Section 99-1-304 - Project Financing(a) The state of Wyoming shall loan to the board from water development account I through the commission for the design, permit procurement, project land procurement, construction engineering and construction of the project an amount not to exceed eight million nine hundred ten thousand dollars ($8,910,000.00) or thirty-three percent (33%) of the actual development costs, whichever is less, for a term of forty (40) years from the date the commission determines benefits accrue to the board at an annual interest rate of four percent (4%) provided: (i) The board and each participating agency of the board offers security as deemed adequate and acceptable to the attorney general; (ii) The commission establishes a repayment schedule in accordance with the conditions prescribed in this act; (iii) The board establishes a sinking fund for repair and maintenance of the project as deemed appropriate by the commission; and (iv) Principal and interest payments made in repayment of the loan shall be deposited in water development account I. (b) The state of Wyoming shall grant to the board from water development account I through the commission for the design, permit procurement, project land procurement, construction engineering and construction of the project an amount not to exceed eighteen million ninety thousand dollars ($18,090,000.00) or sixty-seven percent (67%) of the actual development costs, whichever is less. If the commission determines that the board has, without good cause, abandoned completion of the project, the board and each participating agency of the board shall be obligated to immediately repay the full amount of all grant funds actually expended under this subsection plus interest as established by the state auditor in an amount equal to the interest that would have accrued on the expended grant funds in the water development account from the date of expenditure. (c) The board shall supervise design and construction of the project and submit all requests for payment to the commission for approval. (d) The board shall not make construction funding commitments until after the commission has reviewed and approved construction budgets and construction plans. (e) The commission shall make payments directly to the board. (f) The board is responsible for all project expenditures in excess of the total project budget of twenty-seven million dollars ($27,000,000.00). (g) The board shall be responsible for operation and maintenance of the project. Laws 1990, ch. 83, §§ 4aintro, i, ii, iii, iv, 4b, 4c, 4d, 4e, 4f, 4g;1994, Ch. 28, § 11.