[§167-21]  Repayment of certain stateadvances.  (a)  Whenever under legislative authorization, past, present orfuture, general obligation bonds of the State are issued or the proceeds ofgeneral obligation bonds of the State are used, by way of advancement, for theestablishment and construction of any specific project under the jurisdictionof the board of agriculture in its irrigation water program, the board mayrepay the same to the director of finance, upon the expiration of ten yearsfrom the time of initial irrigation service to the project, which ten-year termshall be the development period, as repayment on account of the advancement. Such payments shall be made over the period of the next succeeding forty yearsafter the termination of the development period, the total of which paymentsshall be sufficient to reimburse the State for redemption of the bonds togetherwith interest paid by the State in respect of the same.

(b)  The foregoing method of repayment ofadvances shall be effective for each phase of any multiphase project, theamortization period for the advancement commencing ten years from the time thatfacilities to provide irrigation service for each new project phase are putinto operation.

(c)  In the event that changing use of the landin a project substantially increases revenues, or other circumstances make itreasonably possible or desirable for the board to accelerate the amortizationof advances it shall be permitted to do so. [L 1987, c 306, pt of §1]