73-28-402 - Agreement for delivery -- Period for repayment of costs.
73-28-402. Agreement for delivery -- Period for repayment of costs.
(1) The board and each district shall establish by contract the timing and amount ofdeveloped water to be delivered to the district.
(2) If a contract was made before the project's completion, the district shall repay thepreconstruction and construction costs within 50 years from the date of:
(a) the delivery of developed water to the district during the first 10 years after theproject is completed; or
(b) the project's completion for any developed water delivered to the district after thetenth anniversary date of the project's completion.
(3) If a contract was made after the project's completion date, the district shall repay thepreconstruction and construction costs within a period not to exceed 50 years from the date thatthe contract was made.
(4) The board shall establish and charge a reasonable interest rate for the unpaid balanceof reimbursable preconstruction and construction costs.
(1) The board and each district shall establish by contract the timing and amount ofdeveloped water to be delivered to the district.
(2) If a contract was made before the project's completion, the district shall repay thepreconstruction and construction costs within 50 years from the date of:
(a) the delivery of developed water to the district during the first 10 years after theproject is completed; or
(b) the project's completion for any developed water delivered to the district after thetenth anniversary date of the project's completion.
(3) If a contract was made after the project's completion date, the district shall repay thepreconstruction and construction costs within a period not to exceed 50 years from the date thatthe contract was made.
(4) The board shall establish and charge a reasonable interest rate for the unpaid balanceof reimbursable preconstruction and construction costs.
Enacted by Chapter 216, 2006 General Session