Arizona Laws 45-1218. Dam repair loans
A. The director may grant loans from the dam repair fund to dam owners to defray the costs of repairing dams which the director determines to be dangerous to the safety of life and property but which are not in an emergency condition. Loans shall be granted on such terms and conditions as may be imposed by the director.
Terms Used In Arizona Laws 45-1218
- Contract: A legal written agreement that becomes binding when signed.
- Dam: means any artificial barrier, including appurtenant works for the impounding or diversion of water, twenty-five feet or more in height or the storage capacity of which will be more than fifty acre-feet but does not include:
(a) Any barrier that is or will be less than six feet in height, regardless of storage capacity. See Arizona Laws 45-1201
- Director: means the director of water resources, who is also the director of the department. See Arizona Laws 45-101
- Owner: includes any person or entity that owns, controls, operates, maintains, manages or proposes to construct or modify a dam. See Arizona Laws 45-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
B. The loans granted by the director shall be for a term of not more than twenty years.
C. The loans shall bear interest at the following rates:
1. If the loan is for a term of not more than five years, the rate is three per cent per year.
2. If the loan is for a term of more than five years but not more than ten years, the rate is five per cent per year.
3. If the loan is for a term of more than ten years, the rate is six per cent per year.
D. Each loan shall be evidenced by a contract between the dam owner and the director, acting on behalf of this state. The contract shall provide for the loan by this state of a stated amount to defray some or all of the costs of repairing the dam. The contract shall provide for equal annual payments of principal and interest for the term of the loan.
E. The attorney general may commence whatever actions are necessary to enforce the contract and achieve repayment of loans provided by the director pursuant to this section.