Bill Summary: S504

• Establishes the North Carolina Water and Wastewater Infrastructure Authority as an independent authority with 12 members appointed by the Governor, President Pro Tempore of the Senate, and Speaker of the House to administer the state's water and wastewater infrastructure funding.

• Transfers the Construction Grants and Loans Section of the Division of Water Quality and the Financial Services Unit of the Division of Environmental Health from the Department of Environment and Natural Resources to the new Authority.

• Directs the Authority and North Carolina Rural Economic Development Center to develop a transition plan by July 1, 2012, to transfer the Clean Water Partners Program and water/wastewater portion of the Economic Infrastructure Program to the Authority.

• Eliminates wastewater project funding from the Clean Water Management Trust Fund and transfers $25 million annually from that fund to the Water Infrastructure Fund for grants and loans administered by the Authority.

• Effective date: July 1, 2012.