Section 99-2-203 - Level III construction projects new development(a) Except as otherwise specifically provided, each Level III new development construction project identified in this section shall be subject to the following general conditions: (i) Each sponsor shall offer security for the project loan as deemed adequate and acceptable to the attorney general;(ii) The commission shall establish repayment schedules for project loans in accordance with the conditions prescribed in this section;(iii) Each sponsor shall establish a sinking fund for repair and maintenance of the project as deemed appropriate by the commission;(iv) Each sponsor shall supervise design and construction of the project and submit all requests for payment to the commission for approval;(v) Sponsors shall not make construction funding commitments until after the commission has reviewed and approved construction budgets and construction plans;(vi) The commission shall make payments directly to the sponsors;(vii) The sponsor shall be responsible for operation and maintenance of the project;(viii) The sponsor is responsible for all project expenditures in excess of the total project budget;(ix) If the commission determines that any sponsor has, without good cause, abandoned completion of the project, that sponsor, in addition to being required to repay the loan, shall be obligated to immediately repay the full amount of all grant funds actually expended 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;(x) Principal and interest payments made in repayment of loans shall be deposited in water development account I;(xi) There shall be no lease, sale, assignment or transfer of ownership of water from the project for purposes other than the designated project purpose without prior written approval of the commission and the state engineer or board of control. If such a transaction is approved, the revenues generated by the lease, sale, assignment or transfer of ownership of water from the project shall be utilized to retire principal on the project loan. After that loan is paid in full, the sponsor shall receive a proportionate share of the revenues generated by the lease, sale, assignment or transfer of ownership of water from the project equal to the percentage of the project loan and the state of Wyoming shall receive a proportionate share of the revenues generated by the lease, sale, assignment or transfer of ownership of water from the project equal to the percentage of the project grant;(xii) There shall be no lease, sale, assignment or transfer of ownership of any project until the project loan is paid in full, and until prior written approval is obtained from the commission. If these conditions are met, the sponsor shall receive a proportionate share of the revenues generated by the lease, sale, assignment or transfer of ownership of the project equal to the percentage of the project loan and the state of Wyoming shall receive a proportionate share of the revenues generated by the lease, sale, assignment or transfer of ownership of the project equal to the percentage of the project grant. Before the sponsor may lease, sell, assign or transfer ownership of the project, the state of Wyoming shall be given a one (1) year first right of refusal option to purchase the sponsor's interest in the project for an amount equal to the principal, interest, maintenance and replacement costs incurred by the sponsor at the date the option is exercised;(xiii) After the project loan is paid in full, the sponsor may purchase the position of the state of Wyoming, as described in paragraphs (xi) and (xii) of this subsection, for the amount of the project grant plus the interest that would have accrued on the grant amount in the water development account from the date the project was substantially completed as defined by the commission. The interest that would have accrued on the grant amount shall be established by the state auditor;(xiv) Any revenues generated by the state from the lease, sale, assignment or transfer of ownership of any project or project water shall be deposited in water development account I. Source notes for subsection (a): (Laws 1992, ch. 28, § 3a.)
(b) Project-Buffalo Municipal Reservoir:(i) Project sponsor: City of Buffalo;(ii) Project purpose: Municipal and domestic water supply, recreation, hydropower production;(iii) Project description: Dam on Clear Creek and the appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: Thirteen million six hundred thousand dollars ($13,600,000.00);(v) Project loan: The state of Wyoming shall loan to the sponsor 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 four million four hundred eighty-eight thousand dollars ($4,488,000.00) or thirty-three percent (33%) of the actual development costs, whichever is less, for a term of fifty (50) years from the date the commission determines project benefits accrue to the sponsor, at an annual interest rate of four percent (4%);(vi) Project grant: The state of Wyoming shall grant to the sponsor 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 nine million one hundred twelve thousand dollars ($9,112,000.00) or sixty-seven percent (67%) of the actual development costs, whichever is less;(vii) Appropriation: There is appropriated from water development account I to the commission thirteen million six hundred thousand dollars ($13,600,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1999;(viii) Special conditions: (A) Payment of interest and principal and accrual of interest on the loan shall be deferred until five (5) years after the term of the loan commences as determined by the commission. The loan shall be amortized over the remaining forty-five (45) years of the term;(B) The project is expressly contingent on funding and construction of the Buffalo Hydropower Project described in subsection (c) of this section. Source notes for subsection (b): (Laws 1992, ch. 28, § 3b; 1996, ch. 59, § 8; 1997, ch. 45, § 7.)
