§ 1285-j. Water pollution control revolving fund. 1. (a) The\ncorporation shall undertake and provide assistance in support of the\nprogram to make financial assistance available to municipalities to\nencourage and support the planning, development and construction of\nmunicipal water pollution control projects in accordance with the\nprovisions of this section, section 17-1909 of the environmental\nconservation law, and to make financial assistance available to eligible\nborrowers through linked deposits made in accordance with article\nsixteen of the state finance law.\n (b) There is hereby established in the custody of the corporation a\nspecial fund to be known as the water pollution control revolving fund.\nMoneys in the water pollution control revolving fund shall be segregated\nfrom all other funds of or in the custody of the corporation subject to\nany rights of holders of corporation bonds or notes issued for the\npurposes of this section. Moneys in the water pollution control\nrevolving fund shall only be used in accordance with the provisions of\nthis section and section 17-1909 of the environmental conservation law.\nThe moneys in such fund shall be applied to or paid out for authorized\npurposes of such fund on the direction of the chairman of the\ncorporation in accordance with subdivision four of this section and\nsection 17-1909 of the environmental conservation law, or such other\nperson as the corporation shall authorize to make such direction. In\nconsultation with the director of the division of the budget, the\ncorporation may, subject to subparagraph (ii) of paragraph a of\nsubdivision seven of section 17-1909 of the environmental conservation\nlaw, and shall, at the direction of the commissioner of environmental\nconservation pursuant to such subdivision, establish within the water\npollution control revolving fund additional accounts or subaccounts and\nspecify any conditions applicable to the transfer of moneys between such\naccounts or subaccounts. With respect to each eligible project, the\ncorporation shall establish and maintain a record of the allocation\nprovided for the benefit of such project in accordance with the terms of\nthe applicable project financing agreement or loan agreement.\n 2. As used in this section, the terms "allocation", "construction",\n"eligible project", "fund", and "project financing agreement" shall have\nthe meanings set forth in section 17-1909 of the environmental\nconservation law.\n 3. Such fund shall consist of all of the following: (a) federal\ncapitalization grants and awards or other federal assistance provided\npursuant to Title II or Title VI of the Federal Water Pollution Control\nAct, exclusive of any such grants, awards or assistance available under\nTitle II, except as may be necessary to avoid the loss to New York state\nof any unobligated Title II money which can not be made available as a\ngrant or grant increase to a municipality, for purposes of deposit in\nthe fund and appropriated by the state for deposit therein, (b) federal\ncapitalization grants and awards or other federal assistance provided\npursuant to, or for the purposes of, the Omnibus Consolidated\nRescissions and Appropriations Act of 1996 (Pub. L. 104-134) or wet\nweather quality grants as provided in the Consolidated Appropriations\nAct of 2001 (Pub. L. 106-554), (c) moneys appropriated by the state\nlegislature for the purpose of such fund or otherwise transferred by the\nstate for deposit therein by the comptroller as required by law, (d)\npayments of principal and interest made by municipalities pursuant to\nloan or other agreements entered into pursuant to subdivisions eight and\nnine of this section: provided, however, if such loans were financed by\nthe issuance of bonds or notes of the corporation, deposit of such\npayments into the fund shall be subject to the rights of the holders of\nsuch bonds or notes to receive such moneys, (e) investment earnings on\namounts in such fund
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