Notwithstanding any other provisions of this chapter, the director of ecology may,
by written contract with a reclamation district, loan moneys from the reclamation
account to said district for use in financing a project of construction, reconstruction
or improvement of district facilities, or a project of additions to such facilities. No such contract shall exceed fifty thousand dollars per project or a term of ten
years, or provide for an interest rate of more than eight percent per annum. The director shall not execute any contract as provided in this section until he
or she determines that the project for which the moneys are furnished is within the
scope of the district's powers to undertake, that the project is feasible, that its
construction is in the best interest of the state and the district, and that the district
proposing the project is in a sound financial condition and capable of repaying the
loan with interest in not more than ten annual payments. Any district is empowered to enter into a contract, as provided for in this section,
and to levy assessments based on the special benefits accruing to lands within the
district as are necessary to satisfy the contract, when a resolution of the governing
body of the reclamation district authorizing its execution is approved by the body:
PROVIDED, That no district shall be empowered to execute with the director any such
contract during the term of any previously executed contract authorized by this section.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.