2005 North Carolina Code - General Statutes § 159G-36. Limits on loans and grants.

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

(a)       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.

(b)       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.

(c)       Reserve Recipient Limit. – The following limits apply to a loan or grant made from the Wastewater Reserve or the Drinking Water Reserve to the same local government unit or nonprofit water corporation:

(1)       The amount of loans awarded for a fiscal year may not exceed three million dollars ($3,000,000).

(2)       The amount of loans awarded for three consecutive fiscal years for targeted interest rate projects may not exceed three million dollars ($3,000,000).

(3)       The amount of high‑unit‑cost grants awarded for three consecutive fiscal years may not exceed three million dollars ($3,000,000).

(4)       The amount of technical assistance grants awarded for three consecutive fiscal years may not exceed fifty thousand dollars ($50,000). (2005‑454, s. 3.)