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West Virginia Code Chapter 31. Corporations § 31-15A-17c. Critical Needs and Failing Systems Sub Account

Current as of January 01, 2024 | Updated by Findlaw Staff

Notwithstanding any provision of this article to the contrary:

(a) The Water Development Authority shall establish a separate and segregated sub account in the Infrastructure Fund designated the Critical Needs and Failing Systems Sub Account into which the council may instruct the Water Development Authority to transfer from the uncommitted loan balances on June 30 each year, up to $12 million.

(b) The council shall direct the Water Development Authority to make loans or grants from the Critical Needs and Failing Systems Sub Account when the council determines that a project will address a critical immediate need by:

(1) The continuation of water or wastewater services;

(2) Addressing water facility or wastewater facility failure due to the age of the facility or facilities; or

(3) Providing extensions to a water facility or wastewater facility that will add customers with a total project cost of less than $2 million: Provided, That a person or governmental agency, as those terms are defined in § 31-15A-2 of this code, shall pay any overage not to exceed 10 percent of the total project cost.

(c) Grant limitations and allocations contained in § 31-15A-10(b) and § 31-15A-10(c) of this code do not apply to grants made from the Critical Needs and Failing Systems Sub Account.

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Cite this article: FindLaw.com - West Virginia Code Chapter 31. Corporations § 31-15A-17c. Critical Needs and Failing Systems Sub Account - last updated January 01, 2024 | https://codes.findlaw.com/wv/chapter-31-corporations/wv-code-sect-31-15a-17c/

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