75-5-1107. (Temporary) Uses of revolving fund. (1) Money in the revolving fund must be used to:
     (a) make loans to municipalities to finance all or a portion of the cost of a project and to make loans to private persons to finance all or a portion of the cost of nonpoint source pollution control projects;
     (b) buy or refinance debt obligations of municipalities that were issued to finance projects within the state at or below market rates, provided that the obligations were incurred after March 7, 1985;
     (c) guarantee or purchase insurance for obligations of municipalities that were issued to finance projects in order to enhance credit or reduce interest rates;
     (d) provide a source of revenue or security for general obligation bonds the proceeds of which are deposited in the revolving fund;
     (e) provide loan guarantees for similar revolving funds established by municipalities;
     (f) earn interest on fund accounts; and
     (g) pay reasonable administrative costs of the program not to exceed 4% of all federal grant awards to the fund or the maximum amount allowed under the federal act.
     (2) Money received by the state under the American Recovery and Reinvestment Act of 2009, Public Law 111-5, as capitalization grants for a state revolving fund may be used by the department or the department of natural resources and conservation to provide additional subsidization to eligible recipients in the form of forgiveness of the principal of a loan to the extent permitted or required by federal law and subject to satisfaction of conditions on loans described in 75-5-1113. (Effective July 1, 2011)
     75-5-1107. (Effective July 1, 2011) . Uses of revolving fund. Money in the revolving fund must be used to:
     (1) make loans to municipalities to finance all or a portion of the cost of a project and to make loans to private persons to finance all or a portion of the cost of nonpoint source pollution control projects;
     (2) buy or refinance debt obligations of municipalities that were issued to finance projects within the state at or below market rates, provided that the obligations were incurred after March 7, 1985;
     (3) guarantee or purchase insurance for obligations of municipalities that were issued to finance projects in order to enhance credit or reduce interest rates;
     (4) provide a source of revenue or security for general obligation bonds the proceeds of which are deposited in the revolving fund;
     (5) provide loan guarantees for similar revolving funds established by municipalities;
     (6) earn interest on fund accounts; and
     (7) pay reasonable administrative costs of the program not to exceed 4% of all federal grant awards to the fund or the maximum amount allowed under the federal act.

     History: En. Sec. 6, Ch. 678, L. 1989; amd. Sec. 8, Ch. 538, L. 1997; amd. Sec. 37, Ch. 489, L. 2009.