Health and Safety

CHAPTER 23-19.16
Brownfields Revolving Loan Fund

SECTION 23-19.16-3

§ 23-19.16-3. Establishment of the brownfields revolving fund.

(a) There is hereby established a brownfields revolving fund. The agency shall establish and set up on its books the brownfields revolving fund, to be held in trust and to be administered by the agency solely as provided in this section and in any trust agreement securing bonds of the agency. The agency shall deposit the following monies into the fund:

(1) Amounts appropriated, transferred, or designated to the agency by the state or federal government or any political subdivision thereof for the purposes of this chapter;

(2) Loan repayments and other payments received by the agency pursuant to loan agreements with eligible borrowers executed in accordance with this chapter;

(3) Investment earnings on amounts credited to the fund;

(4) Proceeds of bonds of the agency to the extent required by any trust agreement for such bonds;

(5) Administrative fees levied by the agency;

(6) Other amounts required by provisions of this chapter or agreement, or any other law or any trust agreement pertaining to bonds to be credited to the revolving fund; and

(7) Any other funds permitted by law which the agency in its discretion shall determine to credit thereto.

(b) The agency shall establish and maintain fiscal controls and accounting procedures conforming to generally accepted government accounting standards sufficient to ensure proper accounting for receipts in and disbursements from the brownfields revolving fund.

History of Section.
(P.L. 2015, ch. 141, art. 14, § 1.)