North Carolina § 159G-36 - Limits on loans and grants.

§ 159G-36. Limits on loans and grants.

CWSRF and DWSRF. - Federal law governs loans and grants from the CWSRF and the DWSRF. An award of a loan or grant from one of these accounts must be consistent with federal law. Certain Reserve Cost Limit. - The amount of a loan or grant from the Wastewater Reserve or the Drinking Water Reserve may not exceed the construction costs of a project. A loan or grant from one of these Reserves is available only to the extent that other funding sources are not reasonably available to the applicant. Viable Utility Reserve Cost Limit. - The amount of a grant from the Viable Utility Reserve shall not exceed the construction costs of a project. A grant from this Reserve is available only to the extent that other funding sources are not reasonably available to the applicant. Certain Reserve Recipient Limit. - The following limits apply to the loan or grant types made from the Wastewater Reserve or the Drinking Water Reserve to the same local government unit or nonprofit water corporation: The amount of loans awarded for a fiscal year may not exceed three million dollars ($3,000,000). The amount of loans awarded for three consecutive fiscal years for targeted interest rate projects may not exceed three million dollars ($3,000,000). The amount of project grants awarded for three consecutive fiscal years may not exceed three million dollars ($3,000,000). The amount of merger/regionalization feasibility grants awarded for three consecutive fiscal years may not exceed fifty thousand dollars ($50,000). The amount of asset inventory and assessment grants awarded for three consecutive fiscal years may not exceed one hundred fifty thousand dollars ($150,000). Viable Utility Reserve Recipient Limit. - Grants under the Viable Utility Reserve are limited as follows: Grants for the purposes set forth in subdivisions (1) through (5) of G.S. 159-32(d) shall not exceed fifteen million dollars ($15,000,000) to any single local government unit. Where two or more local government units are merging into a single utility, the total grant awarded shall not exceed thirty million dollars ($30,000,000). Grants for the purpose set forth in G.S. 159-32(d)(6) to any single local government unit shall not (i) exceed seven hundred fifty thousand dollars ($750,000) in any fiscal year and (ii) be awarded for more than three consecutive fiscal years. History (2005-454, s. 3; 2015-241, s. 14.13(i); 2019-241, s. 11(g); 2020-79, ss. 1(h), 6(a).) Editor's Note. - Session Laws 2015-241, s. 1.1, provides: "This act shall be known as 'The Current Operations and Capital Improvements Appropriations Act of 2015.'" Session Laws 2015-241, s. 33.6, is a severability clause. Session Laws 2019-241, s. 11(g), amended subsection (d) of this section, contingent upon 2019 SB 553 or 2019 HB 966 or substantially similar provision becoming law. SB 553 and HB 966 were both vetoed, and the General Assembly failed to override. Session Laws 2020-79, s. 6(a), repealed Session Laws 2019-241, s. 11(g). Effect of Amendments. - Session Laws 2015-241, s. 14.13(i), effective July 1, 2015, substituted "the loan or grant types" for "a loan or grant" in the introductory paragraph of subsection (c); substituted "project grants" for "high-unit-cost grants" in subdivision (c)(3); substituted "merger/regionalization feasibility" for "technical assistance" in subdivision (c)(4); and added subdivision (c)(5). Session Laws 2020-79, s. 1(h), effective July 1, 2020, added "Certain” in the subsection (b) heading; and added subsections (b1) and (d).