(2) Any public agency or qualified institution receiving a loan from the Water Pollution Control Revolving Fund shall establish and maintain a dedicated source of revenue or other acceptable source of revenue for the repayment of the loan.
(3) If a public agency or qualified institution defaults on payments due to the Water Pollution Control Revolving Fund, the state may withhold any amounts otherwise due to the public agency or qualified institution and direct that such funds be applied to the payments and deposited into the fund. If the department finds that the loan to the public agency or qualified institution is otherwise adequately secured, the department may waive this right in the loan agreement or other loan documentation. [1987 c.648 §6; 1989 c.560 §3; 2007 c.783 §205; 2019 c.558 §5]
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