SCS/SB 1040 - Current law allows sewer districts and water districts in counties of the first classification and the city of St. Louis to receive grants and loans for storm water control projects. This act limits eligibility for sewer and water districts to only those considered "public."
Current law requires the Department of Natural Resources to provide both grants and loans using the funds resulting from the issuance of storm water control bonds. This act modifies this requirement so that both are no longer simultaneously required, but either one is still permissible.
The act removes the requirement that 50% of the proceeds from the bonds be allocated to grants and 50% to loans.
Once the initial offer of grants or loans has been made to all eligible recipients, the act allows any remaining funds to be given to grant or loan recipients who need additional funding in proportions as described in the act.
The act allows repayments of storm water loans and applicable interest to be deposited in the Storm Water Loan Revolving Fund, which is created by the act, and authorizes the monies in the Fund to be used to finance and construct storm water control plans, studies, and projects. Unexpended balances shall not be subject to biennial transfer to the General Revenue Fund and the Fund shall retain its interest.
The act repeals a doubly enacted section.
The effective date of the act is contingent upon the passage of a constitutional amendment regarding the financing and constructing of storm water control plans, studies, and projects.