§ 15-5-1503 - Brownfield Revolving Loan Fund -- Establishment -- Uses. - Arkansas Statutes

15-5-1503. Brownfield Revolving Loan Fund -- Establishment -- Uses.

(a) (1) There is established on the books of the Arkansas Development Finance Authority a special restricted fund to be known as the "Brownfield Revolving Loan Fund", which shall be maintained by the authority and administered by the Arkansas Department of Environmental Quality for the purposes stated under this subchapter.

(2) The authority may create subaccounts within the fund, as necessary.

(b) Moneys in the fund shall be expended in a manner consistent with the terms and conditions of applicable federal and state grants and may be used to:

(1) Provide loans to prospective and actual purchasers of abandoned industrial, commercial, or agricultural sites for assessments, investigations, and remedial actions under 8-7-1101 et seq.;

(2) Provide grants for assessments, investigations, and remedial actions under 8-7-1101 et seq. or as consistent with federal law;

(3) Secure the payment of the principal, premium, and interest on and to pay costs incurred in connection with bonds issued by the authority if the net proceeds of the bonds are deposited into the fund;

(4) Fund administrative expenses relating to implementing this subchapter; and

(5) Provide for any other expenditures consistent with applicable federal or state law.