The loan guarantee fund is hereby created in the state treasury and is referred to in this section as the "fund". The fund consists of money that the general assembly may appropriate or transfer to the fund. All interest and income derived from the deposit and investment of money in the fund shall be transferred to the severance tax perpetual base fund created in section 39-29-109 (2)(a). Money in the fund is continuously appropriated to the board for the purpose of guaranteeing the repayment of loans made for water projects with multiple participants.
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