11-8-3. Department of Environmental Quality to negotiate loans for sewage facilities. (1) The Department of Environmental Quality may negotiate loans from the Retirement Systems Fund, State Land Principal Fund, or any state fiduciary fund which has sums available for loaning, as these funds are defined in Title 51, Chapter 5, Funds Consolidation Act, not to exceed $1,000,000 in any fiscal year for the purposes of providing the funding for the loans provided for in Section 11-8-2. (2) The terms of any borrowing and repayment shall be negotiated between the borrower and the lender consistent with the legal duties of the lender.
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