(a) The loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the Drinking Water State Revolving Loan Fund Account shall bear interest at rates of interest, including without limitation negative rates of interest, established by the Arkansas Natural Resources Commission.
(b) However, the commission may establish negative rates of interest only for loans made and bonds, notes, and other evidences of indebtedness purchased with moneys in the account provided by the federal government under the Safe Drinking Water Act to provide additional subsidization to eligible recipients in the form of forgiveness of principal, negative interest loans, or grants or any combination of these.
(c) Notwithstanding any other provision of law, loans, bonds, notes, and other evidences of indebtedness issued by owners may bear interest at a negative rate if they are purchased with moneys in the Drinking Water State Revolving Loan Fund Account.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 2 - Land and Water Resources Generally
Subchapter 11 - Safe Drinking Water Fund
§ 15-22-1102. Creation — Terms and conditions for expenditures — Special accounts
§ 15-22-1103. Administration of fund generally
§ 15-22-1104. Administration of set aside account
§ 15-22-1105. Authority to accept grants — Deposit of funds received
§ 15-22-1106. Fees for services provided by commission
§ 15-22-1107. Collection of fees
§ 15-22-1108. Federal grants deposited into fund
§ 15-22-1109. Use of Drinking Water State Revolving Loan Fund Account
§ 15-22-1110. Withholding general revenue turnback