NC S412

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 from the Department of Environment and Natural Resources to the new Authority.

Prohibits the Clean Water Management Trust Fund from funding wastewater projects and directs the transfer of $25 million annually from the Clean Water Management Trust Fund to the Water Infrastructure Fund for grants and loans.

Directs the Authority and North Carolina Rural Economic Development Center to develop a transition plan by July 1, 2015, to transfer the Clean Water Partners Program and water/wastewater portion of the Economic Infrastructure Program to the Authority.

Effective July 1, 2014, with various conforming changes to Chapter 159G of the General Statutes related to loan and grant administration, applications, and reporting requirements.