75-5-1126. Projects funded by federal government appropriations. For projects that are funded in part by appropriations from the federal government over a term of years, that have been approved by the department and the department of natural resources and conservation under 75-5-1112, and that are considered to be in compliance with 75-5-1113, the department of natural resources and conservation may advance money to a municipality in anticipation of the receipt of federal funds by the municipality on the following conditions:
     (1) congress has authorized the project and has committed to fund the project at a specified dollar amount over a period of years;
     (2) other funding agencies will not authorize construction of the project to begin until there is evidence that construction money will be available to the municipality to pay all of the construction costs;
     (3) the department and the department of natural resources and conservation determine that it is in the best interest of the state and the state's objectives under the program that the project begin construction prior to the receipt of all federal appropriations; and
     (4) the advance of the money will be in the form of a note that is issued pursuant to 7-7-109 in anticipation of a federal grant for which the municipality promises to pay and pledges to the department of natural resources and conservation the proceeds of the grant when received.

     History: En. Sec. 1, Ch. 9, L. 2001.