S.B. 1437 - Dams and Reservoirs

• Establishes a dam and reservoir repair revolving fund that receives legislative appropriations, revenue bond proceeds, interest income, and loan repayments for use in financing dam repairs and removals.

• Authorizes the Board of Land and Natural Resources to make loans up to 20 years to dam and reservoir owners for alteration, repair, or removal projects, with interest rates ranging from 2-6% based on loan term (revenue bond-funded loans made at cost).

• Changes liability provision so dam owners are liable for damages from natural causes only upon a finding of negligence (removing previous exemption for extreme weather events).

• Authorizes the director of finance to issue revenue bonds and appropriates funds for fiscal year 2009-2010 to establish the revolving fund.

• Expands the Board's emergency powers to allow it to initiate emergency actions at owner expense and use revolving fund moneys for emergency repairs, with owners reimbursing through lump sum or installment payments.