A. The "colonias infrastructure project fund" is created in the authority and shall be administered by the authority.

B. The project fund shall consist of:

1. (1) distributions from the trust fund;
2. (2) payments of principal and interest on loans for qualified projects;
3. (3) other money appropriated by the legislature or distributed or otherwise allocated to the project fund for the purpose of supporting qualified projects;
4. (4) the proceeds of severance tax bonds appropriated to the fund for qualified projects; and

5. (5) income from investment of the project fund that shall be credited to the project fund.

   C. Except for severance tax bond proceeds required to revert to the severance tax bonding fund, balances in the project fund at the end of a fiscal year shall not revert to any other fund.

   D. The project fund may consist of subaccounts as determined to be necessary by the authority.

   E. The authority may establish procedures and adopt rules as required to:

6. (1) administer the project fund;
7. (2) originate grants or loans for qualified projects recommended by the board;
8. (3) recover from the project fund the costs of administering the fund and originating the grants and loans; and
9. (4) govern the process through which qualified entities may apply for financial assistance from the project fund.

History: Laws 2010, ch. 10, § 8.

ANNOTATIONS

Effective dates. — Laws 2010, ch. 10, § 11 made the Colonias Infrastructure Act effective July 1, 2011.