§342D-87 Revolving fund; conditions. (a) The following conditions shall apply to each project receiving water pollution control financing under this part:
(b) The use of federal funds and state matching funds in the revolving fund shall be in conformance with title 33 United States Code sections 1381 to 1387.
(c) The director may make and condition loans from the revolving fund which shall:
provided that all loans shall be fully amortized upon the expiration of the term of the loan.
(d) No loan of funds from the revolving fund shall be made unless the loan recipient pledges a dedicated source of revenue for the repayment of the loans. This pledge may be a county's full faith and credit (a general obligation payable from its general fund), special assessments, revenues from an undertaking, system, or improvements, including user charges, or any other source of revenue.
(e) Notwithstanding section 414D-85 to the contrary, the director may hold individual members of the nonprofit organization that received the loan jointly and severally liable for the nonpayment or default of the loan. [L 1997, c 221, pt of §1; am L 2016, c 240, §3]