73-28-402 - Agreement for delivery -- Period for repayment of costs. - Utah Statutes

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.

Enacted by Chapter 216, 2006 General Session