(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the 'Arkansas Water Resources Cost Share Revolving Fund'.(b)(1) The fund shall consist of funds appropriated or otherwise secured for the purposes of cost sharing with the federal government in local water resources development projects and loan repayments to the fund, there to be used to provide loans or grants to local governments for the purposes as established in the Arkansas Water Resources Cost Share Finance Act, § 15-22-801 et seq.(2) The fund may also be used to allow up to twenty percent (20%) of the total cost of a project as administrative costs.Acts 1991, No. 1135, § 11; 2001, No. 1646, § 24.
Arkansas Legal Code