Section 99-1-204 - Project Financing(a) The state of Wyoming shall make one (1) or more loans to the board from water development account I through the commission for the design, permit procurement, project land procurement, construction engineering and construction of the project for a total amount not to exceed nine million three hundred one thousand five hundred dollars ($9,301,500.00) or twenty-five percent (25%) of the actual development costs, whichever is less, each loan being for a term of fifteen (15) years at an annual interest rate of four percent (4%) provided: (i) The board and each participating agency of the board offers security as deemed adequate and acceptable to the attorney general;(ii) The commission establishes repayment schedules in accordance with the conditions prescribed in this act [§§ 99-1-201 through 99-1-206] ;(iii) The board establishes a sinking fund for repair and maintenance of the project as deemed appropriate by the commission;(iv) Payment of interest and principal and accrual of interest on each loan shall be deferred until five (5) years after substantial completion of each phase of the project as determined by the commission. The total amount of the loan for each phase of the project shall be determined by the commission upon completion of that Phase. Each loan shall be amortized over the remaining ten (10) years of the term; and(v) Principal and interest payments made in repayment of each loan shall be deposited in Wyoming water development account I.(b) The state of Wyoming shall grant to the board from water development account I through the commission for the design, permit procurement, project land procurement, construction engineering and construction of the project an amount not to exceed twenty-seven million nine hundred four thousand five hundred dollars ($27,904,500.00) or seventy-five percent (75%) of the actual development costs, whichever is less. If the commission determines that the board has without good cause, abandoned completion of the project, the board and each participating agency of the board shall be obligated to immediately repay the full amount of all grant funds actually expended under this subsection plus interest as established by the state auditor in an amount equal to the interest that would have accrued on the expended grant funds in the water development account from the date of expenditure.(c) The board shall supervise design and construction of the project and submit all requests for payment to the commission for approval.(d) The board shall not make construction funding commitments until after the commission has reviewed and approved construction budgets and construction plans.(e) The commission shall make payments directly to the board.(f) The board is responsible for all project expenditures in excess of the total project budget of thirty-seven million two hundred six thousand dollars ($37,206,000.00).Laws 1989, ch. 131, §§ 4a, 4b, 4c, 4d, 4e, 4f;1990, ch. 77, § 1;1993, ch. 89, § 5;1996, ch. 59, § 6.