Sec. 25-72. Payment of costs.
Sec. 25-72. Payment of costs. (a) The cost, or part thereof, of construction of any
such system or the local cash contribution required by the federal government for construction of such system may be paid in the first instance by the state from the proceeds
of the issuance of bonds or notes as may be authorized from time to time, or from direct
appropriations, and upon completion of such construction the local authority shall (1)
reimburse the state to the extent of its share provided for in section 25-71; (2) enter into
a contract with the state, acting by and through the Commissioner of Environmental
Protection, for state financial assistance for such local authority's share in any beach
erosion or flood control system in the form of (A) temporary or definitive loans; (B)
guarantees by the state of the notes of any local authority; or (C) any combination of
such forms of aid.
(b) Definitive loans made by the state under the authorization of this section (1)
shall bear interest at the same rate as the interest cost to the state on the notes or bonds
issued pursuant to section 25-73; (2) shall be in an amount not in excess of the cost to
such local authority, including any state service charge; and (3) shall be repayable in
such installments as are determined by the commission within twenty years from the
date of the completion of the system. The provisions of subsection (b) of section 7-374
shall not apply to any bonds or notes issued by any municipality or district under the
provisions of sections 25-69 to 25-75, inclusive, or part II of this chapter.
(1955, S. 2402d; 1957, P.A. 364, S. 30; 1969, P.A. 14, S. 1; 1971, P.A. 872, S. 112.)
History: 1969 act rephrased provisions of Subsec. (a) to allow payment of local cash contribution required by federal
government from bond issues, to add reference to payment from direct appropriations and to delete specific reference to
"bond issue provided for in section 25-73"; 1971 act replaced water resources commission with commissioner of environmental protection in Subsec. (a)(2).