§ 1381 — Grants To States For Establishment Of Revolving Funds

(a) Subject to the provisions of this subchapter, the Administrator shall make capitalization grants to each State for the purpose of establishing a water pollution control revolving fund to accomplish the objectives, goals, and policies of this chapter by providing assistance for projects and activities identified in section 1383(c) of this title. (b) The Administrator and each State shall jointly establish a schedule of payments under which the Administrator will pay to the State the amount of each grant to be made to the State under this subchapter. Such schedule shall be based on the State’s intended use plan under section 1386(c) of this title, except that— (1) such payments shall be made in quarterly installments, and (2) such payments shall be made as expeditiously as possible, but in no event later than the earlier of— (A) 8 quarters after the date such funds were obligated by the State, or (B) 12 quarters after the date such funds were allotted to the State.