chapterpertaining to expenditure or disbursement of funds or accounts held by theagency, funds or accounts held by the agency may be transferred to any otherfund or account held by the agency and expended or disbursed for purposespermitted by the fund or account.
§ 46-12.2-6 Establishment of the waterpollution control revolving fund, the Rhode Island water pollution controlrevolving fund and the local interest subsidy trust fund – Sources offunds – Permitted uses. – (a) The agency shall be the instrumentality of the state for administration ofthe water pollution control revolving fund, the Rhode Island water pollutioncontrol revolving fund, and the local interest subsidy trust fund, and suchother funds it holds or for which it is responsible, and, in conjunction withthe department, is empowered to and shall take all action necessary orappropriate to secure to the state the benefits of title VI of the Clean WaterAct, 33 U.S.C. § 1381 et seq., and other federal or state legislationpertaining to the funds and to the financing of approved projects. Withoutlimiting the generality of the foregoing and other powers of the agencyprovided in this chapter, the agency is empowered to and shall:
(1) Cooperate with appropriate federal agencies in allmatters related to administration of the water pollution control revolving fundand, pursuant to the provisions of this chapter, administer the fund andreceive and disburse such funds from any such agencies and from the state asmay be available for the purpose of the fund.
(2) Administer the Rhode Island water pollution controlrevolving fund and the local interest subsidy trust fund, and receive anddisburse such funds from the state as may be available for the purpose of thefunds subject to the provisions of this chapter.
(3) In cooperation with the department, prepare, and submitto appropriate federal agencies applications for capitalization grants undertitle VI of the Clean Water Act, 33 U.S.C. § 1381 et seq., and enter intocapitalization grant agreements, operating agreements, and other agreementswith appropriate federal and state agencies, and accept and disburse, asprovided herein, any capitalization grant awards made under title VI of theClean Water Act, 33 U.S.C. § 1381 et seq.
(4) Cooperate with the department in the preparation andsubmission to appropriate federal and state agencies of intended use plansidentifying the use of capitalization grant awards and other moneys in thewater pollution control revolving fund.
(5) In cooperation with the department, prepare and submit toappropriate federal agencies, the department and the governor, annual and otherreports and audits required by law.
(6) Subject to the provisions of this chapter, make, andenter into binding commitments to provide financial assistance to localgovernmental units from amounts on deposit in the water pollution controlrevolving fund, the Rhode Island water pollution control revolving fund andfrom other funds of the agency; and provide, and enter into binding commitmentsto provide subsidy assistance for loans and local governmental obligations fromamounts on deposit in the local interest subsidy trust fund.
(7) Establish and maintain fiscal controls and accountingprocedures conforming to generally accepted government accounting standardssufficient to ensure proper accounting for receipts in and disbursements fromthe water pollution control revolving fund, the Rhode Island water pollutioncontrol revolving fund, the local interest subsidy trust fund and other fundsit holds or for which it is responsible and, adopt such rules, regulations,procedures, and guidelines which it deems necessary to assure that localgovernmental units administer and maintain approved project accounts and otherfunds and accounts relating to financial assistance in accordance withgenerally accepted government accounting standards.
(b) The agency shall establish and set up on its books aspecial fund, designated the water pollution control revolving fund, to be heldin trust and to be administered by the agency solely as provided in thischapter and in any trust agreement securing bonds of the agency. The agencyshall credit to the water pollution control revolving fund or one or moreaccounts therein:
(1) All federal capitalization grant awards received undertitle VI of the Clean Water Act, 33 U.S.C. § 1381 et seq., provided theagency shall transfer to the department the amount allowed by § 603(d)(7)of the Water Quality Act, 33 U.S.C. § 1383(d)(7), to defray administrationexpenses;
(2) All amounts appropriated or designated to the agency bythe state for purposes of the fund;
(3) To the extent required by federal law, loan repaymentsand other payments received by the agency on any loans and local governmentalobligations;
(4) All investment earnings on amounts credited to the fundto the extent required by federal law;
(5) All proceeds of bonds of the agency to the extentrequired by any trust agreement for such bonds;
(6) All other monies which are specifically designated forthis fund, including, amounts from the Rhode Island Clean Water Actenvironmental trust fund, gifts, bequests, administrative, civil and criminalpenalties, or other funds from any public or private sources; and
(7) Any other amounts required by the provisions of thischapter, agreement, or any other law or by any trust agreement pertaining tobonds to be credited to the fund or which the agency in its discretion shalldetermine to credit thereto.
(ii) At the request of the governor, the agency shall takeall action necessary to transfer the state's allotment under title II of theClean Water Act, 33 U.S.C. § 1281 et seq., for federal fiscal year 1989and each federal fiscal year thereafter, to the purposes of the water pollutioncontrol revolving fund, provided that any portion of any allotment which, underthe provisions of the Clean Water Act, 33 U.S.C. § 1251 et seq., may notbe transferred to or used for the purposes of the water pollution controlrevolving fund, shall continue to be received and administered by thedepartment as provided by law.
