90-6-703. Types of financial assistance available. (1) The legislature shall provide for and make available to local governments the following types of financial assistance under this part:
     (a) matching grants for local infrastructure projects;
     (b) annual debt service subsidies on local infrastructure projects; and
     (c) loans from the proceeds of coal severance tax bonds at a subsidized interest rate.
     (2) The department of natural resources and conservation and the department of commerce:
     (a) may adopt rules to commit to interest rate subsidies for local infrastructure projects and may allow the subsidies to be paid over the life of the loan or bonding period; and
     (b) may make deferred loans to local governments for preliminary engineering study costs. The applicant shall repay the loans whether or not the applicant succeeds in obtaining financing for the full project. Repayment may be postponed until the overall construction financing is arranged.

     History: En. Sec. 5, Ch. 3, Sp. L. January 1992; amd. Sec. 2, Ch. 432, L. 1993; amd. Sec. 497, Ch. 418, L. 1995.