There is created the water infrastructure development fund. This fund consists of moneys from appropriations of the Legislature, federal grants for projects on the Bureau of Reclamation rural water projects list, interest on investments, and principal and interest on loans made from the fund. Expenditures from the fund are continuously appropriated and must be used for the construction, planning, and development of rural water projects in the state. The Board of Water and Natural Resources may award a grant from the fund. A grant under this section may not exceed ten percent of the construction cost, as estimated by the board. The board may also provide a loan for a project, provided the loan does not exceed fifty percent of the construction cost, as estimated by the board. The board, in rulemaking pursuant to chapter 1-26 , shall establish criteria for the selection of water projects to receive loans or grants from the fund and for the terms, conditions, and administration of the loans and grants.
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