(1) The board and each district shall establish by contract the timing and amount of developed water to be delivered to the district.
(2) If a contract was made before the project's completion, the district shall repay the preconstruction 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 the project is completed; or (b) the project's completion for any developed water delivered to the district after the tenth anniversary date of the project's completion.
(a) the delivery of developed water to the district during the first 10 years after the project is completed; or
(b) the project's completion for any developed water delivered to the district after the tenth anniversary date of the project's completion.
(3) If a contract was made after the project's completion date, the district shall repay the preconstruction and construction costs within a period not to exceed 50 years from the date that the contract was made.
(4) The board shall establish and charge a reasonable interest rate for the unpaid balance of reimbursable preconstruction and construction costs.
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