1. A water quality financial assistance fund iscreated in the state treasury as a revolving fund. 2. The fund shall consist of all of the following: a. (1) Moneys transferred to the fund pursuant to section 423G.6. (2) This paragraph “a” is repealed on January 1, 2040. b. Appropriations made to the fund and transfers of interest, earnings, and moneys from other funds as provided by law. 3. For each fiscal year in the period beginning July 1, 2018, and ending June 30, 2039, there is appropriated the following percentages of the balance of the fund for the following purposes: a. Forty percent to the Iowa finance authority to support the wastewater and drinking water treatment financial assistance program created in section 16.134. b. Forty-five percent to the Iowa finance authority to be credited to the water quality financing program fund created pursuant to section 16.153. c. Fifteen percent to the division of soil conservation and water quality of the department ofagriculture and landstewardshiptosupportthe water quality urbaninfrastructure program created in section 466B.44. 4. Moneys in the fund are not subject to section 8.33. Notwithstanding section 12C.7, subsection 2,interest or earnings on moneys in the fund shall be credited to the fund.
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