Clean water administrative fund; created; use.

A. The "clean water administrative fund" is created in the state treasury and shall be administered by the department as agent for the commission. The clean water administrative fund shall be a dedicated fund, and all money in the clean water administrative fund is appropriated to the department to be used solely to administer the wastewater facility construction loan fund, which may include water quality planning and water quality analysis and protection studies if authorized by the department and, if necessary, the United States environmental protection agency. The commission may establish procedures, adopt regulations and set fees as required to administer the clean water administrative fund in accordance with the Clean Water Act and state law. The clean water administrative fund shall consist of money deposited from: (1) loan administration fees collected by the department after the effective date of this section on loans made from the wastewater facility construction loan fund; (2) interest earned on investment of the clean water administrative fund; (3) grants from the federal government allotted to the state for the clean water administrative fund; (4) funds as appropriated by the legislature for administration to implement the provisions of the Clean Water Act; and (5) any other public or private money dedicated to the clean water administrative fund. B. Money in the clean water administrative fund not currently needed for the operation of the fund or otherwise dedicated may be invested according to the provisions of Chapter 6, Article 10 NMSA 1978, and all interest earned on such investments shall be credited to the clean water administrative fund. Money remaining in the clean water administrative fund at the end of any fiscal year shall not revert to the general fund but shall accrue to the credit of the clean water administrative fund. C. The department shall establish fiscal controls and accounting procedures that are sufficient to ensure proper accounting for clean water administrative fund payments, disbursements and balances and shall provide an annual report and an annual independent audit on the clean water administrative fund to the governor and to the United States environmental protection agency as required by the Clean Water Act.