| (a) Principal and interest payments on loans at or
below market interest rates for planning and design costs, permitting
costs, and other costs associated with state or federal regulatory
activities with respect to a flood project may be deferred for not
more than 10 years or until construction of the flood project is completed,
whichever is earlier.
(b) The board shall determine the amount and form of
financial assistance and the amount and form of repayment.
(c) The board shall determine the method of evidence
of debt.
(d) If the board determines non-performance on the
terms of the grant, the board may require reimbursement of all or
part of the funds provided by grant assistance or impose sanctions
such as prohibition of further board financial assistance.
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