37-17.1-31. Hazard mitigation revolving loan fund - Department - Powers and duties - Administration

37-17.1-31. Hazard mitigation revolving loan fund - Department - Powers and duties - Administration. The department of emergency services shall administer the hazard mitigation revolving loan fund and has the following powers and duties: 1. Apply for and accept grants of money from the United States federal emergency management agency or other federal agencies. Grant funds must be deposited in the hazard mitigation revolving loan fund to be used for purposes authorized under the Safeguarding Tomorrow through Ongoing Risk Mitigation Act [Pub. L. 116-284; 134 Stat. 4869], including: a. Provide loans or loan guarantees, or other financial assistance, to local governments for projects eligible for assistance from the revolving loan fund. b. If the bond proceeds are deposited in the revolving loan fund, act as a source of revenue and security for the payment of principal and interest on bonds issued by the state. c. Provide other financial and technical assistance and to make any other expenditure authorized under federal law. d. Earn interest before the disbursement of financial or technical assistance. e. Pay administrative expenses associated with the revolving loan fund as authorized under the Safeguarding Tomorrow through Ongoing Risk Mitigation Act [Pub. L. 116-284; 134 Stat. 4869]. 2. Enter into contracts and other agreements to implement the hazard mitigation revolving loan fund. The department may combine the financial administration of the hazard mitigation revolving loan fund with the financial administration of the drinking water treatment revolving loan fund established under section 61-28.1-11 and the water pollution control revolving loan fund established under chapter 61-28.2. 3. Administer and disburse funds in accordance with the Safeguarding Tomorrow through Ongoing Risk Mitigation Act [Pub. L. 116-284; 134 Stat. 4869]. 4. Establish assistance priorities and expend grant funds pursuant to the priority list for the hazard mitigation revolving loan fund.