101 STAT. 24
PUBLIC LAW 100-4—FEB. 4, 1987 "(d) TYPES O F ASSISTANCE.—Except as otherwise limited by State law, a w a t e r pollution control revolving fund of a State under t h i s section may be used only— "(1) to m a k e loans, on the condition that — • - -srix "(A) such loans a r e m a d e a t or below m a r k e t interest
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rates, including interest free loans, at terms not to exceed 20 years; ' (B) annual principal and interest payments will comj.i.f mence not later than 1 year after completion of any project and all loans will be fully amortized not later than 20 years after project completion;
"(C) the recipient of a loan will establish a dedicated i source of revenue for repayment of loans; and "(D) the fund will be credited with all payments of principal and interest on all loans; "(2) to buy or refinance the debt obligation of municipalities and intermunicipal and interstate agencies within the State at f-y. .%-§ or below market rates, where such debt obligations were incurred after March 7, 1985; "(3) to guarantee, or purchase insurance for, local obligations Insurance. where such action would improve credit market access or ,^. reduce interest rates; "(4) as a source of revenue or security for the payment of Securities. principal and interest on revenue or general obligation bonds issued by the State if the proceeds of the sale of such bonds will be deposited in the fund; "(5) to provide loan guarantees for similar revolving funds I; r established by municipalities or intermunicipal agencies; "(6) to earn interest on fund accounts; and "(7) for the reasonable costs of administering the fund and conducting activities under this title, except that such amounts shall not exceed 4 percent of all grant awards to such fund under this title. "(e) LIMITATION TO PREVENT DOUBLE BENEFITS.—If a State makes, from its water pollution revolving fund, a loan which will finance the cost of facility planning and the preparation of plans, specifications, and estimates for construction of publicly owned treatment works, the State shall ensure that if the recipient of such loan receives a grant under section 201(g) of this Act for construction of 33 USC 1281. such treatment works and an allowance under section 201(1)(1) of this Act for non-Federal funds expended for such planning and preparation, such recipient will promptly repay such loan to the extent of such allowance. "(f) CONSISTENCY WITH PLANNING REQUIREMENTS.—A State may provide financial assistance from its water pollution control revolving fund only with respect to a project which is consistent with plans, if any, developed under sections 205(j), 208, 303(e), 319, and 33 USC 1285, 320 of this Act. 1288, 1313; post, "(g) PRIORITY LIST REQUIREMENT.—The State may provide finanpp. 52, 61. cial assistance from its water pollution control revolving fund only with respect to a project for construction of a treatment works described in subsection (c)(l) if such project is on the State's priority list under section 216 of this Act. Such assistance may be provided 33 USC 1296. regardless of the rank of such project on such list. (h) EuGiBiuTY OF NON-FEDERAL SHARE OF CONSTRUCTION GRANT rn PROJECTS.—A State water pollution control revolving fund may provide assistance (other than under subsection (d)(l) of this section)
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