45-1218. Dam repair loans


A. The director may grant loans from the dam repair fund to dam owners to defray
the costs of repairing dams which the director determines to be dangerous to the safety
of life and property but which are not in an emergency condition. Loans shall be granted
on such terms and conditions as may be imposed by the director.


B. The loans granted by the director shall be for a term of not more than twenty
years.


C. The loans shall bear interest at the following rates:


1. If the loan is for a term of not more than five years, the rate is three per
cent per year.


2. If the loan is for a term of more than five years but not more than ten years,
the rate is five per cent per year.


3. If the loan is for a term of more than ten years, the rate is six per cent per
year.


D. Each loan shall be evidenced by a contract between the dam owner and the
director, acting on behalf of this state. The contract shall provide for the loan by
this state of a stated amount to defray some or all of the costs of repairing the
dam. The contract shall provide for equal annual payments of principal and interest for
the term of the loan.


E. The attorney general may commence whatever actions are necessary to enforce the
contract and achieve repayment of loans provided by the director pursuant to this
section.