The state brownfields revitalization and economic development program is hereby established. A brownfields revolving loan subfund and a brownfields assessment and cleanup subfund are created within the water and environment fund established pursuant to § 46A-1-60. The subfunds shall be maintained separately; and all money for use in the program shall be deposited into the subfunds, including the nonadministrative portion of all federal brownfields revitalization program grants, all repayments of assistance awarded from the subfunds, interest on investments made on money in the subfunds, proceeds of discretionary bond issues allowed by § 46A-1-31, and principal and interest on loans made from the subfunds. Money in the subfunds may be used only for purposes authorized under federal law. The subfunds may be pledged or assigned by the district to or in trust for the holders of the bonds of the district and may be transferred to and held by a trustee or trustees pursuant to § 46A-1-39.

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Source: SL 2004, ch 275, § 2.