PENNVEST has been empowered by the Pennsylvania Infrastructure Investment Authority Act (Act 16 of 1988) to administer and finance the Clean Water State Revolving Fund (CWSRF) and the Drinking Water State Revolving Fund (DWSRF) pursuant to the federal Water Quality Act of 1987, as well as to administer American Recovery and Reinvestment Act of 2009 (ARRA) funds. PENNVEST also finances, through the issuance of special obligation revenue bonds, water management, solid waste disposal, sewage treatment and pollution control projects undertaken by or on behalf of private entities.