1. A person, association, company or corporation contracting with the State under the provisions of this chapter, or their assigns, shall not require any advance payment of any settler or prospective settler prior to the time when water for the irrigation of his or her entry or allotment is actually available, unless a satisfactory bond in such sum as the Division requires is deposited with the Division, conditioned on the return to the settler, with interest at 6 percent per annum, of all payments so made, if water for the irrigation of his or her entry or allotment is not available at the time stipulated in the agreement with the settler. 2. In lieu of a bond as provided in subsection 1, the Division may authorize advance sales to be made by or through the agency of a bank or trust company furnishing satisfactory assurances and guarantees that if the project is not consummated to deliver water for the irrigation of such settlers entry or allotment within the time specified, such payments with interest shall be returned to the settler.
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