85-1-631. Water storage state special revenue account created -- revenues allocated -- appropriations from account. (1) There is a water storage state special revenue account within the state special revenue fund established in 17-2-102.
     (2) There must be paid into the water storage state special revenue account money allocated from the resource indemnity trust fund interest earnings pursuant to 15-38-202.
     (3) Money that was not encumbered or expended from the water storage state special revenue account during the previous biennium must remain in the account.
     (4) Deposits to the water storage state special revenue account are to be placed in short-term investments and accrue interest, which must be deposited in the water storage state special revenue account.
     (5) The purpose of the water storage state special revenue account is to provide money for loans and grants exclusively for water storage projects, including the purchase or lease of property; planning, feasibility, and design studies; and other costs related to construction, rehabilitation, expansion, and modification of water storage projects.
     (6) The department shall administer this section as an integral part of the renewable resource grant and loan program, using, to the extent possible, the same procedures for soliciting, determining eligibility, and rating water storage project proposals and for administering grants and loans, subject to the same limitations, as applied to other renewable resource grants and loans.
     (7) The following preferences must be considered in ranking proposals for water storage grants and loans:
     (a) first preference is for the rehabilitation of water storage projects that resolve threats to life and property;
     (b) second preference is for the improvement or expansion of existing water storage projects; and
     (c) third preference is for the development of new water storage projects.

     History: En. Sec. 8, Ch. 659, L. 1991; amd. Sec. 30, Ch. 478, L. 1993.