(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the “Arkansas Water Resources Cost Share Revolving Fund”.
(b) The fund shall consist of funds appropriated or otherwise secured for the purposes of cost sharing with the United States Government in local water resources development projects and loan repayments to the fund.
(c) The fund shall be used to:(1) Provide loans or grants to local governments as provided in the Arkansas Water Resources Cost Share Finance Act, § 15-22-801 et seq.; and(2) Allow up to twenty percent (20%) of the total cost of a project as administrative costs.
(1) Provide loans or grants to local governments as provided in the Arkansas Water Resources Cost Share Finance Act, § 15-22-801 et seq.; and
(2) Allow up to twenty percent (20%) of the total cost of a project as administrative costs.