The Board of Water and Natural Resources may become a party to a leverage lease agreement whereby the district loans up to eighty percent of the cost of construction and equipment for a water development project sponsored by or built for a political subdivision of the State of South Dakota to a person or persons who agrees to own in fee simple such works and equipment and lease them back to the district or political subdivision. The district may be both lender and lessee on such leverage lease, and, in the event it is lessee, it may sublease such works and equipment.
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