[§167-21]  Repayment of certain state
advances.  (a)  Whenever under legislative authorization, past, present or
future, general obligation bonds of the State are issued or the proceeds of
general obligation bonds of the State are used, by way of advancement, for the
establishment and construction of any specific project under the jurisdiction
of the board of agriculture in its irrigation water program, the board may
repay the same to the director of finance, upon the expiration of ten years
from the time of initial irrigation service to the project, which ten-year term
shall be the development period, as repayment on account of the advancement. 
Such payments shall be made over the period of the next succeeding forty years
after the termination of the development period, the total of which payments
shall be sufficient to reimburse the State for redemption of the bonds together
with interest paid by the State in respect of the same.



(b)  The foregoing method of repayment of
advances shall be effective for each phase of any multiphase project, the
amortization period for the advancement commencing ten years from the time that
facilities to provide irrigation service for each new project phase are put
into operation.



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