Iowa Admin. Code r. 605-14.6 - Flood mitigation fund
(1) A
flood mitigation fund is created as a separate and distinct fund in the state
treasury under the control of the board and consists of money appropriated by
the general assembly and any other moneys available to and obtained or accepted
by the board for placement in the fund. Payments of interest, repayments of
moneys loaned, and recaptures of grants provided by the board shall be
deposited in the fund.
(2) Moneys
in the fund shall be used by the board to provide financial assistance in
accordance with this chapter to a governmental entity in the form of grants,
loans and forgivable loans. The board shall specify the terms of any grants or
loans made from the fund. The board may make a multiyear commitment to a
governmental entity of up to $4 million in any one fiscal year.
(3) Moneys received by a governmental entity
from the fund shall be deposited in the governmental entity 's flood project
fund as created in rule 605-148. (418).
(4) If any portion of the moneys appropriated
to the fund have not been awarded during the fiscal year in which they were
appropriated, the portion which has not been awarded may be utilized by the
board to provide financial assistance in subsequent fiscal years.
(5) Following completion of all projects
approved to utilize financial assistance from the fund and upon determination
by the board that the remaining funds are no longer needed for the program, the
funds that were appropriated by the general assembly shall be credited to the
general fund of the state. Other funds shall be credited to the granting agency
in accordance with any grant agreements.
Notes
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