1. 1. Establishment; purposes The State Water and Wastewater Infrastructure Fund, referred to in this section as "the fund," is established as provided in this section.

   1. A. The fund is established in the custody of the bank as a special fund to provide financial assistance for capital investment in public water and wastewater infrastructure. For the purposes of this section, "public water and wastewater infrastructure" includes but is not limited to public water systems, drinking water supplies and treatment facilities, public wastewater systems and treatment facilities and water pollution abatement systems. The fund may also be used to provide financial assistance for capital investment in private and commercial wastewater systems as allowed under Title 38, sections 411 and 411‑A.

      [PL 2019, c. 423, §1 (AMD).]

   2. B. The bank shall administer the fund. The fund must be invested in the same manner as permitted for investment of funds belonging to the State or held in the State Treasury. The fund must be established and held separate from any other funds or money of the State or the bank and used and administered exclusively for the purpose of this section. The fund consists of the following:

      1. (1) Sums that are appropriated by the Legislature or transferred to the fund from time to time by the Treasurer of State;
      2. (2) Principal and interest received from the repayment of loans made from the fund;
      3. (3) The proceeds of notes or bonds issued by the State for the purpose of deposit in the fund;
      4. (4) Interest earned from the investment of fund balances;
      5. (5) Private gifts, bequests and donations made to the State for any of the purposes for which the fund is established; and

      6. (6) Other funds from any public or private source received for use for any of the purposes for which the fund has been established.

         [PL 2009, c. 377, §2 (NEW).]

   [PL 2019, c. 423, §1 (AMD).]

2. 2. Uses The fund may be used for one or more of the following purposes:

   1. A. To guarantee or insure, directly or indirectly, the payment of notes or bonds issued or to be issued by the State for the purpose of financing capital investment in water and wastewater infrastructure through the fund;

      [PL 2009, c. 377, §2 (NEW).]

   2. B. To provide funds for capital investment in water and wastewater infrastructure through the Maine Drinking Water Fund, established in Title 22, section 2610, and the Maine Clean Water Fund, established in Title 38, section 411‑C. Transfers to these funds must be made in consultation with the agencies administering those funds and must be secondary to the repayment of notes or bonds issued pursuant to paragraph A;

      [PL 2009, c. 377, §2 (NEW).]

   3. C. To provide a state match for federal funds provided to the State Revolving Loan Fund established in section 6006‑A and the safe drinking water revolving loan fund established in section 6006‑B;

      [PL 2009, c. 377, §2 (NEW).]

   4. D. To invest available fund balances and to credit the net interest income on those balances to the fund;

      [PL 2009, c. 377, §2 (NEW).]

   5. E. To invest as a source of revenue or security for the payment of principal and interest on general or special obligations of the bank if the proceeds of the sale of the obligations have been deposited in the fund; and

      [PL 2009, c. 377, §2 (NEW).]

   6. F. To pay the costs of the bank associated with the administration of the fund and projects financed by it as long as no more than 2% of the aggregate of the highest fund balance in any fiscal year is used for these purposes.

      [PL 2009, c. 377, §2 (NEW).]

   [PL 2009, c. 377, §2 (NEW).]

3. 3. Establishment of accounts The bank may establish accounts and subaccounts within the fund as it determines desirable to effectuate the purposes of this section, including, but not limited to, accounts to segregate a portion of the fund for grants and as security for bonds issued by the bank for deposit in the fund and to be invested for the benefit of specified projects receiving financial assistance from the fund.

   [PL 2009, c. 377, §2 (NEW).]

PL 2009, c. 377, §2 (NEW). PL 2019, c. 423, §1 (AMD).