§1386 Audits, Reports, and Fiscal Controls; Intended Use Plan

Summary

States that create a water pollution control revolving fund must keep strong financial controls and records so they can track money they receive, money they spend, and the fund balance at the start and end of each accounting period. The Administrator must have reviews or independent audits done at least once a year, and those audits must follow Government Accountability Office procedures, including chapter 75 of title 31. After asking the public for comment, each State must make a yearly plan saying how it will use the fund. The plan must include a list of priority construction projects (see section 1296) and eligible activities (see sections 1329 and 1330), short- and long-term goals, details about the projects and loans (including discharge rules under subchapters III and IV), assurances and proposals to meet paragraphs (3)–(6) of section 1382(b), and the rules for distributing money. Starting the first fiscal year after the State gets payments, the State must send an annual report to the Administrator showing how it met the prior year’s goals and naming loan recipients, amounts, terms, and similar financial details. The Administrator will review the plans and reports each year and may, after reasonable notice, require the State or a loan recipient to provide records. Except as this subchapter says, rules in subchapter II do not apply to grants under this subchapter.