(1) There is established in the State Treasury a fund to be known as the “Property Cleanup Revolving Fund,” which shall be administered by the corporation. The grant fund shall be funded from any funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source whether or not designated for deposit into such fund. Unexpended amounts remaining in the grant fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the grant fund shall be deposited to the credit of the grant fund. The grant fund shall be maintained in perpetuity for the purposes established in this section.
(2) The corporation shall establish a grant program utilizing the funds in the grant fund which shall commence after July 1, 2025, to assist municipalities with projects. The corporation shall promulgate such guidelines, rules, forms, and regulations as may be necessary to carry out the provisions of this chapter. Grants from the grant fund may be made to municipalities as set forth in an agreement in amounts not exceeding one hundred percent (100%) of estimated costs of a project. The corporation shall establish a maximum amount for any grant to provide for broad and equitable participation in the program.
(3) Except as otherwise provided in this section, the grant fund may be used only:(a) To make grants upon receipt of an application from a municipality provided that a municipality may not receive more than fifteen (15) grants in any calendar year. However, a grant may be used for more than one (1) project in a municipality;(b) To earn interest on fund accounts; and(c) For the reasonable costs of administering the grant fund and conducting activities under this chapter.
(a) To make grants upon receipt of an application from a municipality provided that a municipality may not receive more than fifteen (15) grants in any calendar year. However, a grant may be used for more than one (1) project in a municipality;
(b) To earn interest on fund accounts; and
(c) For the reasonable costs of administering the grant fund and conducting activities under this chapter.
(4) The corporation may establish and collect fees to defray the reasonable costs of administering the grant fund. The administration fees may be paid from the grant fund and included in the grant to municipalities for the purpose of facilitating payment to the corporation. The fees may not exceed three percent (3%) of the grant.