§ 15-22-808 - Arkansas Water Resources Cost Share Revolving Fund. - Arkansas Statutes

15-22-808. Arkansas Water Resources Cost Share Revolving Fund.

(a) A revolving fund is created on the books of the Auditor of State and the Treasurer of State entitled the "Arkansas Water Resources Cost Share Revolving Fund" to provide a depository for funds which may be appropriated or otherwise secured for the purposes of cost-sharing with the federal government in local water resources development projects as provided for in this subchapter.

(b) (1) The fund shall be used to provide loans or grants to local governments for the purpose established in this subchapter.

(2) Funds from the repayment of loans from the fund shall be returned to the fund and shall be reused in a manner consistent with the purpose of this subchapter.

(c) (1) Loans from the fund shall be repaid in full at an interest rate up to the maximum allowed under Arkansas Constitution, Article 19, 13, as amended by Arkansas Constitution, Amendment 60.

(2) The terms and conditions of repayment of the state loans for cost-sharing shall be specified and agreed to in writing prior to the awarding of the loan.