(c) Project-Buffalo Hydropower Project: (i) Project sponsor: City of Buffalo;(ii) Project purpose: Hydropower generation;(iii) Project description: Hydropower generation facilities and appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: One million seventy-five thousand dollars ($1,075,000.00);(v) Project loan: The state of Wyoming shall loan to the sponsor 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 one million seventy-five thousand dollars ($1,075,000.00) or one hundred percent (100%) of the actual development costs, whichever is less, for a term of five (5) years from the date the commission determines project benefits accrue to the sponsor from the project and the Buffalo Municipal Reservoir, at an annual interest rate of four percent (4%);(vi) Appropriation: There is appropriated from water development account I to the commission one million seventy-five thousand dollars ($1,075,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1999;(vii) Special conditions:(A) Payment of the principal on the loan shall be deferred until five (5) years after the term of the loan commences as determined by the commission. The total principal on the loan will be due at the end of the deferral period;(B) Revenues from the power generation shall accrue to the sponsor and shall be used in the following priority: 1) payment of the operation, maintenance and replacement costs on the hydropower facilities,2) repayment of the loan provided in paragraph (v) of this subsection,3) repayment of the loan provided in paragraph (v) of subsection (b) of this section. After both loans have been retired, the revenues from the power generation may be used at the discretion of the sponsor;(C) The project is expressly contingent on funding and construction of the Buffalo Municipal Reservoir Project described in subsection (b) of this section. Source notes for subsection (c): (Laws 1992, ch. 28, § 3c; 1996, ch. 59, § 9.)
(d) Project-Douglas Area Water Supply Project:(i) Project sponsor: City of Douglas;(ii) Project purpose: Municipal and domestic water supply;(iii) Project description: Pump station, transmission pipelines, valves, storage reservoir, booster pump stations and appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: One million seven hundred thousand dollars ($1,700,000.00);(v) Project loan: The state of Wyoming shall loan to the sponsor 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 five hundred sixty-one thousand dollars ($561,000.00) or thirty-three percent (33%) of the actual development costs, whichever is less, for a term of forty (40) years from the date the commission determines project benefits accrue to the sponsor, at an annual interest rate of four percent (4%);(vi) Project grant: The state of Wyoming shall grant to the sponsor 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 one million one hundred thirty-nine thousand dollars ($1,139,000.00) or sixty-seven percent (67%) of the actual development costs, whichever is less;(vii) Appropriation: There is appropriated from water development account I to the commission one million seven hundred thousand dollars ($1,700,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1996;(viii) Special conditions:(A) Fifty-two thousand forty dollars ($52,040.00), which is thirty-three percent (33%) of the construction costs of the groundwater well completed during the Level II study, shall be added to the loan amount provided in paragraph (v) of this subsection;(B) Prior to the completion of the contract outlined in Section 2(a) of this act, the sponsor shall complete a water supply agreement with the Ridgewater Improvement and Service District. The water supply agreement will be subject to the approval of the commission;(C) Project conditions for the Douglas Water Supply Project authorized by 1991 Wyoming Session Laws, Chapter 231, Section 4(e) shall be modified as follows: (I) The project loan term shall be increased to forty (40) years; and(II) Section 4(e)(viii) relating to extension of the loan term shall be repealed. Source notes for subsection (d): (Laws 1992, ch. 28, § 3d; 1994, ch. 28, § 13.)
(e) Project - Dubois Water Supply Project: (i) Project sponsor: Town of Dubois;(ii) Project purpose: Municipal and domestic water supply;(iii) Project description: Pump station and appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: One hundred thirty-four thousand three hundred dollars ($134,300.00);(v) Project grant: The state of Wyoming shall grant to the sponsor 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 ninety thousand dollars ($90,000.00) or sixty-seven percent (67%) of the actual development costs, whichever is less;(vi) Appropriation: There is appropriated from water development account I to the commission ninety thousand dollars ($90,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1995;(vii) Special conditions: The sponsor is responsible for acquiring thirty-three percent (33%) of the total project budget from other sources. Source notes for subsection (e): (Laws 1992, ch. 28, § 3e.)
