§ 159G-36. Limits on loans and grants. - North Carolina Statutes

§ 159G‑36.  Limits on loans and grants.

(a)        CWSRF and DWSRF. – Federal law governs loans and grants fromthe CWSRF and the DWSRF. An award of a loan or grant from one of these accountsmust be consistent with federal law.

(b)        Reserve Cost Limit. – The amount of a loan or grant from theWastewater Reserve or the Drinking Water Reserve may not exceed theconstruction costs of a project. A loan or grant from one of these Reserves isavailable only to the extent that other funding sources are not reasonably availableto the applicant.

(c)        Reserve Recipient Limit. – The following limits apply to aloan or grant made from the Wastewater Reserve or the Drinking Water Reserve tothe same local government unit or nonprofit water corporation:

(1)        The amount of loans awarded for a fiscal year may not exceedthree million dollars ($3,000,000).

(2)        The amount of loans awarded for three consecutive fiscalyears for targeted interest rate projects may not exceed three million dollars($3,000,000).

(3)        The amount of high‑unit‑cost grants awarded forthree consecutive fiscal years may not exceed three million dollars($3,000,000).

(4)        The amount of technical assistance grants awarded for threeconsecutive fiscal years may not exceed fifty thousand dollars ($50,000). (2005‑454, s. 3.)