(c) The agency shall establish and set up on its books aspecial fund, designated the Rhode Island water pollution control revolvingfund, to be held in trust and to be administered by the agency solely asprovided in this chapter and in any trust agreement securing bonds of theagency. The agency shall credit to the Rhode Island water pollution controlrevolving fund or one or more accounts therein:
(1) All amounts appropriated or designated to the agency bythe state for purposes of the fund;
(2) At its discretion, and to the extent allowed by law, loanrepayments and other payments received by the agency on any loans and localgovernmental obligations;
(3) At its discretion, all investment earnings and amountscredited to the fund;
(4) All proceeds of bonds of the agency to the extentrequired by any trust agreement for such bonds;
(5) All other monies which are specifically designated forthis fund, including, amounts from the Rhode Island Clean Water Actenvironmental trust fund, gifts, bequests, administrative, civil and criminalpenalties, or other funds from any public or private sources; and
(6) Any other amounts required by provisions of this chapteror agreement, or any other law or any trust agreement pertaining to bonds to becredited to the fund or which the agency in its discretion shall determine tocredit thereto.
(d) Except to the extent limited by federal law, and subjectto the provisions of this chapter, to the provisions of any agreement with thestate authorized by § 46-12.2-7, and to any agreements with the holders ofany bonds of the agency or any trustee therefor, amounts held by the agency forthe account of either the water pollution control revolving fund or the RhodeIsland water pollution control revolving fund shall be applied by the agency,either by direct expenditure, disbursement, or transfer to one or more otherfunds and accounts held by the agency or maintained under any trust agreementpertaining to bonds, either alone or with other funds of the agency, to thefollowing purposes:
(1) To provide financial assistance to local governmentalunits to finance costs of approved projects, and to refinance the costs of theprojects, subject to such terms and conditions, if any, as are determined bythe department and/or the agency in accordance with § 46-12.2-8;
(2) To purchase or refinance debt obligations of the localgovernmental units, or to provide guarantees, insurance or similar forms offinancial assistance for the obligations;
(3) To fund reserves for bonds of the agency and to purchaseinsurance and pay the premiums therefor, and pay fees and expenses of lettersor lines of credit and costs of reimbursement to the issuers thereof for anypayments made thereon or on any insurance, and to otherwise provide securityfor, and a source of payment for, by pledge, lien, assignment, or otherwise asprovided in § 46-12.2-14, bonds of the agency issued in accordance withthis chapter; and
(4) To pay expenses of the agency and the department inadministering the funds and the financial assistance programs of the agencyauthorized by this chapter. As part of the annual appropriations bill, thedepartment shall set forth the gross amount of expenses received from theagency and a complete, specific breakdown of the sums retained and/or expendedfor administrative expenses.
(ii) By way of illustration, not by limitation, in thepersonnel area, the breakdown of administrative expenses should contain thenumber of personnel paid, the position numbers of the personnel, and whether ornot the position is a new position or a position which had been fundedpreviously by federal funds or a position which had been previously created butunfunded.
(e) The agency shall also establish and set up on its books aspecial fund, designated the local interest subsidy trust fund, to be held intrust and to be administered by the agency solely as provided in this chapterand in any trust agreement securing bonds of the agency. The agency maymaintain a separate account in the local interest subsidy trust fund for eachlocal governmental unit which has received a loan from the agency, inaccordance with this chapter, to separately account for or otherwise segregateall or any part of the amounts credited to the fund and receipts in anddisbursements from the fund. To the extent that the agency is required by thischapter, by any loan agreement or by any trust agreement, it shall, and, to theextent that it is permitted, it may in its discretion, credit to the localinterest subsidy trust fund, and to one or more of the accounts or subaccountstherein:
(1) All amounts appropriated or designated to the agency bythe state for purposes of the fund;
(2) Loan repayments and other payments received on loans andlocal governmental obligations;
(3) Investment earnings on amounts credited to the localinterest subsidy trust fund;
(4) Proceeds of agency bonds;
(5) All other monies which are specifically designated forthis fund including, amounts from the Rhode Island Clean Water Actenvironmental trust fund, gifts, bequests, administrative, civil and criminalpenalties, or other funds from any public or private sources; and
(6) Any other amounts permitted by law.
(f) Subject to any agreement with the state authorized by§ 46-12.2-7, to the provisions of § 46-12.2-8, and to any agreementwith the holders of any bonds of the agency or any trustee therefor, amountsheld by the agency for the account of the local interest subsidy trust fundshall be applied by the agency, either by direct expenditure, disbursement, ortransfer to one or more other funds and accounts held by the agency ormaintained under any trust agreement pertaining to bonds, either alone or withother funds of the agency, to the following purposes:
(1) To pay or provide for all or a portion of the interestotherwise payable by local governmental units on loans and local governmentalobligations, in the amounts and on terms determined by the agency in accordancewith § 46-12.2-8;
(2) To provide a reserve for, or to otherwise secure, amountspayable by local governmental units on loans and local governmental obligationsoutstanding in the event of default thereof; amounts in any account in thelocal interest subsidy trust fund may be applied to defaults on loansoutstanding to the local governmental unit for which the account wasestablished and, on a parity basis with all other accounts, to defaults on anyloans or local governmental obligations outstanding; and
(3) To provide a reserve for, or to otherwise secure, bypledge, lien, assignment, or otherwise as provided in § 46-12.2-14, anybonds of the agency.
(g) Subject to any express limitation of this chapterpertaining to expenditure or disbursement of funds or accounts held by theagency, funds or accounts held by the agency may be transferred to any otherfund or account held by the agency and expended or disbursed for purposespermitted by the fund or account.