(f) Project - Evansville Water Supply Project:(i) Project sponsor: Town of Evansville;(ii) Project purpose: Municipal and domestic water supply;(iii) Project description: Storage reservoir and appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: Seven hundred fifty thousand dollars ($750,000.00);(v) Project loan: The state of Wyoming shall loan to the sponsor 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 two hundred thirty-two thousand five hundred dollars ($232,500.00) or thirty-one percent (31%) of the actual development costs, whichever is less, for a term of thirty (30) years from the date the commission determines project benefits accrue to the sponsor, at an annual interest rate of four percent (4%);(vi) Project grant: The state of Wyoming shall grant to the sponsor 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 five hundred seventeen thousand five hundred dollars ($517,500.00) or sixty-nine percent (69%) of the actual development costs, whichever is less;(vii) Appropriation: There is appropriated from water development account I to the commission seven hundred fifty thousand dollars ($750,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1995; (Laws 1992, ch. 28, § 3f; 1998, ch. 38, § 4.)(viii) Repealed By Laws 1998, ch. 38, § 4. Source notes for subsection (f): (Laws 1992, ch. 28, § 3f; 1998, ch. 38, § 4.)
(g) Project - Fairview Water Supply Project: (i) Project sponsor: Fairview Water and Sewer District;(ii) Project purpose: Domestic water supply;(iii) Project description: Renovation of existing springs, transmission pipelines, storage reservoir, pump station for an existing well, booster stations and appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: Seven hundred forty-nine thousand two hundred fifty dollars ($749,250.00);(v) Project grant: The state of Wyoming shall grant to the sponsor 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 five hundred two thousand dollars ($502,000.00) or sixty-seven percent (67%) of the actual development costs, whichever is less;(vi) Appropriation: There is appropriated from water development account I to the commission five hundred two thousand dollars ($502,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1996;(vii) Special conditions: (A) The sponsor is responsible for acquiring thirty-three percent (33%) of the total project budget from other sources;(B) The sponsor shall purchase the well completed during the Level II study for a price of thirty-one thousand dollars ($31,000.00) or thirty-three percent (33%) of the actual construction costs, whichever is less. The sponsor may purchase the well with a lump sum payment or with amortized payments based on actual well construction cost for a term of ten (10) years from the date the commission determines project benefits accrue to the sponsor, at an annual interest rate of four percent (4%). In either event, the purchase agreements must be completed prior to commencement of the project. Source notes for subsection (g): (Laws 1992, ch. 28, § 3g.)
(h) Project - Fremont Lake Reservoir Project: (i) Project sponsor: Highland Irrigation District;(ii) Project purpose: Agricultural water supply;(iii) Project description: Reconstruction and relocation of an existing dam, replacement of the headgate to the Highland ditch, and appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: Four hundred twenty thousand dollars ($420,000.00);(v) Project loan: The state of Wyoming shall loan to the sponsor 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 two hundred ten thousand dollars ($210,000.00) or fifty percent (50%) of the actual development costs, whichever is less, for a term of twenty (20) years from the date the commission determines project benefits accrue to the sponsor, at an annual interest rate of four percent (4%);(vi) Project grant: The state of Wyoming shall grant to the sponsor 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 two hundred ten thousand dollars ($210,000.00) or fifty percent (50%) of the actual development costs, whichever is less;(vii) Appropriation: There is appropriated from water development account I to the commission four hundred twenty thousand dollars ($420,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1995;(viii) Special conditions: (A) Prior project authorization under Chapter 120 of the 1986 Session Laws of Wyoming shall be repealed;(B) Thirty-seven thousand eight hundred thirty-four dollars ($37,834.00), which represents the project expenditures to date, shall be added to the loan amount provided in paragraph (v) of this subsection;(C) Subject to commission approval, the sponsor may sell a portion of the water from the project or a portion of the project itself to the town of Pinedale. The sale may be accomplished through lump sum payments or through the town assuming a portion of the loan described in paragraph (v) of this subsection, or both. If the sale is accomplished through lump sum payments, the sponsor must use the payments to reduce the principal on the loan described in paragraph (v) of this subsection. Any other sales by the sponsor will be subject to the conditions described in paragraphs (xi) through (xiii) of subsection 3(a) of this act. Further, if the town of Pinedale purchases a portion of the water from the project or a portion of the project itself, any subsequent sales for purposes other than its own municipal and domestic use shall be subject to the conditions described in paragraphs (xi) through (xiii) of subsection 3(a) of this act [§ 99-2-203(a)]. Source notes for subsection (h): (Laws 1992, ch. 28, § 3h.)
