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Ch. 264
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2002 LAWS OF MARYLAND
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(5) Interest or other income earned on the investment of moneys in the
Water Quality Fund; and
(6) Any additional moneys made available from any sources, public or
private, for the purposes for which the Water Quality Fund has been established.
(e) The Administration may from time to time establish accounts and
subaccounts within the Water Quality Fund as may be deemed desirable to effectuate
the purposes of this subtitle, to comply with the provisions of any bond resolution, or
to meet any requirement of the Federal Water Pollution Control Act or rules or
program directives established by the Secretary or the Board. Such accounts and
subaccounts may include:
(1) A federal receipts account;
(2) A State receipts account;
(3) A management and administration expense account;
(4) A bond proceeds account;
(5) An account to segregate a portion or portions of the revenues or
corpus of the Water Quality Fund as security for bonds of the Administration;
(6) A loan repayment account; and
(7) An investment earnings account.
(d) Amounts in the Water Quality Fund may be used only:
(1) To make loans, on the condition that:
(i) The loans are made at or below market interest rates, including
interest free loans, at terms not to exceed 20 years;
(ii) Annual principal and interest payments will commence not
later than 1 year after completion of any wastewater facility and all loans will be fully
amortized not later than 20 years after project completion;
(iii) The local government borrower will establish a dedicated source
of revenue for repayment of loans;
(iv) In the case of a wastewater facility owned by a borrower other
than a local government, the borrower will provide adequate security for repayment
of loans; and
(v) The Water Quality Fund will be credited with all payments of
principal and interest on all loans;
(2) To buy or refinance debt obligations of local governments at or below
market rates, if such debt obligations were incurred after March 7, 1985;
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- 2056 -
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