16-1-205. Authorized projects; authorized financial assistance.

(a) The account may be used for financial assistance for the following types of projects:

(i) Construction of wastewater treatment works as allowed by Title VI;

(ii) Implementation of nonpoint source pollution control management programs as allowed by Title VI;

(iii) Other projects as allowed by Title VI.

(b) Financial assistance for the projects authorized in subsection (a) of this section may take the forms provided in Title VI including:

(i) Loans at or below market interest rates or for zero interest. Loans may be awarded only if:

(A) All principal and interest payments on loans are credited directly to the account;

(B) The annual repayment of principal and payment of interest begins not later than one (1) year after project completion;

(C) The loan is fully amortized not later than the useful life of the project or thirty (30) years after project completion, whichever is less; and

(D) Each loan recipient establishes a dedicated source of revenue for repayment of the loan.

(ii) Refinancing existing debt obligations of municipalities, counties, joint powers boards and state agencies for wastewater treatment works for which debt was incurred and building began after March 7, 1985;

(iii) Purchasing insurance for or guaranteeing local debt obligations to improve credit market access or reduce interest rates;

(iv) Security or a source of revenue for the payment of principal and interest on revenue or general obligation bonds issued by the state provided that the net proceeds of the sale of such bonds shall be deposited in the account; and

(v) Loan guarantees for similar revolving accounts established by municipalities, counties or joint powers boards.

(c) Each fiscal year, an amount of up to four percent (4%) of the capitalization grant, four hundred thousand dollars ($400,000.00) or two-tenths of one percent (0.2%) of the current valuation of the account, which ever amount is greatest, may be used for costs of administering the account. The monies and fees provided by subsection (d) of this section, used to administer the account are not forms of financial assistance which are prioritized under W.S. 16-1-206.

(d) The board, as a condition to making a loan or other financial assistance, may impose a reasonable administrative fee or application fee not to exceed one percent (1%) of the loan amount, that may be paid from the proceeds of the loan or financial assistance or other available funds of the applicant. These fees shall be deposited into the account for purposes of payment of administrative costs of the program.