Section 224A.325 - Emergency Kentucky water and wastewater assistance for troubled or economically restrained systems fund(1) The emergency Kentucky water and wastewater assistance for troubled or economically restrained systems fund is hereby established in the State Treasury and shall be administered by the authority.(2) The fund shall be a dedicated revolving fund, and all moneys in the fund shall be dedicated to providing funding for both capital and non-capital expenses relating solely to restoring or avoiding imminent interruption of utility service provided by a public water or wastewater system after a statewide state of emergency has been declared pursuant to KRS Chapter 39A or a local state of emergency has been declared for the jurisdiction where the public water or wastewater system is located pursuant to KRS Chapter 39B.(3) The authority may require a public water or wastewater system to include with its application for funding under this section a corrective action plan detailing how the applicant plans to address any performance deficiencies that may have given rise to the need for the requested funding.(4) Interest rates for loans awarded pursuant to this section shall be set using the same criteria to set the interest rates for loans from the federally-assisted water supply revolving fund administered by the authority under KRS 224A.1115 and the federally-assisted wastewater revolving fund administered by the authority under KRS 224A.111.(5)(a) The fund may receive donations, gifts, state appropriations, repayments from the funding provided under subsection (2) of this section, and revenues or proceeds from the sale of bonds or from other financial instruments.(b) The fund may receive proceeds from the authority's infrastructure revolving fund under KRS 224A.304, as available, if: 1. Not contrary to the requirements which establish and govern the management and use of those funds; and2. The proceeds do not contain any federal moneys.(c) Any interest earnings of the fund shall become a part of the fund and shall not lapse.(6) Notwithstanding KRS 45.229, moneys in the fund shall not lapse but shall be carried forward to the next fiscal year and used solely for the stated purposes in this section.Effective: 4/12/2024
Created 2024 Ky. Acts ch. 185, sec. 3, effective 4/12/2024.