59-17-21 - Contract with master water management district to underwrite financial obligations for project.
§ 59-17-21. Contract with master water management district to underwrite financial obligations for project.
In the event no three (3) counties shall contract on the basis provided for in Section 59-17-19, then any master water management district may be considered an authorized agency and may enter into a contract with the board whereby they must agree to underwrite any deficits incurred from the operation of the port and/or obligations incurred by the board for the port authority. The board will contract with a master water management district only after they have been convinced that adequate security has been furnished the board to protect the state's investment.
Sources: Codes, 1942, § 7623-06; Laws, 1968, ch. 430, § 6; Laws, 1984, ch. 488, § 258, eff from and after July 1, 1984.