(1) In furtherance of the goal of making access to public water and wastewater systems more resilient and available to the public, the General Assembly finds an d declares that governmental agencies should provide to water and wastewater systems the requisite financial resources to: (a) Develop the technical, managerial, and operational expertise needed to properly operate and maintain their drinking water and wastewater systems; (b) Conserve, protect, and maximize the resources needed to offer drinking water and wastewater systems and services; (c) Upgrade drinking water and wastewater systems and services to prevent water loss and inflow and infiltration from degrading infrastructure; and (d) Leverage existing finance with anticipated federal dollars or with other sources as may be available from time to time to create a larger pool of finance for water and wastewater systems to make improvements while keeping customer rates affordable. (2) The Kentucky Infrastructure Authority shall implement a program to assist governmental agencies that provide drinking water and wastewater services with the financial resources for both capital and non -capital expenses, includin g but not limited to: (a) Developing technical, operational, and maintenance resources and expertise; (b) Improving utility infrastructure planning, repair, maintenance, renovation, and management of plants and assets; (c) Obtaining technical expertise in areas of rate -setting, cost -of-service, and proper utility accounting standards for the utility type; (d) Performing and correcting deficiencies from drinking water, wastewater, and financial audits; (e) Providing finance for financial inadequacies, including debt service coverage through relief or refinance of the drinking water or wastewater system's debt; (f) Payment assistance for other financial inadequacies such as excessive maintenance costs, fines and penalties from past violations, or consultants; and (g) Extending finance for inadequately maintained distribution, collection, or treatment works, including service extensions to unserved or underserved areas and the renovation of treatment works to conserve resources. (3) The authority shall give priority for projects that are regional in nature and achieve the purposes set out in KRS 224A.300, including but not limited to projects designed to correct state or federal deficiencies of a public water or wastewater system that is being acquired as described in KRS 65.058, but only during the forbearance period granted to the acquired public water or wastewater system under that section.
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