(j) Project - Grover Water Supply Project: (i) Project sponsor: Grover Water and Sewer District;(ii) Project purpose: Domestic water supply;(iii) Project description: Replacement of an existing well, transmission pipelines, storage reservoir and appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: Seven hundred thirty-five thousand eight hundred twenty dollars ($735,820.00);(v) Project grant: The state of Wyoming shall grant to the sponsor 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 four hundred ninety-three thousand dollars ($493,000.00) or sixty-seven percent (67%) of the actual development costs, whichever is less;(vi) Appropriation: There is appropriated from water development account I to the commission four hundred ninety-three thousand dollars ($493,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1996;(vii) Special conditions: The sponsor is responsible for acquiring thirty-three percent (33%) of the total project budget from other sources. Source notes for subsection (j): (Laws 1992, ch. 28, § 3j.)
(k) Project - Indian Springs Water Supply Project:(i) Project sponsor: Indian Springs Improvement and Service District;(ii) Project purpose: Domestic water supply;(iii) Project description: Transmission pipeline and appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: One hundred fifty thousand dollars ($150,000.00);(v) Project loan: The state of Wyoming shall loan to the sponsor 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 forty-nine thousand five hundred dollars ($49,500.00) or thirty-three percent (33%) of the actual development costs, whichever is less, for a term of twenty (20) years from the date the commission determines project benefits accrue to the sponsor, at an annual interest rate of four percent (4%);(vi) Project grant: The state of Wyoming shall grant to the sponsor 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 one hundred thousand five hundred dollars ($100,500.00) or sixty-seven percent (67%) of the actual development costs, whichever is less;(vii) Appropriation: There is appropriated from water development account I to the commission one hundred fifty thousand dollars ($150,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1995;(viii) Special conditions: Prior to the completion of the contract described in Section 2(a) of this act, the sponsor shall complete a water supply agreement with the city of Casper. The water supply agreement will be subject to the approval of the commission. Source notes for subsection (k): (Laws 1992, ch. 28, § 3k.)
(m) Project - Riverside Water Supply Project:(i) Project sponsor: Sierra Madre Joint Powers Board;(ii) Project purpose: Domestic water supply;(iii) Project description: Well construction, pump stations, transmission pipelines, storage facility and appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: One million two hundred twenty-five thousand dollars ($1,225,000.00);(v) Project loan: The state of Wyoming shall loan to the sponsor 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 four hundred four thousand two hundred fifty dollars ($404,250.00) or thirty-three percent (33%) of the actual development costs, whichever is less, for a term of thirty (30) years from the date the commission determines project benefits accrue to the sponsor, at an annual interest rate of four percent (4%);(vi) Project grant: The state of Wyoming shall grant to the sponsor 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 eight hundred twenty thousand seven hundred fifty dollars ($820,750.00) or sixty-seven percent (67%) of the actual development costs, whichever is less;(vii) Appropriation: There is appropriated from water development account I to the commission one million two hundred twenty-five thousand dollars ($1,225,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1996;(viii) Special conditions: (A) Payment of interest and principal and accrual of interest on the loan shall be deferred until five (5) years after the term of the loan commences as determined by the commission. The loan shall be amortized over the remaining twenty-five (25) years of the term. During the deferment period, water sales revenues in excess of operation, maintenance and replacement expenses will be placed in an escrow account in the name of both the sponsor and the commission. At the end of the deferment period, the escrow account will be used to make payments on the loan provided in paragraph (v) of this subsection;(B) An amount not to exceed fifty thousand dollars ($50,000.00) or thirty-three percent (33%) of the actual construction costs of the groundwater wells completed during the Level II study and to be incorporated into the water supply system, whichever is less, shall be added to the loan amount provided in paragraph (v) of this subsection;(C) The sponsor and each participating agency of the joint powers board shall offer security for the project loan as deemed adequate and acceptable to the attorney general;(D) If the commission determines that the sponsor has, without good cause, abandoned completion of the project, the sponsor and each participating agency in the joint powers board, in addition to being required to repay the loan, shall be obligated to immediately repay the full amount of all grant funds actually expended 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. Source notes for subsection (m): (Laws 1992, ch. 28, § 3m.)
