The Board of Water and Natural Resources may convert in whole or in part study loans authorized pursuant to § 46A-1-61 to grants. The conversion of study loans to grants is limited to projects that have been determined to be nonfeasible for development or to have insufficient repayment capability. A study loan may be converted by the Board of Water and Natural Resources to a grant for use as part of the nonfederal matching requirement on federally authorized projects.

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Source: SL 1991, ch 17 (Ex. Ord. 91-4), § 17; SL 1991, ch 289, § 6.