A. The water infrastructure and commerce grant fund is established consisting of legislative appropriations, federal monies and private donations. The chief executive officer shall administer the fund. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. Monies in the fund may be used to provide grants to eligible entities for contracting for the design and construction of water infrastructure at the eligible entity’s location. The authority may retain up to one percent of the monies in the fund annually to administer the fund.

B. The following entities are eligible to apply for and receive grant monies pursuant to this section:

1. A public service corporation that provides water service pursuant to a certificate of convenience and necessity issued by the corporation commission and that is acting on behalf of an employer prescribed in paragraph 2 of this subsection.

2. An employer with more than two hundred fifty employees that is located in a county with a population of more than four hundred thousand persons and less than one million persons.

C. The authority shall:

1. Prescribe a simplified form and procedure to apply for and approve grants.

2. Establish requirements and criteria by which grants will be awarded, which shall include at least the following:

(a) Grants to eligible applicants only for new water infrastructure projects that are located at the eligible applicant’s property in a county with a population of more than four hundred thousand persons and less than one million persons.

(b) Grants for projects that create new jobs.

(c) Grants for projects that begin after January 1, 2022.

(d) Grants that are allocated and distributed not later than December 31, 2024.

(e) Applicants may receive more favorable consideration for grant monies if the applicant includes collaboration and cooperation with other members and entities in the community.

(f) Applicants shall certify that they are eligible to receive grant monies, shall describe the project and services requested and why the project and services are needed and shall certify that all grant monies will be used in compliance with this section, the authority’s requirements, the application requirements and processes and otherwise applicable law.

D. Before awarding a grant pursuant to this section, the authority shall prepare a written statement that is signed by the chief executive officer, that assesses the direct economic impact of the grant, including the number of new jobs that will be created, and that contains a finding that the award of grant monies is in the best interest of this state.

E. On or before December 15 of each year, the authority shall submit an annual report to the joint legislative budget committee. The report shall include, at a minimum, the amount of actual expenditures from the fund by project and an expenditure plan for all remaining monies by project.