81-15,151.01.

Obligation to repay loan; effect.

If funds are loaned to or otherwise deposited in the Wastewater Treatment Facilities Construction Loan Fund with an obligation to repay such loan or deposit, the obligation to repay the amount of the loan or deposit and the interest thereon shall, upon authorization by the council and execution and delivery by the department of an agreement to repay the loan or deposit, be a valid and binding obligation of the fund and payable in accordance with the terms of the agreement executed by the department.