State funds means any funds appropriated by the North Carolina General Assembly or collected by the State of North Carolina. State funds include federal financial assistance received by the State and transferred or disbursed to non-State entities. Both Federal and State funds maintain their identity as they are disbursed as financial assistance to other organizations.
State Fund means a component of the Settlement Fund described in subsection VIII.D.
Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.
Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).
Project Funds means all moneys disbursed to the Recipient by the State Water Board for eligible Project Costs pursuant to this Agreement.