Section 99-99-222 - Project financing(a) The state of Wyoming shall loan to the district from the water development account through the department as authorized in W.S. 9-2-206 [repealed] a sum not to exceed ninety-five thousand dollars ($95,000.00) for a term of fifty (50) years at an annual interest rate of six percent (6%) provided [that]: (i) The district offers security as deemed adequate and acceptable to the attorney general;(ii) No principal or interest is due and payable during the first five (5) years of the term of the loan;(iii) Interest shall not accrue on the principal during the first five (5) years of the term of the loan;(iv) The district shall establish a sinking fund for repair and maintenance from an annual assessment of one dollar ($1.00) per acre for each acre to which a water right is attached;(v) The department establishes a repayment schedule in accordance with the conditions prescribed in this act.(b) The state of Wyoming shall grant the district not to exceed ninety-five thousand dollars ($95,000.00) for construction of the project. The department shall release grant funds as it deems necessary.Laws 1983, Ch. 163, § 1; Renumbered from 41-2-222 by Laws 2009, Ch. 168, § 401.