(n) [Project - Sandy Lake Water Supply Project] Source notes for subsection (n): (Laws 1992, ch. 28, § 3n; Repealed by Laws 1993, ch. 89, § 9.)
(o) Project - Smoot Water Supply Project: (i) Project sponsor: Greater Smoot Water and Sewer District;(ii) Project purpose: Domestic water supply;(iii) Project description: Spring renovation, transmission pipelines, storage reservoir, pump station for an existing well and appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: One million six hundred forty-one thousand eight hundred dollars ($1,641,800.00);(v) Project grant: The state of Wyoming shall grant to the sponsor 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 one million one hundred thousand dollars ($1,100,000.00) or sixty-seven percent (67%) of the actual development costs, whichever is less;(vi) Appropriation: There is appropriated from water development account I to the commission one million one hundred thousand dollars ($1,100,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1996;(vii) Special conditions: (A) The sponsor is responsible for acquiring thirty-three percent (33%) of the total project budget from other sources;(B) The sponsor shall purchase the well completed during the Level II study for a price of twenty thousand dollars ($20,000.00) or thirty-three percent (33%) of the actual construction costs, whichever is less. The sponsor may purchase the well with a lump sum payment or with amortized payments based on actual construction costs for a term of ten (10) years from the date the commission determines project benefits accrue to the sponsor, at an annual interest rate of four percent (4%). In either event, the purchase agreements must be completed prior to commencement of the project. Source notes for subsection (o): (Laws 1992, ch. 28, § 3o.)
(p) Project - Southwest Casper Water Supply Project: (i) Project sponsor: City of Casper;(ii) Project purpose: Municipal and domestic water supply;(iii) Project description: Transmission pipeline, storage facility, booster station modifications and appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: One million dollars ($1,000,000.00);(v) Project loan: The state of Wyoming shall loan to the sponsor 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 three hundred thirty thousand dollars ($330,000.00) or thirty-three percent (33%) of the actual development costs, whichever is less, for a term of twenty (20) years from the date the commission determines project benefits accrue to the sponsor, at an annual interest rate of four percent (4%);(vi) Project grant: The state of Wyoming shall grant to the sponsor 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 six hundred seventy thousand dollars ($670,000.00) or sixty-seven percent (67%) of the actual development costs, whichever is less;(vii) Appropriation: There is appropriated from water development account I to the commission one million dollars ($1,000,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1996;(viii) Special conditions: (A) Prior to the completion of the contract described in section 2(a) of this act, the sponsor shall complete a water supply agreement with the Indian Springs Improvement and Service District. The water supply agreement will be subject to the approval of the commission;(B) The size of the storage reservoir is based on the storage reservoir being used to supply water to other regional water users. Therefore, subject to commission approval, the sponsor may sell water from the project to other domestic water users. Any sales other than for domestic purposes will be subject to the conditions described in paragraphs (xi) through (xiii) of subsection 3(a) of this act [§ 99-2-203(a)]. Source notes for subsection (p): (Laws 1992, ch. 28, § 3p; 1995, ch. 206, § 7.)
(q) Project - Teton Village Water Supply Project:(i) Project sponsor: Teton Village Water and Sewer District;(ii) Project purpose: Domestic water supply;(iii) Project description: Wells, pump stations, transmission pipelines and appurtenances necessary to make the project complete and function in the manner intended;(iv) Total project budget: Seven hundred thousand dollars ($700,000.00);(v) Project loan: The state of Wyoming shall loan to the sponsor 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 two hundred thirty-one thousand dollars ($231,000.00) or thirty-three percent (33%) of the actual development costs, whichever is less, for a term of ten (10) years from the date the commission determines project benefits accrue to the sponsor, at an annual interest rate of four percent (4%);(vi) Project grant: The state of Wyoming shall grant to the sponsor 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 four hundred sixty-nine thousand dollars ($469,000.00) or sixty-seven percent (67%) of the actual development costs, whichever is less;(vii) Appropriation: There is appropriated from water development account I to the commission seven hundred thousand dollars ($700,000.00) or as much thereof as is necessary to carry out the purpose of this subsection. Unexpended funds appropriated under this subsection shall revert to water development account I on July 1, 1995. Source notes for subsection (q):