create the water infrastructure development fund, to provide an appropriation, to provide for the awarding of grants and loans from the fund for certain rural water projects and to declare an emergency.

Summary

The bill establishes the Water Infrastructure Development Fund, seeded with a $3 million transfer from the general fund and supplemented by federal grants and investment earnings. The state Board of Water and Natural Resources may award grants up to 10% of a project's estimated construction cost and loans up to 50% of that cost for eligible rural water projects. An emergency declaration makes the law effective immediately upon passage.

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