AN ACT relating to investor-owned water utilities.

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AN ACT relating to investor-owned water utilities. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
Section 1. KRS 224A.112 is amended to read as follows: 3
(1) The infrastructure revolving fund shall be established in the State Treasury and 4
shall be administered by the authority. The fund shall be a dedicated fund, and all 5
moneys in the fund sha ll be allocated and dedicated solely to providing financial 6
assistance to governmental agencies, and investor -owned water utility systems as 7
provided for in KRS 96.540, 224A.306, 224A.308, and 224A.310, for the 8
construction or acquisition of infrastructure projects through an account designated 9
as the 2020 water service account. 10
(2) The broadband deployment fund shall be established in the State Treasury and shall 11
be administered by the office. The fund shall be a dedicated fund, and all moneys in 12
the fund shall be allocated and dedicated solely to providing grant funds to 13
governmental agencies and private sector entities to construct infrastructure for the 14
deployment of broadband service to households and businesses in underserved or 15
unserved areas of the C ommonwealth through an account designated as the 16
broadband deployment fund. 17
(3) Funds in subsections (1) and (2) of this section shall not be commingled and shall 18
be used only for the stated purposes in subsections (1) and (2) of this section. 19
(4) The fina ncial assistance which may be provided by the revolving fund shall be 20
limited to: 21
(a) Making loans, on the condition that the loans are made at or below market 22
interest rates, including interest free loans, at terms not to exceed thirty (30) 23
years and that the fund will be credited with all payments of principal and 24
interest on all loans; 25
(b) Purchasing or guaranteeing, or purchasing insurance for, local or state 26
obligations when the action would improve credit market access or reduce 27
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interest rates; 1
(c) Providing a source of revenue or security for the payment of principal and 2
interest on bonds or notes issued by the authority or other agencies of the state 3
if the proceeds of the sale of the bonds will be deposited in the fund; 4
(d) Providing moneys with which to carry out the requirements of assistance 5
agreements; and 6
(e) Making grants as fu nds specifically appropriated for grants or proceeds from 7
the sale of the authority's revenue bonds are available. 8
(5) The revolving fund shall be established, maintained, and credited with repayments 9
and the fund balance shall be available in perpetuity for its stated purposes. 10
(6) The authority may provide financial assistance from the revolving fund to 11
supplement assistance provided from the federally assisted wastewater revolving 12
fund as created in KRS 224A.111. 13
(7) The authority shall advise government al agencies of the availability of the 14
infrastructure revolving fund and how moneys may be obtained from the fund. 15
(8) The authority may enter into any necessary or required agreement with federal or 16
state agencies or persons to carry out the provisions of this section. All state 17
agencies shall cooperate with the authority and share information with the authority 18
as appropriate to accomplish the purposes set out in KRS 224A.300. 19
(9) Moneys in the broadband deployment fund are hereby appropriated for the purposes 20
set forth in this section and KRS 224A.1121. 21
(10) Notwithstanding KRS 45.229, any moneys remaining in the broadband deployment 22
fund at the close of the fiscal year shall not lapse but shall be carried forward into 23
the succeeding fiscal year to be use d for the purposes set forth in this section and 24
KRS 224A.1121. 25
(11) Interest earned on moneys in the broadband deployment fund shall stay in the fund. 26