{"data":{"id":"us-ky/krs-224a.1115","jurisdiction":"us-ky","citation":"KRS 224A.1115","heading":"Creation of federally assisted water supply revolving fund -- Purpose --","body":"Duties of authority.\n(1) The federally-assisted water supply revolving fund shall be established in the State\nTreasury and shall be administered by the authority under an agree ment with the\nEnergy and Environment Cabinet to assure compliance with the federal act.\n(2) The fund shall be a dedicated fund and all moneys in the fund shall be dedicated\nsolely to securing the payment of the principal of, interest on, and premium, if an y,\nof revenue bonds issued by the authority under subsection (5) of this section which\nare to be secured solely by loan payments made by governmental agencies that have\nbeen deposited in the fund, making transfers to the federally -assisted water supply\nrevolving fund, and providing financial assistance to government agencies for the\nconstruction of publicly-owned water supply projects.\n(3) The authority may enter into grant agreements with the administrator of the United\nStates Environmental Protection Agen cy and accept capitalization grants for the\nrevolving fund in accordance with payment schedules established with the\nadministrator of the United States Environmental Protection Agency.\n(4) All payments from the administrator of the United States Environmen tal Protection\nAgency pursuant to subsection (3) of this section shall be deposited in the dedicated\nrevolving fund.\n(5) The authority may issue its revenue bonds or seek appropriations for deposit into\nthe revolving fund, including the amounts required to  match the capitalization\ngrants from the administrator of the United States Environmental Protection\nAgency. An amount not exceeding the amount permitted by the federal act may be\nused for the reasonable costs of administering the fund, for reviewing and regulating\nproject construction and for other reasonable costs of complying with the federal\nact.\n(6) The authority shall make any loan from the revolving fund subject to those\nconditions established by state or federal law.\n(7) The revolving fund shall be  established, maintained, and credited with repayments\nand the fund balance shall be available in perpetuity solely for its stated purposes.\n(8) Financial assistance may be provided from the fund only for those infrastructure\nprojects which the Finance and  Administration Cabinet has approved from the\nprioritization schedule prepared by the Energy and Environment Cabinet.\n(9) The authority shall establish fiscal controls and accounting procedures sufficient to\nassure proper accounting during appropriate acco unting periods for payments and\ndisbursements received and made by the revolving fund and for fund balances at the\nbeginning and end of the accounting period.\n(10) The authority or the Energy and Environment Cabinet may make or prepare any\nnecessary or required plan or report.\n(11) The authority or the Energy and Environment Cabinet or the loan recipient shall\nmake available to the administrator of the United States Environmental Protection\nAgency records which the administrator reasonably requires to revie w in order to\ndetermine compliance with any applicable provision of law.\n(12) The authority may enter into any necessary or required agreement and give or make\nany necessary or required assurance or certification with any person to receive\npayments or grants or to make or provide any financial assistance.\n(13) The authority may enter into any necessary or required agreement with federal or\nstate agencies or persons to carry out the provisions of this section.\n(14) If the loan is made from the federally -assisted water supply revolving fund which\nwill finance the cost of facility planning and the preparation of plans, specifications,\nand estimates for construction of publicly -owned water supply projects, the state\nshall ensure that if the recipient of the loan  receives a grant under the federal act for\nconstruction of those water supply projects and an allowance under the federal act\nfor nonfederal funds expended for the planning and preparation, the recipient shall\npromptly repay the loan to the extent of the allowance.\n(15) Financial assistance may be provided from the federally -assisted water supply\nrevolving fund only with respect to a project which is consistent with plans, if any,\ndeveloped under the federal act, as amended.\n(16) The authority shall require as a condition of making a loan or providing other\nassistance, as described in KRS 224A.100(6), from the fund that the recipient of the\nassistance shall maintain project accounts in accordance with generally -accepted\ngovernmental accounting standards.\n(17) Assistance may be provided from the fund to a governmental agency with respect to\nthe nonfederal share of the costs of a water supply system project for which the\ngovernmental agency is receiving assistance from the administrat or of the United\nStates Environmental Protection Agency under any other authority only if the\nassistance is necessary to allow the project to proceed, as determined by the Finance\nand Administration Cabinet.","path":["KRS Chapter 224A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=10568","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:52:42Z","sha256":"ee3edee7eaf2c23450329de215e41e2577b3a316868bd33f68d651e210540340","source_id":"us-ky","stale":false,"prev":"us-ky/krs-224a.111","next":"us-ky/krs-224a.1118"},"notice":"GroundRules: Original legal text. Not legal advice."}