Section 662.140  Uses of the Public Water Supply Loan Program

The Public Water Supply Loan Program shall be used and administered by the Agency for the following purposes:

a)         to accept and retain funds from grant awards, appropriations, transfers, and payments of interest and principal [415 ILCS 5/19.3(d)(1)];

b)         to make direct loans at or below market interest rates and to provide additional subsidization, including, but not limited to, forgiveness of principal, negative interest rates, and grants, to any eligible local government unit or to any eligible privately owned community water supply to finance the construction of public water supplies and projects that fulfill federal State Revolving fund grant requirements for a green project reserve [415 ILCS 5/19.3(d)(2)];

c)         to make direct loans at or below market interest rates and to provide additional subsidization, including, but not limited to, forgiveness of principal, negative interest rates, and grants, to any eligible local government unit or to any eligible privately owned community water supply to buy or refinance debt obligations for costs incurred on or after July 17, 1997, for the construction of water supplies and projects that fulfill federal State Revolving Fund requirements for a green project reserve [415 ILCS 5/19.3(d)(3)];

d)         to guarantee local obligations where such action would improve credit market access or reduce interest rates[415 ILCS 5/19.3(d)(4)];

e)         as a source of revenue or security for the payment of principal and interest on revenue or general obligation bonds issued by the State or any political subdivision or instrumentality thereof, if the proceeds of such bonds will be deposited into the fund [415 ILCS 5/19.3(d)(5)];

f)         to transfer funds to the Water Pollution Control Loan Program (WPCLP) [415 ILCS 5/19.3(d)(6)]; and

g)         notwithstanding any other provision of this Section, to provide, to local government units and privately owned community water supplies, any other financial assistance that may be provided under section 1452 of the SDWA (42 USC 300j-12) for any expenditures eligible for assistance under that section or federal rules adopted to implement that section [415 ILCS 5/19.3(d)(7)].

(Source:  Amended at 43 Ill. Reg. 11209, effective October 1, 2019)